As if you needed more reasons to start a small business in Los Angeles. To many people throughout the world, Los Angeles is synonymous with the glitz and glamour of the entertainment industry, but L.A. is more than just a one industry town. The city boasts a bustling fashion industry, a thriving food scene, a multitude of tech businesses and much more. For many entrepreneurs in a variety of professions, Los Angeles is an ideal location for opening a small business.
Extensive customer base
The Los Angeles County Office of Economic Development (LACOED) estimates that 45 million people visit the county annually. These visitors, along with the 10 million residents and hundreds of thousands more who come to the city each day to work, provide a vast customer base for any small business. Since Los Angeles is more spread out than other large cities, research the demographics of the area surrounding potential locations to determine where your business would be a good fit.
Like any other community, the governing bodies in Los Angeles realize the importance of attracting successful businesses. For many entrepreneurs, the LACOED offers incentives that can help you launch your business. According to the organization’s website, “Potential business incentives may be offered at the federal, state and local level.” Download the guide to determine which, if any, incentives apply to you.
Los Angeles is home to a variety of funding opportunities for many small businesses. From investment banks to venture capital to small business grants and other seed options, small businesses have access to a large network. If you’re not sure where to start, the Los Angeles Office of Small Business has a wealth of resources. Contact the organization and learn which options would work best for your business model.
You can be creative
Los Angeles is the second most highly populated city in the country, and its most successful industries run on creativity. For small business owners, this city is the perfect place in which to test non-traditional business ideas that might not work in other markets. In general, people in L.A. are receptive to creative and innovative ideas, so it’s a great market for imaginative business people.
A thriving economy with an abundant customer base makes Los Angeles the perfect location for your small business. Put the finishing touches on your business plan, and check out the resources available to achieve success in the City of Angels.
This article was written by Alaina Brandenburger for CBS Small Business Pulse.