Starting your own small business requires a lot of knowledge, planning, and financing. Furthermore, it is important to be passionate about it. If you don’t have the drive, you will give up when faced with difficult challenges. If we look at other aspects crucial for running a small business, one of the most important ones is the location. Picking a state as your base of operations is crucial in this process. Among small business owners in the US, one of the best picks you will find is Massachusetts. With that in mind, this article will cover the reasons why Massachusetts is the state of small businesses!
Reasons why Massachusetts is the state of small businesses
As I stated above, before you decide to buy office space, it is crucial to pick the best location. What puts Massachusetts on the map as a potential state for your company is:
- thriving economic environment
- top-level education system
- tech industry on the rise
- fantastic community support
- competitive market
- the cost of real estate
- resources for small business
There is a lot to cover, so let’s get started!
Thriving economic environment
Massachusetts went through an economic crisis in 2008, but they strongly recovered over the years. Both people and companies are willing to invest money in new businesses, and that opens a whole new array of possibilities. Furthermore, companies are looking to hire additional employees in the next period.
The majority of the companies are in the IT sector, and that’s why the environment is so strong. If you are looking for a reason to start your own business, being in the thriving economic environment might push you in that direction.
Top-level education system
When it comes to the education system in Massachusetts, it is on the top level. There is a plethora of colleges, universities, and other institutions, filled with students hungry for knowledge and eager to start working and earning for a living.
Educated labor is simply a requirement for any successful company. Even though it costs more, it is the responsibility of a business owner to hire a quality workforce. If you combine the thriving economy with the increasing number of startups, and you add educated people to that equation, there is nothing that can go wrong.
Tech industry on the rise
If looking to relocate your HQ, and you are in the IT business, Massachusetts is really the best option. The tech industry is on the rise, and Cambridge and Boston are the centers of all happening.
New startup companies are entering the market at a fast pace. Furthermore, there are plenty of innovative ideas being introduced to the market. When you have a high number of job openings, it can only result in a way that strengthens the working environment. What is even better is that all IT companies also boost non-IT sectors consequently.
This network of companies helps each other, and their growth is guaranteed.
Fantastic community support
The state of Massachusetts makes sure that no entrepreneur ever feels alone in the business. The community supports all startups in multiple ways. There are various state programs, organizations, incubators, and investors willing to help out business owners. Furthermore, it is easy to meet other people and make new connections in this environment.
What is even better is that the customers are also supporting local businesses. Everyone is focused on purchasing local products and services. That way the money circulates in the same market, and it does not flow outside of the state.
Even though no one likes competition, it is what pushes you forward. You can’t really progress and improve without having someone to compare yourself to. That is why it is so crucial to have challenges in your path. Otherwise, there is nothing to push you to overcome obstacles and improve yourself.
It is the same with businesses. Sure, competition is one of the worse enemies of startups, but if you overcome it, your company will be on the rise.
With the high number of qualified employees and the companies looking for ways to expand, there is no room for mistakes. This environment pushes you to be the best version of yourself. That is why the quality of the service is always on the level. The demand is too high.
The cost of the real estate
When you live in a highly productive environment, it is only normal to have a high cost of real estate. Better employees require higher paychecks, a stronger economy requires higher prices. It all comes hand in hand. With that in mind, as the prices change, the salary goes up.
If the demand for higher salaries is not met, the business risks losing trained employees. That is why the higher cost of real estate actually helps businesses to grow and improve.
Resources for small businesses
Resources are essential when opening a startup company. In Massachusetts, there are plenty of sources for resources you can use:
- Massachusetts Score
- Association of Business Incubators
- Office of Business Development
- U.S. SBA District Offices
- SMB Development Centers
Moving your company to Massachusetts
If you already own a business, and you are looking for a way to relocate to Massachusetts, it is imperative to choose the best moving company. A company that is at the top of business movers is most definitely Grunts Move Junk and Moving.
It is a lot easier to relocate with the help of professionals who specialize in office relocation. If you have someone to do the heavy lifting, you can focus your time on helping your employees move.
Good luck with your startup
With all that has been said, I hope that you now understand the reasons why Massachusetts is the state of small businesses. It represents an excellent opportunity to start your company or expand an already existing one. With so many opportunities, the only thing left for me is to wish you good luck!
Joshua Collins is a business owner with a degree in economics, with over 10 years of experience. In his spare time, he runs a blog about startup companies, offering his advice to young entrepreneurs looking to find a way into the small business industry. Furthermore, his vast knowledge of marketing strategies provides a great foundation for any business.