America is the land of the free. For this exact reason, many people choose the US when setting up a business in search of the American dream.
But not all places are made equal when it comes to businesses in the US. Whether you’ve got a well-established company looking for another swanky office location or are an ambitious entrepreneur looking to take that first step, we’ve broken down all you need to know below.
Things to consider when choosing a location for your business
1. Business Networks And Support
If you want your business to be a success, you’ll want to live somewhere that’s full of like-minded, business-savvy individuals. As well as learning about new trends, you can receive valuable mentorship, build new connections, and uncover different business opportunities.
For example, networking with clients through local business transport subscriptions such as private jet memberships can help you get the right sort of people in your phone book – and fast.
2. Operating costs
Operating costs are one of the most important things to consider. Although you might want to set up an office in Los Angeles, due to the high cost of living, this might squeeze your margins. On the other hand, Ohio is much more affordable.
3. Supply chain and logistics
More important for some industries than others are supply chain and logistics. While some jobs can be completed almost fully remotely, other industries (like FMCG) will need to choose a location that doesn’t pose a logistical nightmare.
4. The regulatory environment
In the US, different states have different laws. So, you’ll need to choose one that fits best with your business.
What are the best hotspots for business?
So, what are the best business hotspots in the US? Here are our top picks:
- New York – It’ll come as no secret that NYC is on the list. Home to Wall Street, big ideas, and business-minded people, if you can make it anywhere, it’s in New York.
- Washington – The capital of the US, Washington DC has a financial maturity and institutional effectiveness that means it’s ranked as the 10th best city in the world. Pairing a great economy with low unemployment levels, there are so many opportunities for business owners in DC.
- Chicago – Home to no other than ex-president Barack Obama, Chicago is the place to be if you love business and culture. As a critical intersection reachable by air, water, road, and rail, Chicago is a mecca for those that seek excellent transport and logistics opportunities.
- Boston – Often in the shadow of New York, Boston is one of the US’ most historic cities. But it’s also good for business. Thanks to its population density, connectivity, and culture, Boston is the go-to for those wanting to start a business in tech.
Where will your business take you next?