With over 100 million fully vaccinated people in America, the country finds itself opening back up more fully. After over a year of varying restrictions also even full-fledged lockdowns, states are urging travelers and even movers to come and start businesses. As all states have been impacted by the pandemic and are competing for new businesses, some are offering special incentives.
Below are the top 5 cities to consider relocating to and starting your business.
#1 – Austin, Texas
Anyone halfway following the tech industry knows that Texas is getting a lot of attention. During the pandemic, it was rumored that there was a mass exodus from California occurring and many businesses and citizens were relocating to Texas. Whether the mass exodus is truly a trend that will stay or not, Austin is seeing its housing market explode as people begin to migrate.
Clearly people are moving to Texas, but the question becomes, why? The city of Austin has a business expansion incentive program, bringing new companies and encouraging other companies to grow. The expansion incentive program is exclusive to local Austin businesses, employers hiring targeted populations, and any businesses relocating to Austin. Incentives include a percentage of wage reimbursement and up to 50% property tax reimbursement. These incentives could lower someone’s startup costs greatly and provide a strong pool of potential employees as well as customer base.
If you’d like to consider Austin for your next business home, start here.
#2 – Nashville, Tennesee
Commonly known as the Music City, Nashville is home to an amazing music culture. As people travel to Nashville for music and a good time, the city is wanting people to do more than visit. Nashville is seeking people to bring their business with them. Based on the type and the scale of your business there could be several incentives to qualify for. The incentives include job tax credits, infrastructure assistance, energy credits, low-cost loans, and grants. In addition, there’s preferential local tax treatment for companies.
Beyond the standard incentive offerings, Nashville has a strong entrepreneur center. Nashville’s Entrepreneur Center provides a network that helps entrepreneurs raise capital, get support and training.
If Nashville feels like the city for relocating your business check out the Entrepreneur Center to start.
#3 – Atlanta, Georgia
Atlanta is a diverse city with a warm culture and loads of history. The diversity provides opportunities for black businesses to thrive. Atlanta has also been a great place for startups to consider for many years. This is since its a business hub for various Fortune 500 companies and small businesses. For 2021, the city has provided new tax credits as well as investment assistance for purchasing facilities and offices. Not only are there great monetary incentives, but there are also centers of innovation. The centers help entrepreneurs grow their business and turn their ideas into products for the marketplace. This could be extremely helpful for entrepreneurs seeking help to make an idea grow into a successful company.
Liking the idea of calling Atlanta home and relocating your business? Check out more of the competitive advantages here.
#4 – Phoenix, Arizona
Similar to Austin, Phoenix has been receiving relocators from California since the pandemic. This has been due to the city’s lower costs of living and taxes. It has been a great city for people to live, but also provides opportunity for future businesses. Phoenix is attracting relocating businesses through its pro-business legislation. An offering that stands out beyond the other cities, is there is no corporate franchise tax. In addition to the tax treatment, Phoenix offers small business grants and various entrepreneurial co-working collaborative spaces.
Entrepreneurs or companies seeking to learn more about what Phoenix can do for their business should check out this site.
#5 – Houston, Texas
As the state of Texas has significant offerings for business, there is no surprise that another city in the state is a great place to consider. Houston provides additional local business incentives and exemptions for entrepreneurs. In addition, the cost of living is below the national average. This helps the cost of doing business in the city to be relatively lower than other places. Beyond the business incentives and lower operating costs, Houston has the Build Up Houston program to help small business owners. Build Up Houston offers intensive training and development for business owners to learn from industry experts.
There are many cities and states offering incentives and support for you to relocate your business. The cities mentioned above are great starting places as you consider moving your family and your business.
Have you recently moved to a city to start a business? Share your experience in the comments below.
This article originally published on GREY Journal.