If you’re looking to start your own business, a franchise is a great place to start. Investing in a franchise provides you with a model for growing your business, the infrastructure to find success, and brand appeal to draw in customers. But not all cities are created equally. If you want to be successful, you’ll want to pick your location carefully. Here are five of the best places to open up a franchise in the United States.
The Northwest metropolis of Seattle certainly isn’t a burg, but experts predict it’s only going to keep growing in the next two decades. Vibrant restaurants and nightlife draw young professionals in droves, and ample job opportunities from industry giants like Microsoft and Amazon provide them with the expendable income to indulge at your franchise.
Austin is a large city rich in both culture and the lucrative tech industry, but it’s also refreshingly friendly to the demands of small businesses. The lack of individual state and corporate business taxes along with its reputation as the fastest growing city around makes it one of the most promising cities around for aspiring entrepreneurs.
Silicon Slopes, UT
Tech startups have a great reputation for bringing wealth and higher standards of living to their communities, and that makes communities rich with startups fertile ground for businesses of any stripe. Unfortunately, many of the bigger startup cities like Silicon Valley are already overly saturated. Silicon Slopes encompasses Salt Lake City, Provo, and Park City, and it’s making a name for itself as a promising tech capital. In fact, Utah is ranked third for entrepreneurship and innovation in the U.S. That means it’s the perfect time to invest while the iron is still hot.
Oklahoma City, OK
A combination of low living expenses and generous lending conditions for small businesses makes Oklahoma City a slam dunk for business owners who are looking to get their foot in the door. The city is quietly becoming a leader for the tech industry due to these very reasons, and a workforce of young and educated professionals are rapidly flooding into the city limits to meet the city’s demands. Franchise owners can get started without much red tape as well. All the paperwork necessary to launch your business can be filled out in a single afternoon.
Minneapolis has been aggressively courting small businesses for years, and it’s a policy that pays off for both aspiring entrepreneurs and the city itself. A range of financing incentives targeted at small business owners and one of the lowest business tax rates in the U.S. have resulted in a city that has the fourth highest concentration of small businesses in the country.
Starting a successful business means finding the point where planning meets opportunity, and that often involves identifying the cities that will grow with your business. If you’re looking to start a franchise, it’s best to get started early, so you can get in on the ground floor and reap the greatest benefits from your chosen city.