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    Why Charlotte, NC is the Perfect Place for Your Business Venture
    The Vault

    Why Charlotte, NC is the Perfect Place for Your Business Venture

    January 2024

    Location, location, location! Where you base your business is a big part of its success.

    Make Charlotte, NC, the destination for your profitable business venture. We have everything from a robust labor market to a strong culture and arts scene. Explore why business growth consultants and others say “The Queen City” is one of the best places to live and start a business.

    Not Your Average City

    Charlotte is the largest city in the state and the third fastest growing in the country. We continually make “Top 10” lists of the greatest places to live and work, ranking eighth out of 150 cities in the “U.S. News and World Report” 2023-2024 list.

    We also ranked eighth in WalletHub’s report of 2023’s Best Large Cities to Start a Business, comparing 100 U.S. cities using 19 indicators for startup survival. Data included factors like business environment, access to resources, labor costs, affordability of office space, and the five-year business survival rate.

    With 1st being best and 50th being average, here’s how Charlotte stacked up in the WalletHub report:

    • 4th in Industry Variety
    • 9th in Average Growth in Number of Small Businesses
    • 14th in Average Work Week
    • 21st in College-Educated Population
    • 37th in Cost of Living

    Growing Gains

    We are the third largest city in North Carolina. We rank 17th in the nation for population growth. According to 2023 U.S. Census data, 120 people relocate to Charlotte and its suburbs daily. Our metropolitan region grew by 4.21% last year to over two million people. We expect to double by another two million in the next 30 years.

    Our city also enjoys the designation of being fourth nationwide for millennial relocation. With our continued “Top 10” rankings, we will only continue to grow in popularity.

    What does this mean for business? It means we have the thriving customer base and labor market a business needs to thrive. More people means a larger employee talent pool and a more extensive, local customer base.

    Business Climate

    From well-educated residents to the low cost of doing business, Charlotte can brag about its robust business climate.

    Our tech and fintech (financial technology) scenes draw national attention, rivaling more well-known, well-established tech hubs. The Computing Technology Industry Association (CompTIA) selected us as a “Top 5 Tech Town” in 2020. Global commercial real estate services leader CBRE estimated that running a technology firm in Charlotte would be 42% less expensive than operating in NYC and 24% less than in San Francisco based on labor and office rent costs alone.

    We have tons of human IT potential, too. The University of North Carolina at Charlotte churns out hundreds of graduates each year with engineering and IT degrees.

    Furthermore, our state has the nation’s lowest corporate income tax rate, making us one of the best and most cost-friendly places to own a business. We ranked in the Top 10 on the “U.S. News and World Report’s Best Business Tax Climate” list in 2020 and earned the top spot in that category in “Site Selection Magazine” that year.

    Entrepreneurial Enterprises

    Suppose you have the desire to start your own business. You recognize Charlotte is the best place to start. Now what?

    You supply the entrepreneurial spirit, determination, and a hard work ethic. We’ll provide the ideas. Below are some suggestions for low-risk, high-potential businesses based on the pulse of our local business environment.

    ● Moving/Hauling/Cleaning Services– If you have a truck or van and the strength and patience needed to do large jobs, you can help residents and businesses relocate (and clean up after them when they do). People and companies are constantly switching locations in our area, so you’re sure to find no shortage of work.

    ● Handyperson/Repair or Maintenance Worker/Painter/Yard Maintenance or Landscapers– Homes and buildings need regular repairs and touch-ups. If you’re a Jack- or Jill-of-all-trades, you won’t go wanting for business.

    ● Second-hand Retailer– With our population growth, people will be looking to offload items they haven’t used in a while. One man’s trash can be another man’s treasure, and you can be the liaison that benefits in the process.

    ● Event Planner– If you love hosting and coordinating events and parties in your personal life, try your hand at professional event planning. You don’t necessarily need office space to do it. From weddings to business events, there’s no shortage of planning needs in the Queen City.

    ● Life Coach– Our city is a hustling, bustling hub of things to do, see and be. With so many options, some might need assistance figuring out how to make the most of life. You could be the one to help them achieve success and happiness.

    ● Food and Beverage Worker– Who doesn’t love good food and drink?! From cafe and bakery to wine bar and vending machine owner, you might have the right stuff to keep our community alert and nourished.

    ● Caregiver– If you have the caring touch and dependability to help working adults care for their pets, children, or elderly parents while they are away, consider obtaining the proper certifications and starting a business as an in-home care provider.

    Royal Treatment in the Queen City

    Charlotte has the lifeblood and momentum entrepreneurs want in a place to live and set up shop. Need assistance making the right literal and proverbial moves at the right time? Connect with a local CPA firm in Charlotte to help you with your personal and business planning needs.

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