North Carolina has long been neglected by people wanting to start a business. It wasn’t bad for business, but it was never at the top of the best places to start a business. But all of that is quickly changing. There are some great cities in NC to start a business in according to Fit Small Business study conducted last year. It ranked North Carolina at the top of the best states for starting a business. This, along with many other factors, such as low corporate tax, might be enough for you to seriously consider NC for your business adventure. And it might even be enough to persuade you to move there to start it. We will be looking into what factors made North Carolina so good for startups and which cities rank the best.
North Carolina offers a lot of benefits
There are many benefits when starting a business in NC. But there are many factors that contributed to it. Just looking for best cities in NC to start a business isn’t enough. The study conducted by Fit Small Business included the data from U.S. Bureau of Labor Statistics, the Kauffman Foundation and the Small Business Administration. Its goal is to rank states based on the startup environment. It included seven categories:
- Access to capital
- Startup activity
- State taxes
- Cost of living
- Labor market situation
- Quality of life in the state
- Cost of starting a business
Once all of the categories were taken into account, North Carolina was ranked at the very top of this list. Low taxes combined with a highly educated workforce were among some of the factors that contributed to such a high position. The startup survivability rating was also very positive for North Carolina.
Taxes are low and are getting even lower
Corporate tax in North Carolina is currently at only 3%, the lowest state corporate tax in the US. Which is great for business development. But it is going to get even lower, which will only produce more great cities in NC to start a business in. In 1019 it is set to go down to as low as 2.5%. That will no doubt cause a great economic book in this state, and further improve the business climate.
Should you move to NC to start a business?
Big businesses and good startup climate attract people. The idea of moving to North Carolina now seems better than ever. With such a great climate for startups, it’s a place you shouldn’t cross of your list. Moving to North Carolina from New York, for example, might seem like a big deal. But once you get your business up and running you will be enjoying some of the best business environments on the east coast. You will have plenty of talent to choose from to help you grow your startup into a success story.
Which are the best cities in NC to start a business?
So, we’ve established that North Carolina has a great business potential. It offers a welcoming environment to entrepreneurs and stimulates business growth through low taxes. But there’s more to starting a business than that. Education, employment rate and cost of starting a business must also be taken into consideration. Even if you are moving with family here, it is a still great place to start a business. So, here are some of the best cities in NC to start a business.
Raleigh, the capital of North Carolina is easily considered as one of the best cities in NC to start a business in. Known as “City of Oaks” for its many oak trees that line the streets of the city, it’s a beautiful place to live in. With a population of around 465,000, Raleigh is the second largest city in North Carolina. It is well known for its higher education facilities. Places like North Carolina State University and a great place to look for a highly educated workforce. It, together with Chapel Hill and Durham are better known as Research Triangle. So, it’s no wonder that one of the main factors when considering this city is its highly educated population. More than 40 percent of its population over 25 has at least a four-year degree. Which is well above the national average that sits around one third.
Charlotte is the biggest city in North Carolina with a population of about 860,000. It is certainly among the best cities in NC for starting a business. Its metro area is part of a sixteen-county market region, and it’s estimated population is well over two and a half million. That gives any business a great base for both employees and customers. And the population of this city is still rapidly rising. Between 2004 and 2014, Charlotte had the country’s fastest-growing metropolitan area. In those ten years, the population increased by a staggering 888,000 new residents.
It is definitely a great place to move to. Having that in mind, moving here to start a business might not be such a bad idea. No matter where you currently are long distance movers Charlotte can certainly make your move happen. Even moving a business is not as hard as it used to be. And it can breathe new life into your company. With a highly educated population and great business environment, it can be just what your business needed to go to the next level.
Currently, Durham is considered as the top place for startups in North Carolina. With the population of around 250,000, it’s the fourth largest city in NC. One thing that certainly separates this city from others is the well known Duke University. This historic city was once known for its many brick factories. Now, it is home to some of the largest tech titans. Some of the companies located in Durham are IBM, Sony Ericsson, and Cisco Systems. It certainly has a great startup potential and should be on top of any list consisting of best cities in NC for starting a business.