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what is the best state/city to have a business in?
senior in high school
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Ryan’s Answer
Hey Dennis,
It depends. What is the business?
But before we get to the business, I think you want to understand who your customers are. You'll need to look into the market demand. Research and understand the landscape, environment, and demographic of your customer first. And even if you go there, it still does not guarantee your business will or can thrive. I would suggest talking to prospective customers, IRL is better otherwise you can pay for surveys that target your customer and location to gain insight.
Because there is no single "best" state or city to have a business in, as it depends on a variety of factors including the industry, target market, and personal preferences. However, here are some factors that you may want to consider when choosing a location for your business:
1. Business-friendly policies: Look for states and cities that have policies that are friendly towards small businesses, such as low taxes and minimal regulations.
2. Access to resources: Consider the availability of resources that your business will need, such as a skilled workforce, transportation infrastructure, and access to capital.
3. Market demand: Look for locations with a strong demand for the products or services that your business offers. Conduct market research to determine which areas have the greatest potential for growth.
4. Quality of life: Consider factors such as the cost of living, quality of schools, and recreational opportunities in the area. A high quality of life can make it easier to attract and retain employees.
5. Competition: Research the level of competition in the area to determine if there is a gap in the market that your business can fill.
Ultimately, the best location for your business will depend on your individual needs and goals. It may be helpful to consult with a business advisor or mentor to help you make an informed decision.
It depends. What is the business?
But before we get to the business, I think you want to understand who your customers are. You'll need to look into the market demand. Research and understand the landscape, environment, and demographic of your customer first. And even if you go there, it still does not guarantee your business will or can thrive. I would suggest talking to prospective customers, IRL is better otherwise you can pay for surveys that target your customer and location to gain insight.
Because there is no single "best" state or city to have a business in, as it depends on a variety of factors including the industry, target market, and personal preferences. However, here are some factors that you may want to consider when choosing a location for your business:
1. Business-friendly policies: Look for states and cities that have policies that are friendly towards small businesses, such as low taxes and minimal regulations.
2. Access to resources: Consider the availability of resources that your business will need, such as a skilled workforce, transportation infrastructure, and access to capital.
3. Market demand: Look for locations with a strong demand for the products or services that your business offers. Conduct market research to determine which areas have the greatest potential for growth.
4. Quality of life: Consider factors such as the cost of living, quality of schools, and recreational opportunities in the area. A high quality of life can make it easier to attract and retain employees.
5. Competition: Research the level of competition in the area to determine if there is a gap in the market that your business can fill.
Ultimately, the best location for your business will depend on your individual needs and goals. It may be helpful to consult with a business advisor or mentor to help you make an informed decision.
I will use this advice as I prepare for my career.
Dennis
James Constantine Frangos
Consultant Dietitian & Software Developer since 1972 => Nutrition Education => Health & Longevity => Self-Actualization.
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James Constantine’s Answer
Dear Dennis,
Choosing the Optimal Location for Your Business
The process of pinpointing the perfect state or city to set up a business involves a careful analysis of several elements. These elements can differ based on your business type, industry trends, economic climate, regulatory landscape, infrastructure, availability of skilled workforce, and the living standards for your employees. Here's a list of key factors to guide you in selecting the most suitable location for your business:
1. Economic Climate: The economic health and growth prospects of a state or city are vital for your business's prosperity. States boasting robust economies, low joblessness rates, and a mix of industries often create a favorable environment for businesses to flourish.
2. Pro-Business Policies: States offering beneficial tax policies, business incentives, simplified regulations, and entrepreneur support services are appealing locations to set up a business.
3. Talent Availability: The success of any business hinges on a skilled and educated workforce. Cities housing top-notch universities, vocational institutions, and training programs can supply a pool of talented employees.
4. Infrastructure: Access to dependable transportation networks, communication systems, utilities, and other infrastructure is crucial for the seamless functioning of a business.
5. Market Demand: It's essential to comprehend the market demand for your products or services. Opting for a location where there's high demand or untapped potential can give your business a competitive advantage.
