5 Reasons to Open a Business in California
In addition to having a wide variety of nature and commercial opportunity, California has some of the best schools in the nation. Due to this, and the vibrant economy, the Golden State is a great place to raise a family and build a business.f
Still, there’s more to it than that. In fact, there are at least five more reasons California is a great place to open a business, and they’re all included in this post!
Why You Should Start Your Business in California:
1. Networking Opportunities
In an economy as large as California’s, there is no shortage of networking opportunities. Plenty of huge trade shows and conferences take place in California. Dreamforce and Oracle OpenWorld are two examples which both attracted an estimated 60,000 people last year from tech companies throughout the nation.
Plus, even if you don’t usually go to conferences or trade shows, you’ll end up selling to or working with people with diverse skill sets and connections. In addition, when you conduct business in California, because the population is so full of talented, smart people, you’re more likely to run into potentially valuable business associates. For example, Steve Jobs was walking down the street when he met Steve Wozniak while he was washing his car!
2. Booming Economy
From 2016 to 2017, California’s gross domestic product rose by $127 billion to over $2.7 trillion. In other words, California’s economy is gigantic. The state is the home base of the technology industry and is also entertainment capital of the world. Not to mention, its agriculture industry produces 13 percent of total cash agricultural receipts for the United States.
It’s also important to note that with over 40 million people, the state is full of wealthy people who support the many businesses who have made California their home.
3. Various Industries
If California were an independent country, “its economy would rank as the fifth-largest in the world,” according to The New York Times. Yet, it’s not just the size of California’s economy, it’s the robustness of it. Irena Asmundson, chief economist at California’s Department of Finance, said that all economic sectors except agriculture contributed to the state’s 3 percent GDP growth last year in 2017.
From financial services and real estate, to the information sector and manufacturing, California’s economy can support growth for a wide variety of businesses.
4. Temperate Weather
Of course, it’s going to depend on where you set up shop, but much of California enjoys temperate weather all year round. This is especially true in Southern California. In fact, during the winter in Los Angeles, the average temperature is in the sixties. That means if your business’s productivity could be affected by inclement weather like rain or snow, you won’t have to worry about this if you work in southern California.
5. Deep Talent Pools
Although there have been reports about the number of Californians leaving the state in the past 10 years, California has actually gained more high-earning and well-educated people. This means that when it comes time to hire employees, you’ll have no shortage of candidates. Plus, the population supporting your business will have much more money to spend than the average consumer.
Conclusion: Consider California!
Regardless of your business’s industry, there’s a good chance that you can succeed in California. Just remember that the state of California is big and there are many diverse areas.
Locals will joke that Southern and Northern California are two separate states, but even within the north and south regions, there are plenty of unique areas. If you’re looking to open a business in California, visit the state and see if it’s right for you and your company!
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.