Starting your own business is no easy task, and where you choose to begin can significantly affect just how successful your venture will be.
In the US, some states are considered better for new entrepreneurs. In this case, California has consistently ranked at the top half of the list of the best states for businesses.
In fact, California is known for enjoying the second highest patent creation rates and venture capital investments. So, the state is also one of the popular destinations for online incorporation as well.
So, what is it about the “Golden State” that makes it one of the top choices for aspiring entrepreneurs?
Here are the top 3 reasons.
Thriving economy.
California boasts of a thriving local economy, enjoying continuous economic growth that allows the state to offer numerous opportunities for business success. Because of this, aspiring entrepreneurs are more likely to enjoy better success when starting their businesses in California. After all, any potential clients there are more likely to have a consistent source of income, enabling them to avail of new products and services.
Networking opportunities.
Aside from their booming economy, California is also known for hosting numerous conferences, and trade shows annually – the ideal locations for entrepreneurs to build their networks.
Of course, aside from these events, this US state is also home to thousands of talented individuals, many of whom are willing to lend a hand to determined entrepreneurs. Because of this, aspiring business owners have higher chances of success, primarily when supported by fellow visionaries.
Entrepreneurial Culture
As it’s home to some of the country’s most prominent industries, California offers the ideal environment for entrepreneurs to find success in their ventures.
After all, not only does it have a thriving economy, but the Golden State also offers comprehensive support for aspiring business magnates, such as small business development centers and world-renowned entrepreneurial programs.
Moreover, figures have shown that up to 53.2% of businesses started in 2014 were still operational in 2019. In contrast, the overall rate for the US was only at 50.9%.
With its temperate climate and bustling economy, California offers a fantastic location for aspiring entrepreneurs to start their businesses. While its business tax climate isn’t as lucrative, the benefits you’ll enjoy when you start your business in California undeniably outweigh the limited cons.
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