You have an excellent business idea, you’ve put together the funds, you’re excited to launch, but are you in the right place? A business idea is only as good as how well it serves its customers. Especially if you have a business idea that serves local customers, being in the right place can make all the difference. Even for a business that serves customers in different regions, it is always helpful to ensure that your environment is one in which you can develop the business more effectively. This may mean finding the right human capital or having a legal and tax framework that supports your business. Before you launch your business in your hometown, consider these excellent locations as worthy alternatives.
1. Austin, USA
If you want to serve American customers then this is the place to be. Whether you are selling products or services, Austin Texas is a place where any business can thrive, especially in the initial stages. Austin has been rated as the top city for technology businesses and it is growing four times faster than what was previously considered the haven of technology, Silicon Valley. In Austin, you’ll have access to a fantastic local community that has the propensity to purchase your products. It has investors, incubators, community-building events, and all kinds of other facilities that are critical for start-ups.
2. Melbourne, Australia
Melbourne is no small city by any measure and is currently home to over 4 million people. The great thing is that these are 4 million very open people. Unlike other cities, Melbourne is a melting pot of individuals from every corner of the globe, with a high literacy rate, a high-income rate, and businesses of all types find greater acceptance in this city. The people are open to new ideas and enjoy seeing and trying out something new. Moreover, it is well connected to all other parts of Australia. Even though Australia is quite far from other countries and continents, it is a place large enough to be a breeding ground for small businesses, and it is technologically advanced enough to facilitate any kind of industry.
3. London, UK
Great Britain is one of the oldest countries in the world and London has always held legendary status among cities across the globe. Whether you are looking to launch a unique restaurant or a new technology company, London has everything you could possibly need to start a new business. Moreover, legal and tax-related matters are also quite relaxed in London. One of the most notable things is that company formation in the UK is very straightforward and easy to get done. You just need to make sure that your company aligns with the regulations and once you have the necessary paperwork, you could have a registered company in the UK in a matter of minutes. London has world-class facilities and it is located right in the middle of the Western world where you have easy access to the rest of Europe and the Americas.
4. Stockholm, Sweden
Sweden is not known for being a major business hub but in reality, many of the top tech companies, including Soundcloud, were founded on Swedish soil. According to many business experts, the start-ups that emerge from Sweden are some of the best in the world and quickly grow to become 6 and 7 figure companies. Other than just technology, Sweden is also home to a number of other types of businesses, including some of the top appliance manufacturers in the world.
5. Istanbul, Turkey
Istanbul is one of the oldest cities in the world and its strategic location makes it a great place for investors to find start-ups and for entrepreneurs to find a team. Moreover, the Turkish market has very low local competition and plenty of international travelers and local residents. In particular, Istanbul is home to a diverse population, and the legal framework in Turkey also favors start-ups quite a lot. The young population is quite energetic and you can easily acquire capital and human resources in Istanbul. Turkey’s excellent location also means you have quick access to Europe, Africa, and Asia. Being in such a fantastic place helps start-ups get a good idea of what is required in the markets and environments across the world.
6. Berlin, Germany
It would be quite accurate to call Berlin the business hub of Europe. Some of the largest companies in the world are either headquartered in Berlin or have a major hub in this city. For instance, Microsoft controls most of its European operations from Berlin. Start-ups face no problem in finding the resources they need in Berlin. In 2016 start-ups in Berlin gathered nearly 2.5 billion Euros in funding. Whether it is a creative endeavor or a technical one, Berlin has the resources you need.
7. Toronto, Canada
Toronto is the place to be if you are in Canada and want to start a business. Just recently Toronto was rated the best city in the world for female entrepreneurs. The city is large and it provides all the infrastructure that a start-up could ever need to get the ball rolling. Most of the jobs that are available in Toronto are offered by small businesses, and the start-up community itself is large and vibrant. The fact that these start-ups are offering tons of jobs to local residents and international employees goes to show that the businesses in this area are growing fast.
8. Kuala Lumpur, Malaysia
Malaysia has one of the strongest and most stable economies in all of Asia. The workforce is highly educated and the government is very friendly towards start-ups with easy legal and tax frameworks. Kuala Lumpur being the capital of the country has an excellent mix of local resources and foreign assets. Investors are easy to come by, and the technological prowess of the region is an asset for any tech company. It is also in a great location where you’ll have access to other powerful markets including South Korea, China, and Japan.
Before you start a business, it’s important to analyze the environment you are in. It is likely that you will be spending a good part of your future in this space as it is not very easy to pick up a business and move. If you get off to the right start, your future growth will not only be easier but also a lot quicker. All of these cities are excellent considerations if you haven’t laid the first brick yet.