Once you have an idea for a business, you have to know where to launch. After all, location is an essential ingredient for successful companies. In fact, it is hard to imagine Tesla Motors succeeding without the network of tech businesses surrounding it in the San Francisco area. The same applies for famous coffee roasters who got their start in Seattle and brewers who launched in Burlington, Vermont. Here are six perfect cities for a start-up business.
1. Raleigh-Durham
When you are thinking about the perfect city for your new venture, it may be important to keep the proximity of well-known universities in mind. As Duke, Wake Forest, and the University of North Carolina all converge in Raleigh-Durham, entrepreneurs who set up shop in this city have access to top talent coming straight out of these schools. Furthermore, due to the large student population in this area, 42% of adults in this city have a college degree and business costs are 18% below the national average, according to Forbes.
2. Boston
In terms of academic talent, no city can beat Boston. With many of the nation's best universities in town, start-up owners will have no shortage of potential hires to tap. Meanwhile, the city's urban density attracts young employees. Boston's public transportation infrastructure serves as another big draw for potential hires. According to Entrepreneur, Boston start-ups have ample access to venture capital as well.
3. New York
Over recent years, New York's Silicon Alley has nearly caught up to the Bay Area's pace of innovation. Group work spaces have emerged across the city, and entrepreneurs are becoming increasingly likely to choose the Big Apple over the West Coast. In terms of quality of life and networking opportunities, New York has no equal. Naturally, investors abound in the finance capital of the United States. Furthermore, companies that plan to do business overseas can benefit from New York's increasingly diverse population.
4. Chicago
Chicago remains one of the best cities for entrepreneurs to call home. A progressive local government has enacted policies that promote green living, making the city popular among new college grads and innovators. Furthermore, a solid transportation infrastructure, a lower cost of living than coastal cities, and great networking opportunities make Chicago a great option for any start-up.
5. San Francisco
When it comes to the perfect cities for a start-up business, it is hard to beat the San Francisco Bay Area. Between the city proper, Oakland (across the bridge), and Silicon Valley (a short drive south), entrepreneurs are guaranteed access to the talent and investors that a growing business needs. Furthermore, businesses that take off from Silicon Valley tend to get the highest valuation. While it is important to note that living in this area can be quite expensive (and likely requires access to a car), the payoff may be too great to ignore when you have a groundbreaking new business idea in the works.
6. Los Angeles
Do not forget to consider sunny Southern California, as well. With rents lower than New York or San Francisco and creative talent everywhere, the City of Angels is a strong contender for new start-ups. In particular, fashion and entertainment businesses truly have a chance to thrive in Los Angeles, but tech companies (such as Tinder and SnapChat) often find a good home here, as well. One potential downside to an LA office is the need to drive and deal with heavy traffic. However, ride-hailing services have been improving many freeway commutes over the last few years.
