Minneapolis, Minnesota, is an incredibly exciting place to move and start a business. Just outside of the bustling downtown, it's easy to find yourself exploring amid lush green parks, sipping local craft beers and noshing on experimental cuisine - all while enjoying one of America's most vibrant and eclectic cities. Not only that, but Minneapolis also has some of the most affordable real estate in the country for startups looking for their space.
Want to learn more? Here are a few reasons from Spotlight Business Solutions why Minneapolis is the perfect spot for your business to find success.
Minneapolis Housing and Cost of Living are Affordable
Minneapolis isn’t the cheapest place to live, but it has a balance of financial benefits that make it decently affordable all around. The cost of living varies depending on the neighborhood you want to live in, which makes housing estimates challenging. There is also a large selection of rental units in Minneapolis – over 900 in fact – so it’s important to do your research on neighborhoods before embarking on your house hunt.
However, according to Sperling’s Best Places, utilities and health costs are lower than the national average here. And groceries are right on point, which helps to balance out the affordability of Minneapolis life. Additionally, the town offers a number of free or low-cost recreation options, such as hiking trails, lakes, and parks. Lastly, Minneapolis is a safe community with a crime rate that’s dropping.
Support and Resources for Small Businesses
Once you’ve found a great place to settle, you can focus on getting to know the business community. In Minneapolis, there are resources available to small business owners that can help you get started. These resources are essential for entrepreneurs who want to thrive and maintain success.
For starters, the Minneapolis Regional Chamber of Commerce can provide you with information about local businesses and connect you with other local business leaders. The Chamber also hosts regular networking events, which is a great way to meet other business owners and get advice. The State of Minnesota also offers a variety of grants and loans to help small business owners get on their feet.
It’s also a great idea to work with a local business for your marketing and promotion needs because they are intimately familiar with the city’s population. Reach out to Spotlight Business Solutions today for your digital marketing and branding needs!
Enjoy the Weirdness of Minneapolis
Minneapolis, Minnesota, is bursting with interesting and unique activities! With its riverside trails, iconic parks, and craft breweries from every corner of the city, you're sure to find plenty of things to do in Minneapolis. From visiting the Bde Maka Ska loop for a hike with stunning views or going shopping for locally made items at the Saturday Market, you can experience the city’s vibrant culture in all its forms.
For a taste of something different, rent a bike and explore some of the more off-the-beaten-path attractions like Minnehaha Falls or the Minneapolis Sculpture Garden. The choices are many for taking in the beauty that Minneapolis has to offer. No matter what activity you choose, there's never a dull moment on a visit to this vibrant half of the Twin Cities!
Find Highly Educated Local Talent
Minneapolis not only has a great cultural atmosphere, but many of the locals are well educated, too. Recent US Census Bureau data showed that nearly 38% of residents 25 and older had at least a bachelor's degree. Perhaps this number is connected to the variety of colleges and universities in the state. Regardless of the reason, you’ll have a large number of skilled professionals to choose from when you’re ready to do your hiring.
Whether you’re looking for interns or experienced employees who can help you build your dream business, you’ll have no trouble finding them. You may even want to connect with a local college to set up an internship program. Here are a few colleges consider:
Start Your Minnesota-Based Business the Right Way
Once you’ve settled into Minneapolis and have a business plan written out, it’s time to think about the details of starting your business, which include registering, obtaining an Employer Identification Number and sales tax license, and applying for local licenses, which will vary depending on the type of business you’re starting. You’ll also want to consider the type of business structure you’ll require, such as a limited liability company. Although there are several options, setting up an LLC in Minnesota will help protect your assets and provide tax advantages at the same time.
Become an Minnesotaian
Starting a business in Minneapolis is a great move for those looking for a responsible cost of living, a diverse culture, beautiful landscaping, and a supportive community. By doing some research ahead of time, you can make the move with your family and set up shop in a way that makes everyone happy.
Thank you to this month's guest blogger Patrick Young with ABLE USA. To find out more please visit ABLE USA.
Amy Lauria, the president of Spotlight Business Solutions, has been working as a digital marketing maven since 2005.