The world of startups isn’t restricted to graduates fresh out of college; rather there’s an opportunity for anyone who has a solution to a specific problem. Even if you are an on job executive with a valid business idea, it’s never too late to go in search of your career independence.
And, in fact, chances for experienced individuals to succeed in a startup are better than those of fresh grads. A recent research reveals that most successful entrepreneurs started their businesses at the ripe old age of 45.
If you have an excellent business idea that you want to share with the world, you need to be in the best place to do it. Location can make or break your business.
This article will discuss the 5 best US cities where startups can flourish better and first time entrepreneurs can make most out of it.
1. Austin, Texas
Recently named one of the best cities for business in the USA, Austin is a hub of opportunity with an innovative educated workforce and low taxes.
Combined,
these factors have meant increasing
investment in the
city’s startups, year after year.
2. San Diego, California
San Diego is one of the top cities for startups with many events and support systems dedicated to the cause. Thriving aerospace, mobile technology, and biotech industries mean there’s no short supply of diverse talent around either.
California is an expensive place to live and work, but San Diego is the most affordable place to live in California and has a high density of entrepreneurs.
3. Denver, Colorado
Known in the
tech world as Silicon Mountain, Denver is a beautiful city with a
well-educated, vibrant community and an excellent transport infrastructure.
Entrepreneurship is a priority in Denver thanks to local and government
support.
The city has
many initiatives and programs to help entrepreneurs thrive. These include
Denver Startup Week, The Commons meeting space and the Denver Entrepreneurial
Resource Navigator.
To top it
all, living in Denver is affordable with a cost
of living index around 70.72.
4. Boston, MA
Backed by leading universities like MIT and Harvard, Boston has been bubbling under on the tech scene for a while. Now, thanks to its affordability, walkability, and high quality of life, the city is becoming an increasingly popular choice among entrepreneurs.
The Boston
mayor supports entrepreneurship and the city boasts an innovative business
accelerator program to assist local business.
5. San Francisco, California
As the birthplace of the tech revolution, San Francisco is booming with innovation. The city remains one of the most profitable places for venture investments worldwide.
The only
downside to this thriving metropolis is the cost of living. The city boasts the
highest rental rates for homes in the country. Yet, it makes up for it with
walkability, great weather, and an established culture of entrepreneurship
Other Things to Consider When You Launch a Startup
Apart from
location, there’s a lot more to think about when starting your own business.
And the list includes (but not limited to) these components:
- A Solid business plan which will
serve as a roadmap to your business success. - Licensing & permits; don’t
forget the paperwork either. There are W2 forms, pay slips and more to sort
out. Click
here for
more info on some of the forms you need. - Hiring and building a productive
startup team. - Finding and getting the right
insurance. - Marketing action plan.
- Budgeting for operational expenses
and marketing. - Accounting & taxation.
- Forecasting, research &
development.
And the
final ingredients for a successful startup are the dedication and determination
to see it through. In fact, 50%
of startups don’t survive beyond 5 years. But, with constant learning and
staying updated with the market trends you can make a huge difference.
