As the economic and cultural center of the Delaware Valley and the United States’ fifth most populous city, Philadelphia has a lot to offer to those looking to start up a business. It houses the headquarters of many Fortune 1000 companies and boasts the seventh biggest metropolitan economy in the country, so you’ll be in good company. Its established economic sectors in manufacturing, financial services, information technology, health care, and many other industries allow Philly to lead the pack in economic growth. If you’re thinking about establishing a business in Philadelphia, you’ll be sure to find yourself right at home.
A company’s expenses in its early days can make or break it later on. If you’re looking to make a profit in the long run without going broke in the meantime, affordability is key in the early stages of starting up a business. Philly’s cheap rent, abundant open residential and commercial space, and reasonable transportation services will help you save money in your daily life that will be better spent investing in the future of your growing business.
Location and Local Talent
Philadelphia is the second largest coastal city in the eastern United States, drawing in potential clients and employees from up and down the coast. In addition there are over 80 universities in the area, including some very prestigious institutions. Students graduating from Princeton, Yale, and UPenn are all looking to bring their newly learned skills and a fresh perspective into the Philadelphia workforce. The abundance of local talent with an eagerness to share freshly acquired knowledge can be a great advantage if you’re starting a new business and looking to hire skilled employees.
The city is known to residents and visitors alike as the “City of Brotherly Love”, and new business owners will understand why upon relocating to Philadelphia. Fledgling startups are in abundance in the metropolitan area, and modern business owners know that networking can be a boon to all parties involved. The market is large enough to be competitive in the global economy, allowing for unique collaboration between local business owners. Philadelphia is the place for innovation and co-working. The supportive environment allows connections to be formed to encourage mutual growth and encourage success among business owners.
Philadelphia’s ever-expanding startup economy is fueled by economic incentives to bring even more business to the city. A number of grants, incentive programs, and tax credits are available to the resourceful entrepreneur. Tax credits like the Keystone Innovation Zone credit and the Keystone Special Development Zone incentive help to make establishing a business in Philadelphia that much easier. The active role local government takes in encouraging approved startup businesses and stimulating workforce recruiting and training programs further encourages a supportive atmosphere for small business and startup companies. And programs like DreamIt and the Ben Franklin Technology Partnership make it easy to find venture financing within the grassroots startup community.
Take advantage of all that the largest city in Pennsylvania has to offer by starting your company in Philadelphia. Renting Philadelphia storage units will make your transition an easy one, giving you more time to devote to getting to know your new home town and more money to invest in the future of your business.