Increasingly, people are finding that living in big cities isn’t necessarily the best option for them. There may be more opportunities in some ways, but also higher costs of living, difficult housing markets, and by some measures, lower quality of life. It can also be tougher to start a successful business in big cities in some cases.
These factors have some long-time city-dwelling entrepreneurs leaving for more suburban areas and smaller cities and towns.
Of course, there can be adjustments in your life when you move from a big city to a smaller one to pursue your entrepreneurial dreams. As an example, you might have to get your driver’s license for the first time and not be able to rely on public transportation.
Even with the possible trade-offs, it can be worth it, and the following are some of the best cities for entrepreneurs to start or move a business right now.
Salt Lake City, Utah
Salt Lake City has been on a lot of people’s radars recently. It’s a growing hub of technology, and there are a lot of angel investors in the area. Salt Lake City appeals to many new residents because it’s affordable and provides proximity to the mountains and great recreation in the summer and winter. For example, skiing and snowboarding are incredibly popular in the area.
Salt Lake City has a low unemployment rate, and there’s something called the Startup Connectory, which is a list of all the groups for entrepreneurs in the area, as well as networks and associations.
Plus, the individual and corporate tax rate is only 5%.
Raleigh, North Carolina
North Carolina is a great state for entrepreneurs because of the low taxes, and there are some burgeoning cities including not only Raleigh but also Charlotte.
The Raleigh metro is surrounded by Durham and Chapel Hill, and it’s an area known for research and technology. There are more than 167,000 students enrolled in 12 universities and colleges in the area. Around 40% of the population in the area over the age of 25 has at least a four-year degree.
Property taxes are low, and the cost of living in the Raleigh-Durham metro is just below the national average.
A couple of hours from Raleigh is Charlotte, and this city is a hub of finance and is also home to the headquarters of companies like Lowe’s. American Airlines has a big presence in the city as well. The city has rapid population growth and offers the benefits of the Business Innovation and Growth Council.
St. Petersburg, Florida
There is no state income tax in Florida, which is in and of itself a benefit of moving to the Sunshine State. Of course, there’s also the great weather and the beautiful beaches, but certain cities like St. Petersburg have more to offer even than those perks.
St. Petersburg has been working hard in recent years to attract entrepreneurs, and of the ten bigger cities and metros in Florida, it has the lowest cost of living.
Home prices are very affordable in St. Petersburg, leading people to move from more expensive areas of the country like California, New England, and Chicago.
There’s a rich cultural scene in St. Petersburg too—for example, there’s The Dali Museum, which is home to thousands of Salvador Dali’s pieces.
Austin, Texas
Due to its explosive popularity in recent years, Austin, Texas, has become more expensive, but when you compare it to cities like San Francisco and New York, it still remains an affordable place to start a business.
The Austin metro is very friendly to small businesses, and there’s a growing tech industry in the city.
There are no state individual or corporate income taxes in Texas, and the University of Texas is in Austin, which offers access to a young, educated workforce. Austin ranks fifth in the nation for its ability to attract and keep tech talent only behind cities like San Francisco and Washington D.C.
Denver, Colorado
Denver is located at the foot of the Rocky Mountains and there’s a big cannabis business scene that’s up and coming in the state. However, the city is friendly to other businesses as well.
Much of the city’s population growth is in the 18-to-34 age group, and the city has a low unemployment rate and an average salary above the national average.
Denver is also home to the University of Denver and The University of Colorado, and graduates tend to focus on biotech and aerospace industries.
