As the COVID-19 pandemic continues on, many individuals are hesitating in starting a business. And they’re not wrong to think twice. It’s because starting a business requires capital. To get that, people will need to pool all of their savings together and take on new loans. And that might be unwise, especially given how many people struggled financially just a few months ago when the pandemic was at its peak. A study conducted by Facebook found that 31 percent of small businesses are currently closed right now because of the dire effects of the pandemic.
But, despite the risks, no one could deny the fact that small businesses make up a huge driving force in our country’s economy. Together with medium-scale businesses, they make up about 90 percent of the business population. So if you’re an individual who desires to start a new business even as the pandemic goes on, you’ll need all the help and luck you can get. To give you a better chance not just for survival but for success, too, it would be smart to launch a startup in one of the top business hubs in the country. These are the U.S. major cities that you can check out and consider settling down in. The next thing you’ll need to do is find a full-service contractor for hire to build your office or storefront.
If you’re considering launching a small tech company, Austin, Texas may be the best choice for you. It’s one of the best tech hubs in the world that are thriving right now. Some people might even be bold enough to say that it’s the new Silicon Valley. Truth be told, this isn’t really surprising. This southern city is, after all, nicknamed “Silicon Hills”.
The city earned this nickname because of the way it breeds innovation and creativity. For one, there’s the University of Texas-Austin, which is one of the best schools in the country honing young minds in the fields of science, technology, and engineering. In fact, the city has been thriving so much that it attracted major tech corporations. SpaceX, Apple, and Oracle have set up offices in this city in the hopes of reaching the next generation of designers, engineers, and researchers. As a small business owner, there’s nothing better than surrounding yourself with like-minded individuals.
Here is another southern city that’s becoming a major player in the world of business. Much like Austin, Atlanta, Georgia has been developing its reputation as a tech hub and the best place for startup companies. In fact, it was even recognized as the number one tech hub, as ranked by Business Facilities Magazine. It was also recognized as the number one business hub by NerdWallet.
Again, much like Austin, Atlanta is quite good at recognizing and honing the future shakers of the tech and business world. Georgia Institute of Technology boasts the country’s oldest startup incubator in a university. The Advanced Technology Development Center (ATDC) is the right place for you if you’re striving to launch a startup but need further guidance and support from an incubator.
Move up the northern part of the country and you’ll find another budding business hub in our midst. Novi isn’t one of the first cities we would think of when we think of business hubs in Michigan. Our minds would often go to more well-known cities such as Detroit and Ann Arbor. But, recently, Novi is proving to be quite a business hub in its own right.
As a budding business owner, settling down in a city such as Novi may be a wise decision. For one, the cost of living is not as expensive as other U.S. major cities. You won’t be suffering through paying for a tiny commercial space that comes with a hefty price tag. Plus, the local government of this small city is very much eager to help small business owners in any way that it can. One of the things that it does for the city’s entrepreneurs is offering free counseling for startups. Besides, by settling down now in Novi, you’re getting ahead of many other businesses.
People’s concern over starting a new business right now is very understandable. The COVID-19 pandemic has caused millions of people their jobs and businesses. With that kind of hurdle, business owners would need a lot of time, resources, and smart decisions to recover. Since the pandemic is still ongoing, there’s no way we could know for sure that there won’t be more severe rounds of quarantine restrictions that would force businesses to close again.
But, despite these apparent risks, we could still try and start a business. We just need to be wise and strategic about it. So let’s start with choosing the right city to settle down in.