Why Massachusetts Is The Best State For Your New Business
Starting a business can be a challenging process, especially for a first-timer. There are many aspects that you need to learn and understand to be able to successfully put up even a small start-up. Often, these are some of the reasons why a person would think twice before pursuing a dream of owning a business.
Fortunately, some places can make things a bit easier for any start-up business to thrive. One of these many places is Massachusetts. Let’s go ahead and find out why it is the best state for your new business.
Known as the most popular state in the region of New England, Massachusetts is home to the Greater Boston Metropolitan area with a huge influence on American history, industry, and academia.
Massachusetts was initially dependent on trade, fishing, and agriculture. During the industrial revolution, it was gradually transformed into a manufacturing capital. Fast forward to the 20th century, the economy shifted to services.
At present, Massachusetts is known to be the leader in finance, maritime trade, higher education, engineering, and biotechnology. Consequently, it is ranked as one of the excellent states to live in.
Before we list down why Massachusetts is the best state for businesses, you must be informed on the cost of starting one there. If you prefer to form an LLC, the Massachusetts LLC cost is $500 if filing through mail, and $520 through online. You might be thinking this is expensive for a newbie like you, but the reasons we’re going to list down will convince you why you should choose Massachusetts for your new business.
Reasons Why Massachusetts Is The Best State For Your New Business
Over the years, Massachusetts has been known to be a thriving capital for start-up businesses. At present, the state has around 600,000 small businesses in operation. This is why many are asking what makes it the best place to start a business? The key reasons are as follows.
1. Healthy Economy
In any business, a healthy and thriving economy plays a big part in its success. One of the main reasons why Massachusetts is the best hub for startups is because of its healthy, growing economy.
2. Excellent Education System
Another indicator that Massachusetts is one of the top places to start a business is its excellent educational system. Massachusetts is known to house a number of leading universities in the country.
Aside from those, it also has a line of outstanding colleges, universities, and technical institutes. Every year, these educational institutions produce well-educated students eager to enter the workforce.
With a growing economy and a healthy flow of small businesses being established, employers are eager to find qualified employees from the pool of recent graduates. This consistent injection of well-qualified graduates serves as a push for entrepreneurs within the state.
3. Thriving Technological Industry
Part of Massachusetts’ growing economy is a thriving tech industry. Cities like Cambridge and Boston are dubbed as the East Coast Silicon Valley with their robust and growing tech industry. This creates new, well-paying jobs and provides growth to other businesses.
As a result, even small and start-up businesses that are not within the tech industry directly benefit from the economic growth.
4. Strong Community Support
Finally, all of these endeavors are supported by the local communities within the state, which is a significant advantage for small and start-up businesses. Entrepreneurs do not need to worry, and they feel less alone in their business endeavors. Mentorship is readily available through online meet-ups. Additionally, buying local is always on the peoples’ minds in support of local businesses.
Choosing the best state for your new business is a vital factor to the success of your company. Make sure to choose the state that supports businesses and in the trend of technological advancement. Good thing, Massachusetts has both.