The City of Baltimore is among the most populous cities in the United States, with more than 2.8 million people living in around 2,500 sq. miles of land. It is responsible for 50% of Maryland’s GDP and is the 13th lowest unemployment rate among the largest US cities. In simple words, Baltimore has a booming economy, which is also a good opportunity to start a business.
Indeed, there are several reasons to start a business venture in Baltimore. Though it may not like the cities such as New York or Silicon Valley, there are also several reasons to become a successful entrepreneur in Charm City and make whatever business venture you are planning to generate profit and employment opportunities as well. Rebecca Lake in her post at CreditDonkey has enumerated numerous reasons to start a business in Baltimore. Read these reasons and start putting up your business as soon as possible.
23 Reasons to Start a Business in Baltimore
Image From Flickr
Baltimore wants your business. Although not as flashy as New York nor as much of a magnet for tech entrepreneurs as Silicon Valley, Baltimore is a fantastic spot to set up shop – a city where you can get your company going while doing it affordably.
1. It’s in a prime state for new businesses
Maryland is one of the top states in terms of its potential for economic growth. It took the fifth-place spot on the 2014 New Economy Index, which measures each state’s long-term financial outlook.
2. Tourists bring in big bucks
Tourism is a major feature of Baltimore’s economy, bringing in about $4 billion in revenue annually. Roughly 20 million visitors pass through the city each year, so you’ve got plenty of opportunities to cash in on the tourist trade.
3. Creative types can prosper here
Baltimore is a great pick if you’ve got a business in the creative sector. It ranks 17th in terms of how many creative professionals have set up shop here, and there are three designated districts for flourishing arts-based businesses.
4. It’s a haven for tech startups
It seems like everyone is starting a tech company these days, but they’re not all doing it in Silicon Valley. Thanks to its startup incubator program, Baltimore is seeing a spike in the number of tech companies that open up their doors here.
5. And biomedical companies
Baltimore is home to Johns Hopkins University, one of the most prestigious research schools in the country. In an effort to advance the fields of medicine and public health, the university developed the FastForward accelerator program for new ventures in these areas.
6. Incentives for retail and commercial businesses
The Main Streets program is a large-scale attempt to bring back some of the small-town, mom-and-pop feel to Baltimore’s neighborhoods. The program offers tax credits and other forms of financial assistance to new and existing businesses operating in one of 9 distinct districts.
7. It’s all about location
Baltimore is relatively close to Washington, D.C., and it’s just a few hours from Philadelphia and New York. With so many federal agencies and finance companies in proximity, businesses here are in a prime position to expand their client base.
8. It’s cheaper to live here
If you’re bootstrapping a business venture out of your own pocket, cutting your personal expenses to the bone is a must, and Baltimore is less expensive than other large cities. Housing costs in New York City, for example, are more than 200% higher by comparison.
9. Residents are taking home decent paychecks
You can’t have a successful business if your customers can’t afford what you’re selling. The median household income for the Baltimore metro area is $68,455 which is promising if you’re trying to attract people with money to spend.
10. Minority entrepreneurs have an opportunity to thrive
Baltimore earned top marks from Forbes, ranking as the second-best city for minority-owned businesses. Their study noted that it’s particularly popular among Asian entrepreneurs, who own 8.4% of the city’s small businesses.
There are definitely lots of reason to start becoming a businessman in Baltimore. Its location is near the nation’s capital and New York City, making it a prime location if you plan to start or expand your business. Also, tourists flock in the city the whole year round, making it a good opportunity for businesses such as food, restaurant, and hotels. It was a good place to start fresh.
Women and particular are more encouraged and invited to start a business in Baltimore. This is because the state of Maryland where Baltimore is located ranks second in the entire US for having the highest percentage of women-owned-firms. Other than that, there are more than enough opportunities for business start-ups. Lahle Wolfe wrote an article in The Balance why women must start a business in Baltimore:
Why Women Should Start a Business in Maryland and Even Baltimore
Image Source: The Balance
Maryland is a great place for women entrepreneurs to set up shop. The state ranks second in the nation for having the highest percentage of women-owned firms—about 39.5 percent of all Maryland businesses. Maryland ranks eighth in the nation for the percentage of women-owned firms with paid employees as well—20.5 percent.
