A recent New Radius report shows that small businesses attract other small businesses, resulting in vibrant communities of like minded owners. As these operators seek bank capital to start up their own venture, they should turn to financing from nontraditional lenders, which often provide greater ease of access and more flexible loan terms.
When a prospective business owner sees that other small businesses are thriving in the area – whether through popularity, hospitality from the city in which they operate or easier access to loans – they are inspired to start their own company.
The New Radius report highlighted some of the best places in the country to start a small business, including Chicago, San Francisco and Dallas. Technology companies are chief among the new businesses being launched in these cities. For example, Chicago’s food scene is thriving and continues to grow, and a startup based there, Shiftgig, supports the industry, as it is an online hiring and jobs search engine.
In Dallas, some of the most popular businesses are IT support companies, staffing firms, app developers, Web service consultants and more, according to Forbes. These businesses are successful because they work with much larger companies in the Texas city and surrounding area.