For many entrepreneurs, the American dream is to start their own business. However, with high costs of living in large cities and the competitive nature of many industries, it can be difficult to get a business off the ground in an urban area. This leaves many people wondering if it might be easier to start a business in a less populated, rural area. Let’s take a look at some of the pros and cons:
Pro: Lower Costs of Living
One of the biggest advantages of starting a business in a rural area is that the cost of living is generally lower than in cities. This is important because it can help you stretch your start-up budget further and keep more capital within the business.
Con: Access to Talent Pool May Be Limited
In larger cities, there is typically a larger pool of potential employees to choose from. When starting a business in a rural area, you may have trouble finding people with the skillset you need to fill key positions within your company.
Pro: Fewer Regulations and Red Tape
Another advantage of starting a business in a rural area is that there tend to be fewer regulations and red tape to navigate. In many cases, this can make starting up quicker and simpler than in urban areas. And because there are typically fewer businesses competing for customers, you may have an easier time getting your foot in the door.
Con: Infrastructure Issues May Arise
One potential downside of starting a business in a rural area is that infrastructure issues may arise. Internet for rural areas is a prime example. Unlimited satellite internet plans are expensive and can suffer from latency issues. Thankfully, rural internet service provider UbiFi is coming to the rescue. UbiFi offers unlimited 4G rural internet ideal for small businesses in more remote areas, complete with affordable month-to-month contracts. And because UbiFi uses existing cell towers, they offer coverage in almost all areas.
Regardless of whether you start your business in an urban or rural area, carefully consider all factors before making your decision. If you’re still not sure which is right for you, consult with a local Small Business Development Center.