Most alluring cities for young entrepreneurs in 2022
Being an entrepreneur is no easy job. It involves a lot of responsibilities and tasks. It leaves you with less free time than you might like and it takes a lot of energy to keep up with everything you have to deal with. However, it’s even harder when you are just starting. A young entrepreneur usually has a lot of energy, ambition, and time on their hands, but they lack some other really important stuff like experience and knowledge of the industry. That’s why the hardest part of developing and running a business is the beginning. It takes time to gather the information you need and to get a grip on how things work. So, we hope to help you with a part of the process. If you still can’t decide which one of the cities for young entrepreneurs is perfect for you, let us help you find it!
What to consider when choosing between cities
Well, there are a couple of factors. Some people prefer to choose based on the climate they are most comfortable living in. Others choose based on their lifestyle. However, if you really want to be thorough, you will base your choice on some more concrete reasons. Here are a few examples of what to look for when choosing between cities for young entrepreneurs:
- Find out how high is the income tax because sometimes it’s just too big
- Pick a city where there are many funding opportunities for your company
- It should be welcoming to small businesses instead of big corporations
- Depending on the industry you’re in, find out the cost of workspace
- Finding a workforce shouldn’t be a problem
These should be priorities for you. If all of these conditions are fulfilled, you can be sure the city you choose will be perfect for your business and it will probably be one of the fastest-growing cities in the US. They have everything an entrepreneur needs.
Austin, Texas is at the top of the cities for young entrepreneurs
Since income tax is probably the most important criterion when rating cities for young entrepreneurs, Austin is in the first place. Why you might ask. It’s because income tax doesn’t exist in this city. People in Texas enjoy a 0% income tax rate. That means that a lot of the money that would otherwise end up spent on taxes will be invested into some other useful stuff. Maybe you will be able to pay your employees more. It will be a great boost to their productivity. Once you moved with some of the best movers Texas, expanding your newly opened company can also be an option. When it comes to venture capital funding and SBA 7(a) financing, Austin is at the very top of the list.
Another very useful thing that the state does is that it levies a gross receipts tax of only 1% instead of a corporate income tax. This is another reason why Austin is so popular for young people with aspirations to start their new companies.
Seattle, Washington is also extremely popular
It’s enough to know that Seattle ranks fifth in the country when it comes to venture capital funding. That alone is a great reason to put it among cities for young entrepreneurs. The VC funding topped a staggering amount of $1.85 billion in 2020. Washington is another state known for 0% income tax. With that in mind, it’s totally understandable why people would relocate with the best cross country movers Seattle has to offer to start their business. Instead of net income, gross receipts are taxed. Also, the rate is linked to your business classification. Businesses like retailers, wholesalers, and manufacturers are taxed somewhere around the 0.48% rate, which is really small and perfect for a newly established business to thrive and develop.
Houston, Texas is just as attractive
Austin isn’t the only city from Texas that can be found on the list of cities for young entrepreneurs. Another one is Huston. If you love living in a city that isn’t too big but still has everything a startup needs, Huston is exactly what you need. You can live a nice and comfortable life as an entrepreneur in Huston. Small businesses are supported by the government and income tax is the same as in Austin – it doesn’t exist.
You should also think about your employees. If you are going to have several employees in your company once you move with the best cross country movers Houston, you should consider a city where they can live a comfortable life with the pay they get. If the average pay in your company is too low, people won’t be motivated to join you. Houston can boast of having a great life standard. With pay that is just above the average national level, people can afford everything for their daily life. As long as your employees can pay for their food, utilities, and bills, and still have some extra on the side, they will be motivated to cooperate and help you fulfill your vision.
Columbus, Ohio is tied with Houston
In fact, Houston and Columbus are at the same level when it comes to cities for young entrepreneurs. That’s why they share the spot. However, Columbus is quite a surprise for many who know a little about the topic. If you had a chance to see Columbus three decades ago, you would understand why. It wasn’t even as close as developed as some of the cities for young entrepreneurs you will find on this list. However, with time and investments well managed, Columbus became quite an attraction. Now, there is a growing number of reasons for young to contact the best cross country movers Ohio and book a relocation, and among them is the fact that Columbus really takes care of new businesses. If you are planning to start a company in Columbus, know that the city government will provide you with a lot of incentives to do so and to keep it up.
Tampa is the jewel of the Sunshine State
While it’s mostly known for tourism, it’s not the only thing Tampa is good for. Tampa is also a great place to start your own business. There’s a lot of free capital you’ll find in Tampa. Some of it is in the form of loans and some of it is in the form of investments. However, it is all just waiting to be claimed. Floridians don’t pay income tax and that leaves Florida with a lot more cash on their hands. Naturally, they would all love to invest it in something, but the opportunities aren’t that common.
