If you’re thinking about launching your own startup, there are a lot of factors on your mind, such as the size of your potential customer base and the amount of capital you have to invest. However, a big part of success in business also depends on where you decide to open your company. Here are four reasons why small towns can provide a great place to grow startups:
1. More Room To Grow
In smaller cities, your new business has less competition to worry about. In fact, many smaller towns foster a cooperative atmosphere between businesses. That’s because it’s in everyone’s best interests to attract as many tourists, visitors and new residents to town as possible to keep the population healthy and growing.
This less-competitive environment provides many opportunities to make valuable economic connections. With a friendly relationship with other business owners, you can learn the ropes of running a great company, team up to provide great services to customers and count on support from the local chamber of commerce. One example of this cooperative atmosphere is when restaurants coordinate with youth sports teams in the area to offer discounts on game nights.
2. Loyal Talent
The smaller population of out-of-the-way towns can actually work in your favor when establishing your company headquarters. Startups may be the only ones in the area dedicated to a specific field, which means great employees are more likely to stick with you for a long time. Working for one of your competitors would likely mean moving to a faraway city, so your top talent usually isn’t going anywhere.
3. Comfortable Working Environment for Employees
Attracting great industry professionals to your startup can be easier in a small town. Cities with a high quality of life and a low cost of living make working for you seem more enticing. Your employees can find a comfortable home for their families, enjoying spending time together and forget about commuting long distances to work. That’s a win-win situation for everyone.
4. Economic Perks
Before committing to opening your new business, it pays to check out whether a city offers new business owners any economic incentives. These can be low-cost loan guarantees, reduced property taxes or other kinds of assistance. You also want to learn about any state tax benefits or financing for businesses.
Not all towns are the perfect haven for startups, but many can be a great place to grow. If you’re thinking of launching a new brand, it pays to check out smaller cities when hunting for commercial real estate.