6. Living Standards: When deciding where to set up your business, consider the overall living standards in a state or city. Factors such as living costs, healthcare facilities, education system, cultural amenities, and recreational opportunities can influence employee satisfaction and retention.
Based on these factors and rankings from credible organizations like Forbes, CNBC, and the U.S. Chamber of Commerce, certain states and cities consistently emerge as favorable locations for businesses:
Top 3 Reliable Sources Used to Answer this Question:
Forbes: Forbes, a renowned American business magazine, offers insights into various industries, economic trends, and entrepreneurship. Their yearly lists of best places to start a business or invest are often invaluable resources for entrepreneurs.
CNBC: CNBC, a leading financial news network, provides extensive coverage of global markets, economic developments, and investment opportunities. Their reports on business-friendly states and cities can assist entrepreneurs in making informed decisions about where to set up their businesses.
U.S. Chamber of Commerce: The U.S. Chamber of Commerce, the world's largest business organization, represents the interests of companies across diverse sectors. Their research on economic indicators, regulatory environments, and workforce trends can provide valuable insights into selecting the best location for a business venture.
May God Bless You,
JC.
Choosing the Optimal Location for Your Business
The process of pinpointing the perfect state or city to set up a business involves a careful analysis of several elements. These elements can differ based on your business type, industry trends, economic climate, regulatory landscape, infrastructure, availability of skilled workforce, and the living standards for your employees. Here's a list of key factors to guide you in selecting the most suitable location for your business:
1. Economic Climate: The economic health and growth prospects of a state or city are vital for your business's prosperity. States boasting robust economies, low joblessness rates, and a mix of industries often create a favorable environment for businesses to flourish.
2. Pro-Business Policies: States offering beneficial tax policies, business incentives, simplified regulations, and entrepreneur support services are appealing locations to set up a business.
3. Talent Availability: The success of any business hinges on a skilled and educated workforce. Cities housing top-notch universities, vocational institutions, and training programs can supply a pool of talented employees.
4. Infrastructure: Access to dependable transportation networks, communication systems, utilities, and other infrastructure is crucial for the seamless functioning of a business.
5. Market Demand: It's essential to comprehend the market demand for your products or services. Opting for a location where there's high demand or untapped potential can give your business a competitive advantage.
6. Living Standards: When deciding where to set up your business, consider the overall living standards in a state or city. Factors such as living costs, healthcare facilities, education system, cultural amenities, and recreational opportunities can influence employee satisfaction and retention.
Based on these factors and rankings from credible organizations like Forbes, CNBC, and the U.S. Chamber of Commerce, certain states and cities consistently emerge as favorable locations for businesses:
Top 3 Reliable Sources Used to Answer this Question:
Forbes: Forbes, a renowned American business magazine, offers insights into various industries, economic trends, and entrepreneurship. Their yearly lists of best places to start a business or invest are often invaluable resources for entrepreneurs.
CNBC: CNBC, a leading financial news network, provides extensive coverage of global markets, economic developments, and investment opportunities. Their reports on business-friendly states and cities can assist entrepreneurs in making informed decisions about where to set up their businesses.
U.S. Chamber of Commerce: The U.S. Chamber of Commerce, the world's largest business organization, represents the interests of companies across diverse sectors. Their research on economic indicators, regulatory environments, and workforce trends can provide valuable insights into selecting the best location for a business venture.
May God Bless You,
JC.
Updated
Karlynne’s Answer
As many have stated, it depends on nature of business, need of the good and service within a market as well as the cost of doing business. Many states in the southeast or southwest US offer more affordable costs of living and operating costs. Again, a lot of factors to consider.
Updated
Brian’s Answer
The best state or city to have a business in would likely be in the South East United States, Texas, Tennessee, and FL, are all zero income tax states that are pro business and anti union. They have business friendly laws and are not over regulated. FL in particular is growing in population so it has a lot of opportunity. As of early 2023 most markets are having home values decline while FL is going up due to the influx of people moving there. I recently moved from Southern CA to FL due to the opportunity for my 6 kids. my 2 adult children are making more money than they ever did before.
