If you have been shopping around to find the best location for your startup, you have likely faced some sticker shock. If you are in the tech sector, you no doubt have looked at San Francisco, Silicon Valley and New York and are still traumatized by the price of doing business there.
Looking further afield you can find other locations that offer the same advantages as though tech hubs but without the high price tag.
Baltimore is one of those places that should be on your radar. In this article, I will go over several reasons you should be thinking about Baltimore as the place to start, or move, your business.
Great location
Baltimore is uniquely situated between New York and Washington. You’re never far from the business and political centers of the country. If you need to travel to either city you can be there quickly.
And the airport, BWI, is also a perfect hub to get further away without the headache that flying from JFK or Dulles usually present. Taking a car service to BWI is fast and easy so you can do your business efficiently.
Low costs
You’ll save money on many fronts by starting your business in Baltimore as opposed to more traditional startup hubs.
Rent is a fraction of what you will spend in California, New York or Massachusetts. That will likely see your biggest savings. The average rent in Baltimore is $23.93 per square foot compared to over $85 for the same in San Francisco.
Housing is much cheaper so your employees will also see some savings if they transfer to Baltimore.
But, there are other areas. For instance, a new law has lowered taxes on leased vehicles so if you have a leased business vehicle fleet then you’ll save money there, as well.
Educated workforce
You have your pick of talent when you are looking to hire for your new business. With Johns Hopkins University, Loyola and the University of Maryland, Baltimore all in the city, there are many recent grads ready to start their career and would love to stay.
Because the city is also inexpensive, you won’t have to pay high salaries for those new recruits. They can keep more money in their wallets by staying in baltimore even considering the lower salaries.
Johns Hopkins in particular is seeing many entrepreneurs graduate to great success due to many of the programs they offer. They help researchers and inventors license, patent and market their products or services and give them a lifelong yearning to be an entrepreneur.
Incubation
There has been a recent wave of investment going towards startups to create an incubator for business in Baltimore.
Port Covington is the waterfront area being developed as an area for startups with as much as $100 coming from Under Armour founder Kevin Plank.
Conclusion
Baltimore does have some problems with its reputation to overcome, but it is poised for success. Getting in now is an investment in the future and is a great place to get started.