Author | Aram Anthony
In this article, we’ll cut right to the truth about California and why it’s a great place to open and run a business.
Thrive in a world-class economy
California’s economic power is so strong that, if it was an independent country, its economy would rank as the fifth largest in the world. And it’s growing. In fact, just a few years ago, from 2016 to 2017, California’s gross domestic product rose by $127 billion to over $2.7 trillion. An economy that robust can only occur in a place where businesses prosper.
Succeed with the nation’s largest built-in market
With nearly 40 million residents, California offers small businesses access to an unmatched base of potential customers. What’s more, because those people live in a state with a strong economy, they tend to have consistent sources of income, which makes them more likely to try new products and services.
Take advantage of a deep talent pool
When you combine the large number of world-class universities (Stanford, UCLA, UC San Diego, Cal Berkeley among many others) with its large population, California offers businesses access to the largest talent pool of highly educated and skilled candidates in the nation.
Find your place among a wide range of industries
When most people think of key California industries, the two that most frequently come to mind are technology and entertainment. Which is appropriate because the state is a leader in both categories. Tech is most often thought of as being centered in northern California, while southern California is home to entertainment. But it would be wrong to think that those are the only two important industries in the state.
California is home to many aerospace companies, is a strong agricultural center and is a leading producer of wine and spirits, among many other categories. One by-product of California industries is that they tend to produce a large number of wealthy individuals with substantial disposable income — another indicator of a healthy business climate.
Enjoy temperate weather that won’t hinder your progress
California offers a wide range of climates but, for most of the state, and especially along the populated coastal plains, the weather is mild and pleasant year-round. Consider that in Los Angeles, average winter-time temperatures are in the 60s. This is especially worth considering if your business productivity could be negatively impacted by inclement weather.
Expand your network and grow your business
Given its diverse business community and large population filled with people of diverse talents and interests, California can offer you a wide range of networking opportunities. The state is also a popular destination for trade shows and conferences, many of which attract thousands of people. The bottom line is that, whether or not you actively seek to expand your network, it will most likely happen organically anyway. That’s just how California rolls.
Set your sights on California!
Of course, there’s no guarantee of success when opening a new business but compared to less-developed regional economies, California looks favorable in many ways. Californians live and work in bustling metropolitan areas, lively suburban neighborhoods and large rural areas. They work in a wide array of industries, including agriculture, tech, manufacturing, real estate development, finance, biotech and more. Whatever industry you’re in, whether you’re launching your company or growing it, California is a great place to do business.