If you want to get ahead in small business, it is crucial to be located in the right place. The right city can provide a talent and cost benefit. If you’re in the wrong place, you could be giving market share to your competition. So take a look at these great cities if you are a small business looking to hire more people onto your team:
Austin sure has a lot of competition in many industries. Because of that, the workforce is plentiful. The local university supplies a lot of fresh, educated graduates for your company.
With Texas having low taxes overall and no income taxes, you can pay them less than you would in Silicon Valley if you are a tech startup of any sort. The world-class nightlife and food scene also draws quality talent from around the country, so you won’t have a problem finding enough people to fill your positions.
When you have a chance to save on marketing costs, you have to take it. That’s why Miami is a steal for a small company. It’s not hard to market yourself as a great company to work for when the location is top grade.
In addition, Florida does not have a personal income tax. Furthermore, their corporate tax rate is 13% less than California’s, meaning that you can invest all that money back into the business. What would you do with thousands of dollars back in your pocket each year to hire new people, develop new products, or expand your marketing capacities?
The city of angels is one of the places where you can hire bilingual employees with ease. If you need English and Spanish speaking employees, you’re in luck. And you won’t need to pay a premium.
With so many immigrants and even citizens who speak a second language, it is seen as typical in the LA area for people to know more than just English. This can be a game changer if your company relies on being able to tap into foreign markets.
Bookkeeping for small business is essential. Without having the right numbers in place, you could put your business in a dangerous position. This ranges from not paying enough taxes (and risking legal penalties) to paying too many taxes. The latter could lead to a reduction in investment funds for other parts of your business. And the former could wreck your reputation. Furthermore, when you have an accountant you can actually project your profits and losses and plan better for the future. However, for many businesses, accountants and bookkeepers are expensive.
Luckily, if you are a small business in Kansas City, the cost of living is lower meaning that this personnel are less expensive to bring on board. You can even hire them remotely because accountants today typically just need the right software to keep everything in order.
The cost of living in Dallas is low compared to other cities of this size. Combine that with the technical knowledge of much of the talent and you have a great combo. A lack of state income tax helps as well. This allows you to pay a significant portion less than your competitors in other states because in the end the same amount of money will be in your employee’s pockets after taxes. There are a number of tech firms and headquarters for businesses here too, meaning you can interview a lot of talent that might be willing to jump ship to work for a smaller, faster-growing company with larger upsides and more flexible working arrangements.
Small businesses have a lot of challenges. And you need to be able to see them and overcome them if you want your company to grow. Knowing which cities are the best for hiring can be a leverage point for your company, so take a look at the examples above and decide which are is best for you.