Entrepreneurs face a myriad of decisions when it comes to starting their own businesses. For people in the Metro area who are looking to start a business, deciding where to do so is one of those decisions. It may be helpful to know that Bethesda was recently ranked number eight out of 463 cities in the United States for new business opportunities.
People who live in Bethesda already know that it is a mixture of small businesses and large companies, which contributes to the community's healthy economy. All of the cities included in the survey have populations between 50,000 and 100,000. Several factors were considered in the survey, such as access to technology and financial services.
Other factors included how close each city is to a larger city, such as Bethesda's proximity to Washington, D.C. Each city's unemployment rate had to be below the national average of 5.1 percent, and the median income in each city had to be at least $65,000 per year. Bethesda more than meets these minimum requirements, and in some cases, the numbers were the best among the top 10.
Starting a new business can be both an exciting and nerve-wracking process at the same time. One of the factors that could determine how successful a new venture will be is location. More importantly, however, are the numerous legal and business decisions that need to be made during the business formation process. No matter how advantageous a location may be, it will not make a difference in the success of the business without a solid business plan.
Source: Bethesda-Chevy Chase, MD Patch, "Bethesda Named One of Top Small Cities to Start Business", Deb Belt, July 30, 2015