If you’re an entrepreneur starting up your first (or next) business, you probably have starry-eyed dreams of setting up shop in one of the two main hubs in the country: Los Angeles or New York City. And, I mean, it’s pretty obvious as to why you would want to do that. Both cities are world-renowned, they have connections galore and there’s opportunity around every corner. But there are also a few notable reasons to avoid these two metropolises: they’re overcrowded and already chock full of people all trying to do the exact same thing as you. It’s more competition. And starting a business is hard enough without worrying about who else is trying to do what you do, but better.
So, what can you do about that? For starters, you can start your business in a different city. This country is full of major cities all brimming with potential, and as an entrepreneur, it’s up to you to realize that and take advantage.
Virginia Beach, Virginia
There’s more to Virginia Beach than its mesmerizing ocean views. If you’re an entrepreneur looking for a stomping ground, you should consider Virginia Beach for its incredibly competitive tax rates (only 5.30% state sales tax and 0.70% local sales tax). Its lack of current entrepreneurial growth means less competition, but the city’s economic development force is looking to change that, teaming up with a local co-working space to entice budding entrepreneurs with free office space and other resources.
Indianapolis has a relatively steady rate of entrepreneurs starting new businesses. It is also quite nice in terms of tax rates (only 7%). Another major draw of the city is its cheap rate of housing. According to GOBankingRates, the city will allow you to make the most of your paychecks.
Boston, MA is another great city to consider for your startup. Much like the other entries on this list, Boston’s tax rates are considerably cheap (6.25%). Another very noticeable claim to fame is the city’s recent status as surpassing New York City as the country’s second-largest startup funding hub.
If you live in the US and you’re looking to begin the next big company, you don’t need to solely look at either coast as your home. You can look at plenty of cities in between that can offer you just as much opportunity and color. Good luck!