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How to Choose the Best Location for Your Next Startup Venture

You’ve got a great idea for a business venture and you are ready to share your idea with the world! So where in the world should you share that idea from? If you’ve ever felt like your ideas don’t have wings, it might be because of where you are launching your ideas from, not the ideas themselves. One of the hardest parts about starting a business is finding like-minded people to share in your success and promote motivation and inspiration during the tough times. That being said, it’s no wonder that so many businesses fail: they don’t bother to look outside their immediate location for those people, motivation, or inspiration. So, before you launch your next startup venture, consider where the best places to be in business are in the world and then figure out how to make the move with these helpful tips.

Consider What You Are Gaining

While it might be easier to stay put and feel sorry for yourself, making the move to a new city or town to launch your startup venture could be just the thing you need to gain momentum and make a real go on entrepreneurship. Many people lean into a thought like, “we need to move” by focusing on the things they are missing out on or losing. For example, you might think about the friends and family you are leaving behind. And that’s natural. But if you are ready to go all in and want to level up right away in your next business venture, then you should approach such a big change from the positive perspective instead of the negative. Try asking, “what will I have access to if I move there?” or “who might I meet that could help me in another city?” Don’t focus on what you are giving up to choose your next location - that will just keep you close to home.

Put More Money in Your Pocket

One thing you’ll want to consider is the cost of living in certain areas. Sure, every startup and their dog is moving to Silicon Valley, but rent isn’t cheap there. Instead of going where everyone else is going, do some research to find out what other cities might offer that Silicon Valley doesn’t. For example, did you know that Texas has no corporate income tax? That means that you get to keep more of your hard-earned money and you don’t have to negotiate with clients or customers for more of their hard-earned money. It’s a win-win and you can flourish with more money in your pocket from day one. Many startups want to be where all the other startups are, but there are many incentives for big business to come to small towns or cities that are struggling economically. You could get help with payroll deductions, grants to hire employees, get money for infrastructure and leasehold improvements and more.

What’s the Internet Doing There?

There are few places left on earth where the internet does not go, but that doesn’t mean all internet connections are created equal. For example, the east coast of Canada boasts one of the longest and most secure ocean-floor internet connections. This brings Europe to the North American continent and vice versa. Many tech startups are flocking to the east coast to set up shop to take advantage of this solid internet connection. What’s more, places along the coast often offer incentives for businesses to hire locals and because the economy continues to struggle in the area where resource industry is still so big, employees come at a cheaper cost to businesses. You get quality employees for less than the rest of North America. Again, doing a bit of research in this area can prove valuable to your startup venture now and in the future.

So, if you are tossing around the idea of starting a business venture, but you feel limited because of where you live, consider packing up shop and heading to some new location to bring your business to the world. With the right location, support, internet connection and cost-effective operations, your business could be bigger than Facebook. Well, maybe not Facebook, but you could certainly be as big as Facebook!

Updated on: 25 May 2021

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