So, if the Tampa city government or any Floridian investment fund finds your project serious, they will be willing to invest. With more money comes more opportunities. You will be able to expand your business any way you wish once you’ve moved with the best cross country movers Tampa. So, if there is one place where you shouldn’t worry about money, it’s Tampa, Florida. The only thing you might think about is the weather and a totally different lifestyle than most of the country. If you are fine with that, you will really enjoy Tampa.
Think about Denver, Colorado
Denver has many similarities with the before-mentioned cities. A lot of similar benefits for the new entrepreneurs, nice living standards, etc. However, Denver does have one thing that takes it apart. It ranks second in SBA loan funding, with more than 320 million dollars provided to small businesses in this thriving city. Taxes are separated into brackets. Not everyone pays the same tax. It would be unfair and the city government knows that. And even if your company is large, you still don’t need to pay too much. At its highest, personal and corporate income tax rates are not more than 4.5%. However, if you own a small business, the tax you will have to pay will be much smaller.
Another reason to schedule a relocation with the best cross country movers Denver has to offer would be the lack of big companies. With less competition, you have bigger chances to grow. Most of the currently biggest companies in the country had that in mind when they were choosing their base of operations. That’s one of the reasons why Microsoft and Tesla relocated to Texas instead of California.
It’s Texas again, but this time it’s Dallas
Texas is, in general, the best state to start a company. It looks upon young entrepreneurs and big companies equally favorably. You don’t need to worry about what will happen once you expand. In Texas, it’s always the same. Even if people already have companies they’ve developed and expanded, there is always a good option of moving the company for the sake of expenditures. With no income tax, Dallas is a perfect place for an IT company.
Another reason to move with the best cross country movers Dallas is that there are many SBA lenders who are willing to help out if they see a good opportunity for profit. With those guys on your side, you can really achieve a lot, so don’t waste such a chance!
Competitiveness makes Salt Lake City, Utah a great choice
People often forget that a competitive market makes certain businesses stronger and more developed. If you really want to develop your company in an environment that’s not too predictable but still offers great benefits to young entrepreneurs, you should opt for Salt Lake City. It proudly holds a place among the top three cities for young entrepreneurs with the highest SBA loan funding. It’s no wonder it attracts so many ambitious young people willing to enter a new chapter of their lives.
The living standard is also great. Income and prices are really well balanced so that’s something you don’t need to worry about. A comfortable life is really easy to achieve there. Another great reason to move there with the best cross country movers Utah there is the number of young people. If there’s one thing you’ll notice there, it’s how big is the number of young people who would like to work in start-ups and learn valuable skills that way.
Cleveland, Ohio is at number nine
It’s really great for many reasons. Some people love it for sports, others for tourism and there is also a number of people who just love its nature. Even though those are all great reasons to move to Cleveland with the best movers Ohio has to offer, they aren’t what makes it one of the best cities for young entrepreneurs. The reasons why it’s such a great place for business are pretty obvious.
The corporate tax on gross receipts is really low in Ohio, which makes it kind of a paradise for certain types of businesses. Another great thing is that the maximum income tax rate never surpasses 4.8%. And that’s not all. All businesses in Cleveland receive a pretty big amount of VC funding and SBA funding as well. Its venture capital funding is around 19 million dollars! That makes it a perfect place for young and ambitious to start their business. SBA loan funding is even more generous and it’s around 113 million dollars! So, all in all, Cleveland is more than willing and prepared to give you money in return for your talent and readiness to work hard.
Atlanta, Georgia has quite a few perks
Atlanta might come as a bit of a surprise. It’s totally understandable since Atlanta is so far away from Silicon Valley. However, what makes Atlanta really impressive is the fact that it has venture capital that exceeds $550 million, and being able to have so much money in venture capital while being so distant from all the big centers of wealth makes it really worth admiring. Another great thing about it is that there is a really strong community of investors who are willing to support entrepreneurship in the city, and that makes a great reason to relocate there with best cross country movers Atlanta.
The most important step
Take your time while deciding. There are quite a few factors to think about when looking at cities for young entrepreneurs. Of course, a company’s chance to expand and opportunities should be a priority. However, don’t forget about your employees. They should be provided with everything an employee needs. A good salary, nice working conditions and opportunities to improve and prosper. Based on your own preferences and your employee’s needs, you should decide which city suits you the most. They all have their pros and cons and it’s up to you to wager them before making the final decision.