Top 5 Entrepreneur Posts - August 2010
ShareThis- Oklahoma City
- Houston, Texas,
- Washington DC
- New York City
- Charlotte, North Carolina
These are excellent choices and are commerce's equivalent of black holes in astronomy: they've each acquired such an enormous mass of enterprise that money is sucked in and can't escape.
However, there is another way of looking at locations. A couple of years ago, CNN Money published its pick of the 100 best places to launch a company in America, which it judged on a combination of business advantages and quality of life. Its three top spots were:
- Bellevue, Washington state (population 111,608)
- Georgetown, Texas (population 37,963)
- Buford, Georgia (population 13,576)
Each of these is what CNN Money calls: "...a city in transition: no longer a bedroom community, but not yet a crowded, expensive metropolitan hub." Places like these often have business-friendly tax environments and zoning laws and are very supportive of people who are intent on becoming an entrepreneur.
Where to Become an Entrepreneur
Once you've settled on a city, what do you need to bear in mind when choosing a site? Well, Business.gov offers tips on just this subject. It says that the first thing you should do is ask yourself three questions:
- Will your customers be visiting your premises?
- Are you planning to employ people?
- Are you going to be manufacturing goods that will need distributing?
In answering these, you'll quickly realize whether or not:
- You need to choose an accessible area with public transport hubs and plenty of parking for customers and/or employees
- You would benefit from nearby access to highways, airports or rail terminals so that your goods can be distributed cheaply and efficiently
- You ought to check with the local zoning authority about whether your activities or signage could breach policies
One other thing that Business.gov points out that you may not have thought of: it often benefits your business to be close to your competitors. That may sound mad, but it isn't. Just think of how many clothing outlets there are in your local mall. And then compare the amount of business they do with that of an isolated shop in the suburbs. Anyway, if you're not convinced that you can do better than your competitors you should probably put off launching your new enterprise until you've read a book about how to write a business plan.
Becoming an Entrepreneur at Home
Our friendly MBA this month gave 10 examples of businesses that can be operated from home. These ranged from cosmetology to tax prep, from fitness instruction to gardening. Given enough time and space, he could have extended the list almost endlessly.
In fact, according to the U.S. Small Business Administration (SBA), "...experts estimate that as many as 20 percent of new small business enterprises are operated out of the owner's home." Meanwhile, Business.gov says: "Home based businesses make up roughly half of all U.S. businesses."
There's no doubt that working from home is an exceptionally popular choice for those becoming an entrepreneur. One reason is obvious: if you're starting your own business, initial costs are often the biggest single consideration, and the amount you pay (or rather don't pay) yourself for your garage or spare bedroom sure beats the price of a commercial lease.