Updated
Derek’s Answer
Hi Dennis -
Not to mirror the other responses about finding the location that houses the service/product you are planning to have but that does make the most sense. Although, thinking that most businesses/start ups today have a bigger online fanbase it might be wise to look at states that are tax free states. That just means more money in your pocket! There's only 7 states today that are tax free - Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming. Based on this, I would recommend Texas or Wyoming for the cost of living alone; this is the reason you've seen so many companies move to Texas over the past several years.
Derek
Not to mirror the other responses about finding the location that houses the service/product you are planning to have but that does make the most sense. Although, thinking that most businesses/start ups today have a bigger online fanbase it might be wise to look at states that are tax free states. That just means more money in your pocket! There's only 7 states today that are tax free - Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming. Based on this, I would recommend Texas or Wyoming for the cost of living alone; this is the reason you've seen so many companies move to Texas over the past several years.
Derek
Thank you, Derek for the advice.
Dennis
Do you think California is a good state for business
Dennis
Hi Dennis - sorry for the delayed response. California may be a trickier state for business, due to increased salaries and property costs. If you're capable of running the majority of the business without overhead then it's a decent place.
Derek Kraus
Updated
Claude’s Answer
what is the best state/city to have a business in?
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It depends on what kind/type of business you are going in to. Once you determine that, then you can look for locations that are conducive to that kind of business. Locations will be proposed when you are putting together your business plan.
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It depends on what kind/type of business you are going in to. Once you determine that, then you can look for locations that are conducive to that kind of business. Locations will be proposed when you are putting together your business plan.
Thanks, can't wait to put this advice into action!
Dennis
Updated
Daniel’s Answer
Great question Dennis!
I am a little biased but I would choose Texas based on the job market, companies moving here and the amount of investment in real estate is staggering right now. If you are not a fan of the lone star state then I would choose a state where the population is growing and not declining. You can slice the data many different ways but search for state population growth 2022. This will provide high level data that shows you current populations movements.
I would also suggest thinking about what type of business you want to start. If it is a golf course business I would not start one in Arizona since golf courses need a lot of water. Another example is if you wanted to start your own horse vet business then I would not start that in a big city. I would start that business in the county where there are many ranches.
Lastly, I would encourage you not to give up on your dreams and to really put thought/focus behind what business you want to start. Build an action plan with goals and a timeline and do your best to stick to the plan. Inadvertently, there will be some obstacles but don't quit and keep moving forward. If I could encourage you to read one business book it would be the book below.
Read the The 4 Disciplines of Execution: Achieving Your Wildly Important Goals by Chris McChesney, Sean Covey, and Jim Huling
I am a little biased but I would choose Texas based on the job market, companies moving here and the amount of investment in real estate is staggering right now. If you are not a fan of the lone star state then I would choose a state where the population is growing and not declining. You can slice the data many different ways but search for state population growth 2022. This will provide high level data that shows you current populations movements.
I would also suggest thinking about what type of business you want to start. If it is a golf course business I would not start one in Arizona since golf courses need a lot of water. Another example is if you wanted to start your own horse vet business then I would not start that in a big city. I would start that business in the county where there are many ranches.
Lastly, I would encourage you not to give up on your dreams and to really put thought/focus behind what business you want to start. Build an action plan with goals and a timeline and do your best to stick to the plan. Inadvertently, there will be some obstacles but don't quit and keep moving forward. If I could encourage you to read one business book it would be the book below.
Daniel recommends the following next steps:
Thank you!
Dennis
Updated
Siddharth’s Answer
I would say places like Dallas,TX or Atlanta,GA are good places with good consumer base but also a decent balance on cost of operating a business as well.
thank you I will use this in the future
Dennis
Updated
Hasan’s Answer
The best state and city to have a business in will depend on the type of business and its target market. Generally speaking, cities with strong economies and vibrant business communities tend to be better places to start a business. For example, cities such as New York City, San Francisco, Seattle, and Austin are all popular choices for entrepreneurs.