The importance of the locality of a business cannot be stressed enough. The right locality is essential for any business to flourish because it helps the business attract its targeted audience. Not only that, but the right location can also help a business gather the right kind of workforce that can elevate it to the level of success.
Interestingly enough, location plays a more important role in the fate of smaller businesses mainly because of their smaller capitals and narrower chances of survival. Therefore, strategizing the location of a smaller business can help it attain everything essential for its survival. (Image Credit: Free Photos/Pixabay)
Keeping the importance of location in mind, here are five of the most favorable cities for businesses and startup entrepreneurs to have a business office.
Los Angeles has been credited as the third-largest startup hub in the US. A city with one of the highest number of engineering graduates is also, consequently, the center of technology-centered startups. One of the best things about LA, apart from its beaches and warm weather, is the diversity it inhabits.
So, if you’re thinking of starting your business here then you’re in luck as more and more Studio at Beverly Hills CoWork Space and offices are available every day. The Los Angeles coworking space is a productive place to lay the foundations of your business.
New York City is arguably the only city as diverse as London. Home to the well-known unicorn Buzzfeed, the number of unicorns in the city is expected to rise. There are several benefits the city offers in terms of business growth, some of which are:
- The NYC startup community is known to be quite active when it comes to helping fellow startups
- The highly packed city offers a higher opportunity of making connections, which is always a plus when it comes to business
- Other than being diverse, the city is known to harbor high ambitious and driven public
Studio at New York Cowork Space can be a good place to unpack your bags, roll-up your sleeves and get to business (pun intended).
Recent surveys have seen a significant improvement in startup growth in Boston. A city rich with colleges and teeming with degree holders committed to elevating the financial graph of the city. Seeing such bright pointers, investors from all over are coming to get a piece of the rising startups.
But there’s a downside, the rental rates of Boston are sky-high. Meaning, you’ll have to spend a considerable amount of capital on the rentals. However, there’s a way around this issue. One can find several high-end Boston cowork offices which will not only save you from the financial burden of rents but will also give your team a productive environment.
Apart from being the capital of the United States, Washington is also a land of opportunities for several businesses. Not only is this city rich with a diverse workforce it also inhabits a little over 30 incubators and co-working spaces. Washington DC has recently ranked among the top US cities for coworking, being home to more than 80 coworking spaces. Thus if you looking for a good place to relocate your business considering a workspace in Washington DC can be a beneficial decision. The city’s great entrepreneurial climate and business growth potential will guarantee your professional success.
If you are a tech startup, Washington might be a good choice mainly because of the fact that (according to Washington D.C. Economic Partnership) over 185,000 people are employed in the technology sector. Meaning, there’s no dearth of talent in DC.
Chicago is the love of many venture capitalists and if you’re not sure why; you should look at these numbers:
- Forty-five percent of investments in Chicago gave 10 times ROI
- Eighty-one percent startups are yielding 10% on an initial investment
- According to KPMG, Chicago lies in the top ten of the technology startup hubs
Thinking of being a part of these technology pioneers is not a bad idea, especially with the increased likelihood of investment in your business.