Main Street is not usually the first place that comes to mind when discussing entrepreneurship. Though many major companies are headquartered in urban hubs such as San Francisco, New York, Boston and Chicago, believe it or not, Inc Magazine says that 63 percent of small business owners say smaller cities are better for small business. That’s true according to Rocket Lawyer’s most recent Semi-Annual Small Business Index.
Traits that business owners can often find in smaller communities are:
First class networking
High-quality talent pools
Affordable commercial real estate
Lower living costs
Availability of federal contracts
Anything that lowers your living expenses and business expenses while providing you the life you seek is good. Don’t just consider your business; take into consideration your life. Be on the lookout for cities that embrace innovation and entrepreneurship. Be wary of any location where you have higher tax levels, stricter regulations, and more licensing requirements.
Small and mid-size towns can be attractive than larger cities because cities tend to be more intimidating to small businesses. Check before purchasing to see if customers value quality over less expensive products. Assess your competition to predict how well you’ll fare competitively against existing businesses in those smaller communities. Alternatively, determine if you can offer products or services that meet local cravings for something new or different than your competitors.
Peterson Acquisitions can help you find the right location at the right price.