The Benefits Of Building A Company Outside Of A Major City

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There are almost 30 million small businesses in the United States, making up the majority of all businesses. However, even though the internet has made communications across oceans instantaneous, many still think that in order for a company to grow or become successful, it must be located in a major city like New York, Chicago or San Francisco.

But this doesn’t have to be the case. Choosing to build a business outside of these major U.S. metropolises has several benefits, including a lower cost of living, remote work and more affordable budgets to keep a business running. Consider those and the additional below benefits when deciding where to build your company.

Lower Cost Of Living

More affordable cities are hard to resist when a business owner is trying to grow and scale their company. CNBC listed 10 overlooked cities for business in 2016 and mentioned cities like Omaha, Nebraska; Boise, Idaho; and Madison, Wisconsin. Some of the benefits of building a business in a city that isn’t one of the nation’s largest metropolises include a lower cost of living (which is a benefit for both business owners and employees) and lower rental rates for offices.

A smaller large city may also have some of the benefits that bigger cities have, with less of the cost and hassle. Coworking, developing technology, and a movement toward a better work-life balance are all growing in cities like Minneapolis and Austin.

Consider Remote Workers

Even if your business isn’t in a growing city, you can still get some of the best talent in the fields you are looking for by hiring remote workers. CNN Money reports that the number of telecommuting (remote) workers has grown 115% in the past decade, and nearly 3% of all workers are working remotely at least half of the time.

Some companies don’t have physical offices but are able to bring in millions of dollars in revenue monthly. Social scheduling app Buffer and financial website Student Loan Hero are both good examples of burgeoning companies that don’t have company headquarters. Instead, all their employees, including the founder, customer service staff and executive team are all remote. Because of the great decrease in costs by not having office space, remote companies can often offer more perks to employees.

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Shutterstock

There are almost 30 million small businesses in the United States, making up the majority of all businesses. However, even though the internet has made communications across oceans instantaneous, many still think that in order for a company to grow or become successful, it must be located in a major city like New York, Chicago or San Francisco.

But this doesn’t have to be the case. Choosing to build a business outside of these major U.S. metropolises has several benefits, including a lower cost of living, remote work and more affordable budgets to keep a business running. Consider those and the additional below benefits when deciding where to build your company.

Lower Cost Of Living

More affordable cities are hard to resist when a business owner is trying to grow and scale their company. CNBC listed 10 overlooked cities for business in 2016 and mentioned cities like Omaha, Nebraska; Boise, Idaho; and Madison, Wisconsin. Some of the benefits of building a business in a city that isn’t one of the nation’s largest metropolises include a lower cost of living (which is a benefit for both business owners and employees) and lower rental rates for offices.

A smaller large city may also have some of the benefits that bigger cities have, with less of the cost and hassle. Coworking, developing technology, and a movement toward a better work-life balance are all growing in cities like Minneapolis and Austin.

Consider Remote Workers

Even if your business isn’t in a growing city, you can still get some of the best talent in the fields you are looking for by hiring remote workers. CNN Money reports that the number of telecommuting (remote) workers has grown 115% in the past decade, and nearly 3% of all workers are working remotely at least half of the time.

Some companies don’t have physical offices but are able to bring in millions of dollars in revenue monthly. Social scheduling app Buffer and financial website Student Loan Hero are both good examples of burgeoning companies that don’t have company headquarters. Instead, all their employees, including the founder, customer service staff and executive team are all remote. Because of the great decrease in costs by not having office space, remote companies can often offer more perks to employees.

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https://www.forbes.com/sites/forbesagencycouncil/2018/03/16/the-benefits-of-building-a-company-outside-of-a-major-city/