One of the hardest things for a new business is finding money to cover its start-up cost. That’s why fledgling companies oftentimes must get small business loans or seek capital from investors to get themselves up and running so they can make a profit.
For this reason, it’s crucial for new businesses to keep their costs as low as possible. Where you choose to start or continue your business is one of the most important factors, because rent prices vary wildly. Below are some of the cheapest places for a business to start or grow without breaking the bank on office rent costs.
Greensboro, North Carolina
The highest corporate income tax rate in North Carolina is a measly 5%, one of the lowest in the country. That’s probably one of the reasons Greensboro is such an attractive places in the U.S. to start a company. Rent in this area is cheap, even for the South, which, as you’ll see dominates this list.
Lexington is Kentucky’s second largest city and one of the most highly educated in the U.S. Astoundingly, 40% of those living in Lexington have a bachelor’s degree. That’s probably why new businesses have a lot of options when looking for qualified employees to help their companies shine.
One of the first cities in the country to invest in high-speed fiber optic internet service, Chattanooga has become very attractive to businesses. Chattanooga has some of the most affordable office rent rates in the U.S. A one year lease for 1,000 square feet of office space there would cost less than $15,000.