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.
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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.