The state can also boast a few other exciting entrepreneur-friendly statistics as well:
It’s eighth in the percentage of Asian-owned firms as a share of all firms at 7.9 percent, and it’s fifth in the percentage of Asian-owned firms with paid employees at 11.9 percent.
It’s 13th in the percentage of Hispanic-owned firms as a share of all firms at 7 percent, and 11th in the percentage of Hispanic-owned firms with paid employees at 3.5 percent
Maryland’s Big on Venture Capital Deals
Maryland ranked eighth among all states in the number of venture capital deals, and 15th in the dollar value of those deals. That translates to a total of 87 venture capital deals made in Maryland resulting in over $363 million in investment funding.
Don’t Give Up on Baltimore
Despite sensationalized news stories in the media depicting the community struggles Baltimore has endured, the city has been ranked the second “hottest startup city” in the U.S. by Entrepreneur magazine. Popular Mechanics has ranked Baltimore the fifth “Best Startup City in America,” and the Businesswoman Power City Index says it’s the top-ranked city based on the number of women-owned businesses and the gender wage gap.
There is more to Baltimore than what you see on the nightly news! See full pos t
While women seem getting favored when it comes to business opportunities, men are also encouraged to become great entrepreneurs in Baltimore. You can pursue your passion and turn it to business. You must have an idea first, do your research and get the ball rolling. All set? Then you’re good to go and start the real thing. How To Start an LLC published an article on how to start a business in Maryland:
How to Start a Business in Maryland
Image Source: How To Start An LLC
With the highest business survival rate in the nation, Maryland is a great place to launch your business. Start your business today with our simple step guide and get on the fast track to financial and personal independence. If you get stuck along the way, connect with a business resources in your local area for help.
Steps to Starting Your Maryland Business
Step 1: Choose the Right Business Idea
The first step toward business ownership is deciding what kind of business to start. Look for an idea that suits your interests, your personal goals, and your natural abilities. This will help you stay motivated when the going gets tough and will greatly improve your odds of success.
Step 2: Plan Your Business
Successful businesses are built through careful planning. Before committing a significant amount of money and other resources toward your business, critically analyze your idea and create a game plan. At a minimum, you should have good answers to the following questions.
Product Development
What problem does your business solve? What will set your product or service apart from the competition?
Sales & Marketing
Who are your potential customers? How will you get their attention and convert them into buyers?
People and Partnerships
What roles will you need to hire and what professional relationships will you need to form in order to succeed?
Financial Planning
How many clients or sales will you need in order to break even? How much money will it take to get there, and where will you get the funding?
Step 3: Form your Business
Registering your company as an Maryland business entity, such as an LLC or a Corporation, has two major advantages:
Increased credibility
Protection from personal liability in the event your business is sued
For most small businesses, registering an LLC is a great option. In comparison to other business entities, LLCs are easier to set up and manage and they have favorable tax treatment. You can set up an LLC in Maryland for as little as $100.
If you choose not to register your company as a business entity, you will be held personally responsible for the debts and liabilities of your business. In addition, unregistered business owners may need to file a Trade Name, also known as a “DBA.” Find out if your business is required to file a DBA.
The article above shows that starting a business in Baltimore, Maryland is easy and less hassle provided that you have compiled all the necessary requirements and more importantly you already have the idea what type of business you are going to start, the plan on how you are going to manage your business, and more importantly you have enough capital.
Baltimore offers a wide range of opportunities for starting entrepreneurs prosper in their business. Whether you are local or tourist, you’ll definitely have a place in the Charm City provided that you have the cash to start your business. If you don’t have it just yet but you have a home you’re willing to sell to raise capital, we at Dependable Homebuyers are ready to help to sell your house fast and turn it to cold cash. Visit our website https://www.dependablehomebuyers.com/maryland/baltimore/ to find out more.
