We are now living in a society of highly advanced technology. With the resources we have, starting a business is simple for anyone willing to put in the hard work. Because our technological generation makes it easy to connect with everyone across the world, we have the right tools and resources to provide people with their necessities in a way that will also make their life more convenient.
The question is, where should people start putting their money? Aside from the idea and mindset, great entrepreneurs take pride and value in their investment; they carefully consider the factors before making a move. One of the most important factors to consider is where the right place is to lay their cards.
The best city an entrepreneur should invest in depends on the product or service they are going to produce. With the trades on fire, the following places are still at the top of the list of America’s most entrepreneurial cities (not in any specific order):
1. San Francisco, CA
Top Industries: Tourism, Technology, Financial Services
The Bay Area of San Francisco will get your money rolling with the right product and services to offer. Northern California’s Wall Street is still the epicenter of arts, culture, and lifestyle. The cost of living might be a little bit high, but a resident’s median earnings will help them breakeven or close the gap between income and expenses.
2. San Jose, CA
Top Industries: Education, Technology
With technological innovation nowadays there’s no good place to start investing other than the heart of Silicon Valley’s metropolitan area. With the growth of the tech industry combined with the educated college youths in the area, the city is sure to set fire in the coming years.
3. New York City, NY
Top Industries: Financial Services, Health Care, Professional and Technical Services, Retail Trade, Manufacturing, Educational Services
The city that never sleeps is still one of the biggest hubs in the world for business startups, producing thousands of entrepreneurs everyday. The top of the line city has everything you need to start a business. From highly qualified professionals to network with to the capital ventures and technical infrastructure, the city provides everything you need to keep you going.
4. Miami, FL
Top Industries: Finance, Media and Telecommunications, Tourism
With its growing diverse community, Miami has managed to cultivate a workforce of talented people attracting innovative companies to invest in the coastal city. The Silicon Valley of the southeast has access to resources and business environments that are necessary in starting up a business. On top of that, Miami’s community is known to have a pleasant welcoming environment.
5. Los Angeles, CA
Top Industries: Entertainment, Aerospace, Tourism, Technology
The city that pioneered film studios has cultivated a culture of talent and excellence. Like Silicon Valley and New York, Los Angeles provides a community for technological innovation and infrastructure as well as the resources needed for a startup. The city also produces a pool of educated youth graduates and talented workforce necessary in the community. Not only that, but cost of living is way cheaper than New York and the Bay Area.
In reality, you can invest in any part of the world as long as you have a goal in mind, the capital, and the right resources to establish it. The places mentioned above are just options for you to choose from in helping you succeed in your business.
But, always remember that no matter how good a place gets or how bountiful its resources may be, a business can not succeed and will not be able to run in the hands of the wrong entrepreneur. Aside from the city, with the growing competition we have, tactical and strategic planning is essential if you want your startup to succeed.
Which city do you believe is the best place to start a business? Let us know down in the comments.
This article originally published on GREY Journal.