What Makes a City Great for Startups?
You’ve heard what they said about New York—“If you can make it there, you can make it anywhere!” Well, that’s well enough for New York, but what about other cities? The process of being an entrepreneur and creating a sales campaign for your product will have a lot to do with demographics, especially region and location. You’ll want to do as much research as possible to understand where your product will have the strongest appeal, and why. That’s the reason McDonalds has menu items in Texas that you won’t be able to order in Connecticut. Sorry those New Englanders have to go without a Southern-Style Chicken Biscuit Sandwich. But that’s just the nature of effective, specialized marketing.
How Do You Know Where to Start Your Company?
- The answer to this question will be based strongly on the answers your research will find when looking for the following criteria:
Will You Have Community Support?
Does your product or service align with the values of the community you plan to launch your sales campaign in? Does it appeal to the needs of the people in that community? Are other businesses willing to cooperate with you to accomplish your goals? Can you create mutually beneficial partnership with people in the community?
What is the Cost of Living?
Knowing this information will help you know if you will be able to price your products and services at a profit that you find acceptable. The cost of living in a given region will affect the cost of manufacturing as well as the purchasing power that your target market in the community will have regarding your fine product. Surely, the less that you are forced to spend on overhead costs, the more you are able to invest in what really matters for your business.
You can also take advantage of weaknesses in a region’s economy if your product is suited for that. If your company is like Wal-Mart, focusing in on offering low-prices an bargain deals, then a community’s lower standard of living may be ideal for your sales campaign.
Will Your Business Have to Stay Planted?
Sometimes you’ll want to move your business somewhere else more conducive to your company’s vision in the future. Other times you may wish to put down your roots in the place that you are. Get a feel for how the community of your choosing will effect your ability to do either. This may have to do with the cost of living as well, you don’t want to end up in a place that turns out to be too rich for your blood, on a personal level. As an entrepreneur, you’re looking out for your own best interests as well as those of your consumer base.