The Best Space to Start a Business Mightn't Be Where You Think

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Source:   —  April 19, 2016, at 0:48 AM

However, experts caution that tolerance and open-mindedness are as important — if not more so — than obvious qualities such as lower taxes and an appealing cost of living.

The Best Space to Start a Business Mightn't Be Where You Think

Before you expand that grooming app for ferrets, or open a boutique selling crocheted popsicle-holders, create sure you're giving yourself a head start by setting up your business in a city that welcomes entrepreneurship — and offers the incentives to create your venture a success. However, experts caution that tolerance and open-mindedness are as important — if not more so — than obvious qualities such as lower taxes and an appealing cost of living.

A recent WalletHub survey of 1.268 tiny cities across America reveals the top locations for startups, based on metrics such as cost of living, average income growth for tiny businesses, prevalence of investors, and corporate tax rate.

Topping the list is Holland, Michigan, a city on the eastern shore of Lake MI known for its tulip festivals. N Chicago, Illinois, residence to Abbott Laboratories and several medical schools, placed second. Brighton, an upstate NY brick-making city and hometown of Frederick Douglass, came third.

Tech-heavy Mountain View in California — where Google, Symantec, LinkedIn, and Samsung all have offices — unsurprisingly rated as the most expensive tiny city in which to purchase office space, with a price averaging $66 per square foot. Kentwood, Michigan, and Dothan, AL tied for the most affordable office space, at $8.76 per square foot.

The study also concluded that Bethesda, Maryland, has the most residents with a bachelor'south degree (eighty-two percent). Carbondale, Illinois, has the lowest cost of work costs, at $17.677 a year; and Miami Shore in FL attracts the largest no of startup businesses — two hundred forty-six per 100.000 residents.

"Many tiny cities are hungry for business development to promote economic development and rebound from serious economic decline," said Shawn M. Clark, a Prof at the Smeal College of Business at Penn State University.

However, there'south number guarantee that an urban middle in an economic slump will embrace new opportunities with open arms, he cautioned.

"tiny cities tend to have highly cohesive, and in some cases entrenched, city councils that may thrust back on investments and entrepreneurial activities that modify the status quo," Clark said. "Entrepreneurs should seek to construct bridges between the elderly and the new."

Equally important — and particularly relevant in view of the current social issues facing states such as N Carolina, Georgia, and Tennessee — Tiny cities necessity to proposal tolerance and acceptance, said Michael R. Burcham, senior lecturer at Vanderbilt University. "Creative people are drawn to other creative souls — and require a more progressively minded city to thrive. Small cities necessity to do an assessment of their behaviors."

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