Best cities in the US to start a business in 2020
Starting a business in 2020 may seem like a strange idea. After all of the hassle that COVID-19 has put us through and all the economic issues we'll have to deal with, you could argue that starting a business in 2020 may even be a terrible idea. But, the reality is far from that.
While it is true that certain businesses simply cannot succeed in the current economic climate, others should have no issue turning a decent profit. And, to make the most out of those business opportunities, you need to know where to start, or where to relocate your ongoing business. So, to help you out, we've come up with our pick of the best cities in the US to start a business.
The best cities in the US to start a business
Before we get into our pick, there are a couple of things we feel need mentioning. The first one is the fact that there is no one best city for starting a business in US. Different cities come with different opportunities and business competition. This is why you need to do your research and choose carefully before you make your pick.
Finding the right place for your business is only possible if you do ample research.
Secondly, make sure to properly research commercial relocation before you set it up. IPS NYC Movers do a great job explaining what commercial moving is like and how to prepare. So, do your best to make your relocation efficient.
For a long time, Tampa wasn't much to look at in regards to business opportunities. Sure, there were a couple of notable industries in the general area. But nothing that would make Tampa one of the best cities in the US to start a business. Well, as of 2017 this has changed. Jeff Vinik worked with Bill Gate's Cascade Investment and started building Water Street Tampa. This is a $3.5 billion project meant to bring in new business opportunities and economic interest to Tampa. Due to reasonable living costs and a growing economy, there are numerous startups that have decided to move here. So, if you are looking for a booming place where you can both grow and sell your business, Tampa is the place to check out.
There is a good reason why a lot of people still feel that NYC is the place where you make your dreams come true. Once you consider the opportunities and possibilities that are currently available in NYC, you will easily understand why it is so. It is important to note, though, that New York is not suited for every type of business. While a lot of people managed to relocate their business here with great success, even more of them fail.
So, before you get your business transferred to a new NYC location, make sure that NYC is the right place for you. Also, try to research various NYC neighborhoods. A couple of blocks’ difference can have a huge impact on who your customers are and whether or not your business will succeed.
If you find the right NYC neighborhood and the right niche, your business is bound to bloom.
Right alongside NYC, you have Miami as the US pinnacle of startups. If you are looking for a place where you will be able to grow your IT or tech business, Miami is the place to be. A large number of foreigners come to Miami, especially from Latin America, making Miami teeming with young professionals. So, if you choose to move your business here, you will have no trouble finding able workers.
While Miami used to be a go-to place for tourism, the recent events regarding COVID-19 have made tourism in general quite difficult to deal with. So, if your business is related to tourism, we advise you to refrain from moving. At least for the time being. Things will pick up soon. Until they do, don't go through the hassle of commercial relocation.
The city of Denver, with the help of investors, has done a lot in the past couple of years to make it one of the best cities in the US to start a business. Apart from CenturyLink, you'll have a hard time finding large scale companies in Denver. This makes it ideal for young startups as there are no corporations to battle with. Some even move to Boulder, as it is closely connected to Denver through Techstars.
All in all, Denver holds a lot of possibilities, especially in IT and software development. Also, if your business is related to cannabis, Denver is the city to consider. As of 2014, the legal sale of cannabis started in Colorado and has generated over $8 billion.
Salt Lake City
The main thing that draws young professionals to Salt Lake City is the business culture. Companies like Weave and Divvy have noticed the potential Salt Lake City has and have been investing in it over the past couple of years. This has led to a sizable increase in both job availability and business opportunities. So, if you manage to find your footing in Salt Lake City, we are almost sure that your business will be a success.
While at first glance it may not look as much, Salt Lake City is one of the best cities in the US to start a business.
Another good thing about Salt Lake City is that it is still relatively unknown as a business center (at least compared to NYC and Miami). This means that you can purchase or lease commercial space for a relatively low cost. But, don't expect it to stay like that for long. Our advice is to take advantage of the current situation and relocate as soon as possible.
The final entry on our list of best cities in the US to start a business in 2020 is the Sun City itself, Phoenix. During 2017 and 2018 it was the fastest growing city in the U.S. This increase in population naturally brought an increase in business opportunities and skilled labor. Add to that the talented professionals that come from Arizona State University, and you will easily see why Phoenix is one of the top cities in the US to start a business. As it is with most cities, IT and software development are the most popular startups. But, with a bit of research, you should easily find other business ventures that you can make use of.