4 Reasons Why Now is the Time to Start Your Business in Philadelphia
Small businesses form a key component of Pennsylvania's economy, including over 950,000 in operation and over 2 million people employed. Philadelphia has a wealth of positive attributes that make it a desirable location for opening your small business. If you're not convinced, here are just some of the reasons why you should consider setting up shop in Philly.
Economy is on the rebound
While much of the country is currently rebounding from the recession of 2008, some areas have been slower to recover. However, Philadelphia is now in a strong period of recovery and has begun investing heavily in small businesses. The Chamber of Commerce for Greater Philadelphia recently reported on an initiative aimed at funding health IT startups. "Safeguard Scientifics, Ben Franklin Technology Partners and Independence Blue Cross are backing the fund, with the hope of turning the region into a health IT powerhouse." If your business operates in this industry, check into potential funding opportunities.
Opening a small business in the city is easy
Some metropolitan areas make startups jump through bureaucratic hoops to become established, but in Philadelphia, the process is geared towards making it easier for business owners. The City of Philadelphia's Business Services department has everything you need to navigate the process from forms and documents to an easy contact form at which you can receive specific information. Philadelphia encourages small businesses and offers many opportunities to do business directly with them as well.
There is a large customer base
Philadelphia's location in the tri-state area makes it perfect for attracting a wide range of customers. Not only is it the fifth largest in the United States according to Ballotpedia.org, but your business will also be easily accessible by people in Southern New Jersey and Delaware. The Philadelphia Ballotpedia information page states, "It is the center of the Delaware Valley Metropolitan Area. As of 2013, its population was 1.55 million." With such a large base, your company has a better chance of finding its target customer.
Educated and skilled workforce
Along with a large customer base, Philadelphia also has a skilled workforce with many educated and experienced employees. According to Philadelphia's Department of Workforce Development, "The City's economy is anchored by a diverse set of industries, such as life sciences and healthcare, professional services, advanced manufacturing and logistics, hospitality and a growing startup community." Philadelphia is also home to the University of Pennsylvania, along with many other renowned universities.
Philadelphia is on the rebound, and it is one of the most affordable cities on the east coast. Its people, atmosphere and business-friendly policies makes this one of the best cities in which to set up your business for success.
This article was written by Alaina Brandenburger for CBS Small Business Pulse.
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