Updated: Jan 27
If you didn't think that location matters when it comes to being an entrepreneur or starting a business, IT DOES. According to DollarSprout.com, as an entrepreneur, you should be mapping out what type of business you are planning to start. We put together a list of considerable factors in determining where you should live and establish your business in 2022.
As an entrepreneur, you should always analyze your income and revenue over an extended period of time. Make a plan of action to determine how much money you plan to make within the next twelve months. Stability is very important, and once you have moved, there is no turning back! Make a wise decision by predicting the accumulation of your monthly bills and assessing the amount of rent or property you hope to pursue. If you work from home, this should be fairly easy for you to determine, considering the online aspect of your business. Selling your online courses, producing online events, and creating online services can allow you to generate income more quickly and consistently. Consider living somewhere that helps you live the lifestyle you desire while also allowing you to invest back into your business.
The growing consistency of virtual reality has allowed many entrepreneurs to work remotely and still grow a successful businesses. You don't necessarily have to be where the party is. You could make money and create brand awareness from the comfort of your home. Living in a city where you aren't as known can be beneficial in some ways. This gives you an opportunity to build brand new relationships and learn about that city's culture and way of life. By doing this, you can add your own flavor to help you stand out from the crowd-drawing more interest in who you are and what it is that you do. You want to be around like-minded people that are connected to your expert field but in different areas. If you are growing a tech company, it is important that you live in city's where the marketing and entrepreneurship culture exists. Create relationships with people who will help you grow your business, not just give you cool ideas and share the same struggles as you. Get around people who can see the potential in your company and help you expand your reach.
Networking / Availability
It takes a village to raise a business. You should consider living in an area where other businesses are thriving. This will motivate you to make the right connections and implement new strategies into your business as well. Consider cool workspaces as well. If you get tired of working from home, begin looking for Hotspots like cafes, entrepreneurial spaces, lounges, and more that will help you get more creative with your business. If you are a content creator, these types of hotspots are necessary for your business.
In concluding this viable information, we have determined that Texas, Michigan, and Louisiana are the best states for entrepreneurs. This list was determined by economic growth, low cost of living, and lower labor costs. Michigan has a significantly high business survival rate, with over one-third making it to the 10-year mark. Even in its biggest city, Detroit, the cost of living is remarkably low for this emerging hotbed of innovation and entrepreneurship.
Louisiana entrepreneurs can expect to benefit from lower labor costs (and a tighter labor market), a modest cost of living, and a steady growth rate.
In Texas, the capital, Austin, is home to nearly 6,000 startups as well as major tech players like Google and Apple. The state also benefits from a significantly lower cost of living than its big state peers.
We hope this article was helpful for you in deciding which state you should move to and call your new home for 2022.