If you’re thinking about starting your own business, finding the right place to begin is an important first step. The top eight cities for starting a business all have low costs of living and a business-friendly vibe. They have a bustling community of small businesses and low start-up costs for self-employed individuals.
This city has a huge start-up scene with a very low cost of living. The cost of doing business here is 3.8 percent below the national average. The Tax Foundation includes Indiana in the top 10 states with the most business-friendly taxes. The state recently lowered its business income tax rate to 6.5 percent.
Des Moines, Iowa
Des Moines may not be a big city, but it can be a great starting point for your business. It has a large community of small businesses and a highly educated working population. Savvy business owners are attracted by the city’s affordable cost of living.
Salt Lake City, Utah
This city features some of the best mountains in the country as well as some of the most affordable business and living costs. There are more than 16,500 small businesses in this community, and business costs are some of the lowest on this list at 3.4 percent below the national average.
With over 23,500 small businesses in the Texas state capital, Austin has about 2.5 times more start-ups and entrepreneurs than the national average. A large flow of capital investment is bringing new business to Austin every year. With $362 million invested in small business during the first half of 2014, Austin is one of the top 10 destinations for venture capital investors in the country.
Tulsa is one of the most affordable cities in the country. It has the second lowest cost of living on this list, and it offers cheap real estate prices. Costs are an unbelievable 34.5 percent below average, and the median home value is just $121,700, compared to $181,400 for the rest of country.
The Entrepreneur Center in Nashville helps start-ups in several industries, including health care, technology, social media and digital marketing. This organization provides corporate mentorships, networking guidance and other helpful resources to enable businesses to launch within six months of moving to the area.
One of the 10 cities with the lowest cost of living in the country, Omaha offers locals and business owners an excellent value, and it’s the most affordable city on this list. Business costs are some of the lowest in the country at 5.7 percent below the national average. They’re especially nice for financial service companies whose rates are 15.2% percent below the average.
Oklahoma City, Oklahoma
This city has more than 18,600 small businesses, which is almost twice the average for big metro areas in the United States. It also has the second-highest number of small businesses per 10,000 people on this list. Business owners here have some of the lowest living costs and taxes in the nation.
Wherever you happen to go in the country, taxes and business expenses should be your primary concern. The cities on this list will go a long way to getting you off to a great start.