7 Reasons to Start a Business in Los Angeles | SMB Compass
Ezra Cabrera | April 24, 2019
What comes into mind when you think of Los Angeles? The sunny weather, beautiful beaches, or the glitz and glamour of Hollywood? Countless aspiring young people move to the City of Angels in the hopes of achieving their lifelong dream. But LA isn’t just the home of aspiring Hollywood actors and actresses; it’s also one of the best places for business growth and innovation. With the help of Los Angeles business loans, establishing your start-up business in Los Challenges can be achievable.
Related: What to Consider Before Starting Your New Business
For many professionals and entrepreneurs, Los Angeles is an ideal place for establishing their careers and businesses. If you need more reasons to start a business in LA County, here’s a list that may convince you to take the leap:
1. Access to International Trade
Los Angeles is undeniably one of the busiest cities on the West Coast. This makes it convenient for businesses to expand and venture into international trade. The Los Angeles County Economic Development Corporation says that LA County is one of the best places to trade internationally.
Additionally, LA also has six fully functional commercial airports, three seaports, and freeways. LAX also hold the 13th place among the airports in the world that handle large cargos. At present, it serves 43 different international shipping and freight carriers.
2. Easy Access to Funding
Fortunately for start-ups and small businesses, Los Angeles offers a variety of business loan programs. This gives them a fighting chance to establish a solid foundation for their business and foster growth. Because Los Angeles is a center of development, it won’t come as a shock that the city is also packed with lending companies.
Related: 3 Main Types of SBA Loans for Small Businesses
Other than that, you can apply for traditional bank loans; ask help from angel investors; look into small business grants, or check out online lenders. You can be assured that you’ll find the best lenders that can supply you with the cash you need to address any financial issues.
3. Far-Reaching Customer Base
According to the Los Angeles County Office of Economic Development (LACOED), more than 45 million people from all over the world visit Los Angeles every year. With 45 million annual visitors, 10 million residents, and hundreds of thousands of people who come to LA to work, small business owners definitely have a far-reaching customer base. Before putting up your business, be sure to research the demographics of potential areas and determine which ones are a good fit.
4. Unleash Your Creativity
From dining in a pitch-black restaurant served by legally blind waiters to escaping an evil rat researcher, LA offers a variety of weird, yet highly successful businesses. With the number of businesses in LA, the most successful industries rely on creativity. For aspiring small business owners, the City of Angels is the perfect place to test your wildest business ideas.
5. Strong Tech Community and Networking Opportunities
Los Angeles is one of the leading cities when it comes to the technology scene. Many businesses host events, conferences, and trade shows which allow business owners to network with entrepreneurs from various industries. Networking with other business people helps you keep up with the marketplace as well as find business partners and new customers.
6. Global Business Opportunities
Did you know that nearly half of all port traffic in the United States happens in LA? Not only that, but LAX is one of the busiest international airports, with flights to and from the EMEA (Europe, the Middle East, and Asia).
7. You Can Get Incentives
For passionate entrepreneurs, good news awaits you if you decide to open a business in Los Angeles. Like most cities in the country, the LA government realizes how important small businesses are in their economy. LACOED, for one, can offer small businesses with incentives that are beneficial for start-up companies. You can know more about this if you visit their website.
Set Your Business Up for Success With Los Angeles Business Loans
It’s no doubt that Los Angeles fosters business growth with its thriving economy and extensive customer base, making it a perfect location for your small business. But opening a business in the City of Angels can be expensive. Given that it’s a well-developed city, you can expect that you’ll be facing hundreds of competitors which is why you should do your best to make your business stand out among others. From start-up costs to operating costs, you can expect to spend a significant amount if you want to survive in LA’s highly competitive market.
If you’re looking to put up a business in the City of Angels, Los Angeles business loans can help you establish and expand your business in LA. With extra working capital, you can enforce creative marketing strategies, improve your customer service, and expand product lines or services. This will give you a competitive advantage and will ensure that your business will stay profitable for a long time.