The coronavirus pandemic affected many businesses worldwide and even forced some to shut down their doors—maybe even yours. As restrictions start to ease and everyone begins to transition to the new normal, you may be considering starting over and turning your new business idea into reality. When opening a startup, location is very important.
At present, there are lots of emerging startup ecosystems in the country that hold the promise of success for budding entrepreneurs like you. Since some of the most popular entrepreneurial cities in the US startup scene are New York, San Francisco, and Silicon Valley, you may be tempted to start your business there, but you may also consider pursuing your new venture in the City of Charlotte. Here are some reasons why you should open your startup here:
1. It offers easy access to tech talents
Charlotte is full of qualified tech talents graduating from universities annually. For instance, UNC Charlotte had 5,668 students studying IT and engineering in 2017 alone.
If you decide to open your business here, you can have easy access to the supply of highly skilled IT and engineering talents, which is ideal if you are opening a tech startup. In addition, the city has a 33 percent growth in the tech sector and is considered the number one tech town according to the Computing Technology Industry Association (CompTIA).
2. It is an ideal location for FinTech companies
Charlotte is an ideal spot to build a FinTech company. It is the country’s second-largest banking center after New York by assets held and the fastest-growing FinTech hub in the US. In addition, it boasts of 60 FinTech firms and takes pride in having the presence of headquarters of giants, like The Bank of America and Wells Fargo. More than 82,000 workers also work here in the finance industry, and ten percent of the finance workforce works in tech roles.
The city is also the home of seven Fortune 500 companies, such as Duke Energy, Lowe’s, The Bank of America, Nucor, Honeywell, Sonic Automotive, and Sealed Air. You can also consider starting and expanding EdTech startups here because it has big universities, including UNC Charlotte, Pfeiffer University, and Queen’s University. Other large sectors you can find here are logistics and distribution, international business, healthcare, IT, and advanced manufacturing.
3. It has one of the lowest operating costs in the country
As a small business owner, you may be struggling to run your startup as smoothly as possible with a limited budget. If you’re looking for a great location with one of the lowest operating costs in the country, consider Charlotte.
According to Forbes, Charlotte is one of the top five places in the country to do business and pursue a career. It has a two percent lower cost of living than the national average and charges a 2.5 percent lower corporate tax rate in the country.
Location plays a major role in the success of your startup, and Charlotte gives you the chance to start a new beginning in the world of business. Regardless of your industry, this city is a hidden gem that you and your employees can call home. Give this place a chance and start discovering your business opportunities here today.
If your small business has been affected by the pandemic, Charlotte provides support through small business grants. Add your information to our small business directory in Charlotte and get notified once capital opportunities and resources are available.