As the second largest city in the U.S., Los Angeles makes available ample resources for people who want to start their own businesses. You can stake your own claim in the market and enjoy living large when you take advantage of these top five reasons for why Los Angeles is the perfect place for entrepreneurs like you to call home.
Tax Incentives
Los Angeles helps its small business owners thrive by providing them with a host of tax incentives. Some of the most generous incentives come when you hire employees for your company.
If your business and newly hired employees meet the criteria, you could receive up to $2400 for every adult hire and $1200 for every summer youth hire. You likewise can receive incentives of $4800 for every person you hire who receives Temporary Assistance for Needy Families, or TANF. The city also may allow you a tax credit of $9000 for every disabled veteran you hire for your business.
Economic Growth
As the 19th largest economy in the world, Los Angeles continues to enjoy economic growth not found in other U.S. cities. Business experts noted that the economy in L.A. grew by 2.9 percent in 2015 and is forecast to grow by 2.4 percent by the end of 2016.
This growth can be attributed to a number of factors, most notably the stabilized housing market and the influx of imports making their way into the Los Angeles market. However, new commercial and residential construction also contributes to the city's healthy economy. This growth benefits small business owners as the city's population remains employed and earn stable incomes.
Entrepreneurial Networking and Support
Making a go of it in the entrepreneurial market can be difficult for even the most talented of small business owners. To help you succeed, Los Angeles hosts small business and entrepreneurial workshops and events where you can network with other small business owners in the area and learn about what resources the city has to offer.
These events include the yearly Multicultural Business Forum, which is hosted by the L.A. Times. This forum allows entrepreneurs like you to learn from established business leaders in the community and also learn more about hiring from the city's diverse workforce.
Skilled Job Market
With a population of four million just in the city limits itself; Los Angeles has one of the most diverse and skilled workforce in the country. Economists note that much of the available talent for hire in the city have intermediate to professional job skills that benefit small businesses that specialize in industries like healthcare, logistics, insurance, and more.
The city also enjoys low unemployment rates, which signifies that people in Los Angeles are eager to work and enjoy gainful employment. You can find people who are ready to work for you and your small business relatively easily in L.A.
Preference for Small Businesses
Los Angeles is unique in its preference for small businesses. Many locals would rather shop at locally owned companies than patron national chain stores, restaurants, and other ventures.
In fact, in 2011 the city adopted an eight percent competitive advantage designed to foster this favor for local businesses. This resolution in part contributes to the $2.4 billion in goods and services that small businesses in Los Angeles currently generate.
These factors highlight the reasons for you to move to L.A. and start your own small business. You can get started faster by using any of the city's cheap storage units to safeguard your possessions while you get settled. Los Angeles self-storage units are available throughout the city and at prices that fit your budget.
Los Angeles welcomes entrepreneurs by offering incentives like tax credits and a healthy economy. You can live large when you move to this city to open your own small business today.
