Why Starting a Business in Chicago Could Be Great!
Famously known as the windy city, Chicago is known for many things, including world-class architecture, exquisite cuisine, and more recently as one of the top emerging markets for new entrepreneurs. So, if you’ve been thinking of heading to the Midwest to live and start your business, consider some of the lesser-known reasons why below:
It is Ideas-Focused
If ever there was a city that lived and breathed ingenuity, Chicago would be it. Therefore, it comes as no surprise that entrepreneurs with big ideas are flocking here to realize their dreams, especially if those dreams happen to be in the tech industry.
It’s Community-Minded
For businesses to thrive (especially in the beginning) it’s beneficial to have a solid support network and community that are there to commend and support you through thick and thin. Some of the organizations that are dedicated to helping new entrepreneurs find their way include:
- 1871
- Network for Teaching Entrepreneurship
- ChicagoNEXT
- ThinkChicago
Moreover, Chicago is one of those places where there are huge networking opportunities. It’s a place where you feel you have the privilege of being in the company of like-minded individuals who are doing big things not only for their businesses but for the greater good of the community too.
It’s Affordable
One of the primary benefits of living and working in Chicago is the relatively low rentals compared to San Francisco, another big tech industry city. In fact, you can rent a small home in Chicago from around $1,500, which is quite reasonable. If you are looking for a larger property to avoid needing to rent office space, expect to pay between $2,000 and $3,000, depending on age and neighborhood. From a cost-saving perspective, this is one of the more attractive features of renting in Chicago for business purposes as well as personally. This, coupled with the cost of living that is generally affordable, means it works in one’s favor in terms of freeing up capital that could be used in other areas to grow the business.
There is Plenty to Do
Chicago is anything but boring, and it caters to a multitude of interests. From theaters to museums to magnificent outdoor parks and everything in between, you’re sure to find something that you’ll love. Overall, Chicago is just a happy place to be. Some must-sees include:
- Lake Michigan
- The Garfield Park Conservatory
- The Museum of Science and Industry
- The Chicago Cultural Center
There are Many Qualified Job Candidates
With The University of Chicago ranked number 6 nationally, it’s not hard to see why there is the potential to hire highly qualified candidates from such an educated talent pool. Top tertiary institutions in Chicago include:
- Illinois Institute of Technology
- Loyola University Chicago
- Northwestern University
It’s Easy to Get Your Business Started
Of course, when it comes to starting a business in a new place, the standard procedures will usually apply, including deciding on business structure, obtaining any licenses or permits you may need, applying for an EIN, opening a separate business bank account, deciding on a business name, drawing up a business plan, and obtaining the necessary funding, etc.
Deciding how you’ll market your business, especially if you’re in a new place that you’re unfamiliar with, will also be an important consideration. For instance, your logo is what will help you stand out from competitors. You can design your own customized logo design with an online logo maker instead of paying an arm and a leg for professional design services. What’s more, it’s simple to do – just choose a style and icon, add text and preview examples and adjust the colors and font as you go.
Chicago is a city that is extraordinary in many ways, which is what makes it one of the top contenders for entrepreneurs looking for a change and a challenge when it comes to kick-starting a new business venture. Take advantage of all the things Chicago has to offer, including professional networking and educated individuals looking to start their careers. You may just find that Chicago is a perfect fit for you and your new business.
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