While it’s entirely possible to buy a small business in virtually any city in the U.S., some locations offer more compelling reasons to invest than others. Louisville is one example to note, as the city’s size, demographic makeup, and natural attributes all create conditions prospective small business owners look for when selecting a location for a business. These are ten reasons to buy a small business in Louisville Kentucky.
Of course, there are many factors working together that make a specific city attractive to business buyers, which means anyone looking for new opportunities must carefully explore their options prior to making a buying decision. Here are 10 reasons prospective small business owners should consider Louisville when shopping for a small business.
Location, Location, Location
Real estate professionals routinely tout the adage “location, location, location” when describing how they set prices when selling properties. Louisville’s geographic setting makes it a regional hub for marketing, distribution, and sales opportunities. With several interstate highways, transportation of goods to and from the area is simplified. If you’re looking for an ideal location for your small business, consider a location that attracts people from a large area. Louisville fits that description.
When exploring options to Buy a Small Business in Louisville, consider the education levels of residents. People with more education generally enjoy higher income levels, which also means small businesses serving those people have a higher chance of succeeding.
Kentucky residents have a flat income tax rate of five percent and a statewide sales tax of six percent. Property taxes and sales taxes are both lower than the national averages, which suggests residents have more money left to buy goods and services from area business owners.
Size of the City
Louisville is Kentucky’s largest city, but it’s small enough to offer a sense of community most larger cities lack. If you’re looking for a place to live a comfortable life in a city, Louisville may be your ideal location. Explore the various parts of the city to get a better feel for the lifestyle and quality of living options available.
There are more than 120 parks in Louisville’s metro area, which means you’ll never be far from a space to unwind and enjoy the surroundings. Cherokee Park is the largest city park, covering 409 acres. If you need a scenic place to relax and enjoy some great scenery, Cherokee Park is a must-see destination. Of course, Kentucky enjoys some of the nation’s scenic wonders, so there are countless parks and other recreational options available for Louisville residents to take in.
Varied Industrial Sector
Another way to judge the financial health of a city is the variety of industries supported in the region. Louisville’s industries are varied, which generally means a downturn in one sector is unlikely to have a dramatic effect on a city’s overall economic picture. Louisville’s industries include health care, manufacturing, business services, logistics, and food and beverage services.
All major cities include healthcare options, but not all communities have a wealth of services designed to make sure residents have access to the care they need. Louisville is home to Norton Hospital, Baptist Health, and Jewish Hospital, which are all highly ranked in the state and provide a range of services for area residents. Of course, basic care services are not lacking, and residents are generally able to obtain quality services when they’re needed the most.
Shopping Options Abound
Although the Louisville area is home to typical shopping options like Oxmoor Center, Mall St. Mathews, and the Outlet Shoppes of the Bluegrass, there are countless opportunities for shoppers to take in unique shops in the region. The downtown area alone is home to a wide variety of shops catering to local shoppers as well as those traveling through the state.
According to a recent article, Bon Appetit Magazine named Louisville one of the best foodie towns in America. That’s a high honor, and local eating establishments are doing everything they can to live up to the hype. While the recent pandemic changed the way many restaurants operate, foodies will still find ways to sample the best foods available from restaurants like The 502 Bar & Bistro, 4 King’s Café, and Afrokanza Lounge. Yes, local restaurants feature a wide variety of cuisines, making it easy to enjoy new taste sensations every night of the week.
Job Opportunities at All Levels
Right now, most cities have jobs available in some sectors, but many potential employees are not overly interested in taking some of those jobs. Louisville is fortunate to have jobs available across virtually all sectors, which means potential employees have options providing a living wage and growth opportunities. Again, that’s a plus for all businesses in the region, as high employment rates and good jobs means people have money to spend. While it’s entirely possible to buy a small business in virtually any city in the U.S., some locations offer more compelling reasons to invest than others. Louisville is one example to note, as the city’s size, demographic makeup, and natural attributes all create conditions prospective small business owners look for when selecting a location for a business. Of the ten reasons to buy a small business in Louisville Kentucky, this is one of the most important.
Small Business Owners Enjoy Other Benefits
Over the past months, an unusual number of businesses have seen their earnings reduced or even disappear due to the pandemic. Louisville’s small business owners have suffered fewer problems related to the pandemic than have been seen in other regions. That’s due, at least in part, to the diversity of the area’s business community. Stability is always important when operating a small business, as sudden shifts in consumer buying patterns can easily wreak havoc on business plans.
Most business owners are subject to higher stress levels than some other groups, but owners in the Louisville area have an incredible array of options to reduce or eliminate high stress. Attitudes are more laid back than other regions generally see, and work-life balance issues are easier to deal with.
Louisville is also seeing an influx of younger people, which means more varied business options are available. It also means schools, parks, and healthcare options are likely to enjoy more support than might be seen in other cities.
Making the Move: Get Started Now
The first step to take if you’re shopping for a small business in the Louisville area is to contact a business broker for guidance. Business brokers work closely with business buyers to match them with available opportunities and help them navigate the buying process. Hope you’ve enjoyed these ten reasons to buy a small business in Louisville Kentucky!