Before starting a new business, numbers of questions often arise in the entrepreneurs’ minds that create problems for them to successfully launch their new businesses. If you’re one of them and ready to start your business in 2016 then you should pay high attention to several questions that can influence your startup business. For instance,
- What will be the nature of proposed business?
- How to finance a small business?
- What are the best locations available for proposed business?
- How to effectively target the market?
But many of us often ignore the questions which are related to locations. No doubt, all these questions are equally important but ignoring the importance of location may create serious problems for the business growth. The business location decisions are also the one of the most important things that play an important role in the business success. If the business, political and social environment is stable in the city then the location is feasible for the new business and I think these are the keys that increase the chances of both business growth and opportunities.
Read Also: 3 Tips to Choosing a Business Location
10 Best Cities to start a business
If you are looking for best cities to start a business than luckily you’re reading the right stuff. Here is the Fincyte’s list of 10 best cities to start a business in 2016 that will surely help you to select a best city for your startup business.
1. Denver, Co
Denver is a capital city of Colorado, USA. Denver still features landmark nineteenth century Museums and buildings. Recently, Forbes ranked this city number one in the list of “best cities to start a business”. Due to its good economic conditions, city is getting famous in entrepreneurs and attracting more investment in the city.
- City Population: 2761000
- Major Industries: Technology, Telecommunications, Aerospace
- Median Income: $65870
- Job Growth Rate: 3.7%
- Cost of Living: 6.7%
2. Austin, Texas
Austin is a capital city of Texas and eleventh largest city of USA with respect to population. Currently, Austin is the fastest growing city in the USA and it is considered as the city of “live music city of the world”. For movie makers and entrepreneurs, Austin is one of the foremost priorities to launch a startup because it is the hub of film industry, full of innovation, opportunities and entrepreneurial activities. Austin is full of seasoned business leaders who always want to assist next generation of entrepreneurs.
- City population: 1950100
- Project Economic growth Rate: 6.1%
- Population growth rate: 2.8%
- Major industries: Biotechnology, Pharmaceutical, Technology
- Median Income: $63572
- Job Growth: 4.2%
- Cost of living: 10.9%
3. New York, NY
Entrepreneurs are always curious about best places. For this purpose, they are always asking questions like which city is best to start a business or which city’s conditions are most favorable for the startup business. It is a little bit difficult question but one thing is very clear that New York is the only city in the United States that is considered as Silicon Valley. New York is the hub of all high-tech companies and it is assumed that sooner it will be the capital city of technology.
New York is a mine of gold for entrepreneurs because it is the fastest growing city due to its diverse micro economy and high investment in the technology sector. In short, New York is a city of Entrepreneurs.
- City Population: 8491079
- Major Industries: Technology, Media communications, Financial services
- Median Income: $62385
- Job Growth Rate: 2.4%
- Cost of Living: 23.3%
4. Raleigh, NC
Raleigh is the capital and second most populous city in North Carolina. Several blue chip technology companies are operating in the city. Apart from the industry, Raleigh is a hub of numerous historic, educational and cultural sites. The majority of educational and health departments are working efficiently in the city. While the city’s population is associated with their own businesses.
- City Population: 1245800
- Major Industries: Technology, Educational and Health
- Median Income: $62404
- Job Growth Rate: 3.6%
- Cost of Living: 1.6%
5. Nashville, Tennessee
Nashville is not much polished or well established as New York or Austin city in terms of infrastructure and other potential opportunities. But it is a bad luck if you underestimate Nashville. It is one of the most important and quickly becoming entrepreneurial cities in the southeast. Just like other best cities, it is also famous in state due to growing technology in the city.
Recently, Google announced that they are working on Google optical Fiber project in Nashville, which means more tech companies, will enter into Nashville market. These are the factors that make it best city to start a business.
- City Population: 1795500
- Major Industries: Education, Health Care and Tourism
- Median Income: $53463
- Job Growth Rate: 3.6%
- Cost of Living: 3.3%
6. Portland, OR
Portland is the largest city in Oregon, sits on the Willamette and Columbia rivers. Portland is famous for its bridges, bicycle paths, and parks as well as for its microbreweries, coffee houses and eco-friendliness. Forbes ranked this city at number three in the list of best cities to start a business. Just like other cities, the population of Portland is also running their own businesses. If you’re looking for a city which is best for tourism and real estate then no look more, Portland is the best option for you.
- City Population: 2352700
- Major Industries: Technology, Tourism, Construction, and Real Estate
- Median Income: $61079
- Job Growth Rate: 2.9%
- Cost of Living: 6.6%
7. Provo, UT
Provo is a 3rd largest in Utah State. It is situated forty-three miles south of Salt Lake City. It is also the county seat of Utah County. Just like Portland and Nashville, it is also a developing city. Numbers of investors are now investing their funds in health, technology and education sector. Numbers of tech companies are launching their subsidiary businesses in Provo and this is the main factor which is attracting new entrepreneurs to enter into Provo market to start a business.
- City Population: 572900
- Major Industries: Technology, Education and Health Care
- Median Income: $61873
- Job Growth Rate: 4.2%
- Cost of Living: 5.5%
8. Atlanta, GA
If you’re looking a city which has numerous opportunities for financial services and telecom sector then Atlanta is the best city for the startup business in Georgia. In Atlanta, the job growth rate is very high especially in the financial and telecom sector. If the nature of your proposed business is related with finance or tech then surely you’ll enjoy numerous opportunities that will boost your business growth.
- City Population: 5626000
- Major Industries: Technology, Financial services and Telecommunication
- Median Income: $57062
- Job Growth Rate: 3.7%
- Cost of Living: 1.7%
9. Seattle, WA
In Forbes list, Seattle is the sixth best city for the startup business. Numerous opportunities are waiting for investors because the majority of city’s population is engaged with clean energy, defense and aerospace business. Apart from industry, Seattle is also suitable for those entrepreneurs who want to launch a new real estate business.
- City Population: 2844200
- Major Industries: Clean energy, defense, aerospace and real estate
- Median Income: $73561
- Job Growth Rate: 3%
- Cost of Living: 21.3%
10. Salt Lake City, UT
Just like Provo, Salt Lake is also the major city of Utah. City is famous across the state due to its snow-capped peaks of the Wasatch Range and Great Salt Lake. Geographical location of the city makes it more attractive and prominent in the State that’s why thousands of tourists often visit Salt Lake City each month. If you are an entrepreneur and love tourism industry then no look here and there, it is the best city for the tourism industry.
- City Population: 1155200
- Major Industries: Transportation, health-care and Tourism
- Median Income: $63237
- Job Growth Rate: 2.4%
- Cost of Living: 3.9%