Each year, thousands of entrepreneurs make plans to open new businesses. Deciding which industry to commit to and how to best serve the public are important considerations when building a business. Of course, finding the right place to set up shop is also crucial. With thousands of towns and cities to choose from, picking the perfect locale isn’t easy. This article discusses ten reasons why you should buy a business in Phoenix.
Bringing Your Business to Phoenix
As it turns out, Phoenix, Arizona could be just the place you’re looking for. This particular city has plenty of attributes to offer incoming businesses and the people behind them. Consider some of the key reasons to buy a business in Phoenix to help you decide if this city could be the best place to open a new company or expand an existing one into.
- Growing Population
One of the main reasons to bring your company to Phoenix is its constantly growing population. More than 1.6 million people currently call the Phoenix metropolitan area home. In fact, its population has surged by an estimated 33 percent over the last decade, and that growth isn’t expected to slow down any time soon. It’s currently the fourth-largest metropolitan area in the nation, and analysts believe it’ll be the third-largest by the year 2040.
This population growth means that the need for new businesses in the area is going to rise significantly during the years to come. It also means your company will have a constant influx of new people to serve. No matter which niche you operate in, Phoenix’s ever-growing population needs the services you have to offer.
- Ample Talent at Your Disposal
Between the current population of Phoenix and the numerous newcomers predicted to move to the area during the coming years, you’re not likely to have any trouble finding capable employees for your company. In truth, young professionals are flocking to the Phoenix area since it has been deemed one of the nation’s best cities in which to work and advance a career.
Additionally, several institutes of higher education operate in and around Phoenix. Arizona State University, Northern Arizona University, and the University of Arizona are the top names in this arena, and they’re all generating leading graduates and job candidates.
Technology and engineering students are among the talent currently entering the city’s workforce, but businesses in those fields aren’t the only ones that should consider coming to Phoenix. Businesses in a range of industries can benefit from the graduates and young professionals making their way to this city and those surrounding it.
- Welcoming Environment for Businesses
Another reason to bring your company to the Phoenix area is its welcoming environment for businesses. The city and its people want you there. Numerous incentives have even been developed to draw businesses to the city, help get them off the ground, and keep them up and running.
For one, the state of Arizona has eliminated corporate franchise taxes for businesses. At the same time, renting or leasing space in Phoenix is much more affordable than it is in certain other cities in the United States. You may get certain tax breaks for establishing your company in or around a low-income community or providing jobs for local citizens as well.
Phoenix even offers assistance with recruiting talent and building your workforce. The city can help seek out investors to delve funds into your business. Those are only a few of the ways Phoenix is making itself more attractive to incoming businesses. Various additional resources are available to small businesses in the area as well.
- Widespread Opportunities
One of Phoenix’s strong suits is its diverse population and far-reaching demand for new businesses. That means there’s a wealth of opportunities waiting for incoming entrepreneurs. Some of the possibilities include:
- Medical Practices
- Construction Companies
- Laundry Services
- Cleaning Services
- Automotive Repair Shop
- Attorney’s Offices
- Coffee Shops
- Clothing Stores
- Electronics Stores
- Daycare Centers
- Landscaping and Tree Care Services
- Home Furnishings Stores
- Salons and Spas
- Counseling Centers
- Shipping and Logistics Companies
All those still barely scratch the surface of the opportunities available in and around Phoenix. As mentioned, more people and businesses are coming to the area with each passing year. As the population continues to increase, the companies already providing products and services in the area are going to struggle to keep up with the surging demands.
Your business can help bridge the gap no matter what you have to offer the public. On the other hand, you could provide services to other companies in the area to help them thrive and grow. There’s just no end to the possibilities.
- Plenty of Space to Set Up Shop
Phoenix’s new influx of residents and businesses may be taking up additional space in the city and along its outskirts. That doesn’t mean the city is becoming overpopulated or you’ll have trouble finding a place for your company, though. Officials and investors are constantly making plans to expand the city from its burgeoning downtown to its lesser-populated areas.
New housing, office and retail spaces, entertainment and foodservice venues, and other locales are being built to cater to the city’s growing needs. Chances are you’ll even be able to have a space built or customized for your company. There’s plenty of room for your business, and you’ll have an opportunity to be part of the city’s ongoing growth.
- Investing in Businesses
Perhaps you’re looking to build a business around investing in other businesses. If that’s the case, you’ll certainly have plenty of opportunities to do so in Phoenix. Your business can invest in virtually any type of company from tech startups to job recruitment firms and beyond. With numerous businesses in the area looking for new investors, your services and funding are sure to be essential to the city’s future.
- Real Estate Investment Opportunities
Maybe you’re a real estate investor who’s looking for new projects. Phoenix offers ample options in that regard as well. From helping to revamp existing office spaces and stores to developing properties from the ground up, you’ll find a wealth of lucrative real estate investment opportunities here.
- You Have Something New to Offer
Phoenix and its residents are constantly looking for something new to enter their expanding world. Your company can give them just that. Though there may be other businesses in the city that operate within the same niche as yours, your company is unique in its own right. That means you have something new to offer the locals. Any seemingly minor detail that sets you apart in your field could be the element that propels your company to success in Phoenix.
- Catering to Tourists
While Phoenix’s population is growing by leaps and bounds, it’s also a leading tourist destination. Millions of people come to Phoenix for vacation each year, and millions more travel to the area for business. If your company caters to the needs of travelers, you’ll certainly be a welcome addition to the city’s business community.
- It’s a Great Place to Live
On top of all those points, Phoenix is a great place to buy a business because it’s also a wonderful place to live. Chances are if you’re operating a business in the area, you’ll want to live nearby as well. With highly rated public schools, plenty of dining and shopping opportunities, a bustling nightlife scene, affordable homes, and numerous other amenities, there’s no reason not to move to the area and start a business here.
Making Phoenix Your New Business Hub
Phoenix offers a long list of opportunities for entrepreneurs. Affordability, diversity, talent, and plenty of customers waiting for your products or services are only a few of the reasons to buy a business and set up shop in the city. You’ll be part of one of the nation’s fastest-growing cities and business scenes and have plenty of room to grow and succeed. We hope you’ve enjoyed ten reasons why you should buy a business in Phoenix!