During this week’s Proven Match blog, we’re going to revisit some familiar themes—specifically, the adage of location, location, location. We’re going to review some data pointing to the top cities to start a franchise operation. For the purposes of disseminating this data, we will be including more than just franchising, but the common theme is still the same—what are the best cities for entrepreneurs? And why? Our data comes from a CNBC study of the 20 most attractive cities to start a business and it was completed in August of 2016.
More than just the current economic climate should be taken into consideration when determining the most desirable locations to set up shop. What is the ingress and egress of the population (aka, your workforce) Are they aging out of the job market? Aging in? What does the cost of living look like in these key areas? And better yet—what is climate a tax-friendly locale or just the opposite? Lest we forget, we’re also talking about the most important factor of all—quality of life. That takes into account average salaries, safe neighborhoods, and work/life balance statistics.
So, who made the list? Prepare to be quite surprised.
Yeehaw, Ride ‘em, Cowboy!
Never short on stereotypes, the big winner is Austin, Texas. While you may think of it as the land of cowboy hats, big belt buckles and people that ride horses to work, you’d be way off the mark. Rather, Austin is the self-described Silicon Hills, based on the number of tech companies who have set up headquarters there. Corporate headquarters means employees. Lots of them. But for entrepreneurs, they’re customers!
Rocky Mountain Highs
The metropolitan area of Provo, Utah scored second on the list. Another surprise, wasn’t it? The skilled workforce continually graduating from Brigham Young University, coupled with a scale tipped in favor of entrepreneurship jolted this formerly unknown city right up the charts.
Our nation’s capital, Washington D.C., came in third place. And while there’s a new sheriff in town, the business climate is thriving and the workforce is young and dynamic. Venture capital firms are funding startups to the tune of almost a billion per year and, of course, the Federal Government keeps lots of folks employed with discretionary income.
The fact that Denver made the list ranked in fourth place shouldn’t come as too much of a surprise. According to the most recent data, it’s the fastest growing city in America. People are flocking to its climate, its beauty, and its opportunity. One of the highest average salary statistics helps lead the charge for the migration to this burgeoning city.
The Queen City
Move over, Atlanta…there’s another sprawling metropolitan area operating in the mid-Atlantic states, threatening a takeover. Welcome to the Queen City of the South, Charlotte, N.C., rounding out the top-five best places to start a business. From its unequaled aesthetic beauty to the southern charm of its residents, Charlotte has been on the move up the charts since the mid-90s (coincidentally, about the same time it was awarded an NFL expansion team, the Carolina Panthers!) The area is still quite an affordable place to live and North Carolina boasts one of the lowest business tax rates in the nation.
We’d like to thank you for indulging us in this exercise. We always try to keep a keen eye on the entrepreneurial marketplace. While nobody is telling you to pull up the stakes in your own current locale, if you are looking to relocate as part of your entrepreneurial journey, we’ve just provided five outstanding examples.
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As a franchisor, you’ll want to know which existing and potential franchisees best fit your business concept. Proven Match is the proven solution in determining those factors. Through our proven behavioral assessment techniques, predictive analysis becomes a predictive success for your franchise concept. If you’re ready to show your leadership by getting started, give us a call and we’ll put you on the path to a more productive year in 2017.