As an entrepreneur or business owner, everyone understands that location and demography matter a lot for growth. Not just a small portion of the local area, but the town as a whole. Huge cities like Loos Angeles and NYC are always acceptable. Big cities often draw people and businesses from a growth perspective. However, we forget that when most businesses are focusing on big cities, the cut-throat competition among corporate employees increases.
Big cities have their fancy life. People are fighting to survive in big cities and to match the standard of living. On the contrary small cities have a lot to offer to young entrepreneurs who want to launch their start-ups outside major hubs. This is because in small cities competition is less and life as an entrepreneur is easier as well as attractive.
Connecticut is the third smallest city in the USA. However, in terms of per capita income, it is the richest in the USA. Most of Connecticut’s wealth comes from Fairfield County which contains various affluent suburbs. Connecticut as a place may be expensive, but many great cities in Connecticut provide affordable housing and cost of living.
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Benefits of Starting Business in Small Cities
Better Incentives and Perks
It is good to launch a business in towns with a better economic environment. Such small cities have low state business taxes. When the tax burden is less, the economic environment becomes profitable.
New Area to Launch
Every small city tries to develop by expanding old businesses and attracting new businesses. As a new business in a new city, you become the pioneer in the area. This can help you to get into closer partnerships with other local businesses in the area. This can help in the development of the community which in return will help you in flourishing.
In small cities, everything is within 1-2 kilometers of range. This is beneficial for employers as well as the employees. It saves the transportation cost of the employee and the employer can reduce the benefits. Some businesses also earn profit from logistics because the destination isn’t far away, which saves fuel cost and extra driver charge. If the commuting time to the office is less, employees will be happy because they will be spending more time with family and enjoying their hobbies.
Retention of Business and Employees
Big cities may provide better opportunities because the consumer demand is more due to the dense population. But, there are also big fish in the market that may not let small businesses survive. Brand visibility in big cities is slightly difficult when there are Fortune companies already occupying the seat. Youngsters, who dream of working with big companies, often disregard small start-ups. However, in small cities, startup businesses don’t have to worry about finding employees. Even small cities have high talents.
Going against the trend and starting a business in a different geographical area needs courage and determination. However, companies who follow this route have often found more chances to thrive.