The U.S. is currently in the age of entrepreneurship. To be a business owner and to create opportunities is the definition of our generation’s “American Dream.” However, these dreams don’t come without some serious consideration and planning on behalf of the dreamers. One of the biggest decisions happens to be choosing a location for your brand. Though this may seem like a given, there is much thought that goes into determining the location of a company and it is one that you want to consider carefully.
Likewise, another expense that isn’t always thought of is commercial electricity rates in a state. These are expenses that can pile up and significantly add to the monthly expenses of a business. Recently, Elite Fixtures created a series of maps and graphics that ranked residential and commercial electricity rates for each state. Taking this into account, here are three locations that would be great options for you to establish your business:
Today, Seattle is home to some of the biggest brands in the world, including Starbucks, Microsoft, and Amazon. With established companies such as these in the same city, you can’t help but feel inspired. One negative to this seemingly corporate paradise is that that it is one of the most expensive places to live in the world; however, there is a silver lining when it comes to businesses. The commercial electricity rates in Washington are actually some of the lowest in the country at $0.068 per KWH. Efforts on multiple fronts, such as keeping the infrastructure modern and making use of renewable energy sources, have helped keep prices low. New businesses are continuing to flock to Seattle and Washington. Time will tell if the prices will remain low.
Located in the Greater Washington, D.C.-area, Rockville is a great location to consider starting a business. There are many pros in calling this city home including an ideal hiring pool with 38% having graduate or professional degrees and almost 30% of the population having bachelor’s degrees. As most thriving cities, Rockville is more on the expensive end with the cost of living. On the other hand, commercial electricity rates for your brick and mortar location come in at $0.08. You will see the balance and reward of Rockville if your brand decides to call this location home.
Chicago is known for many things, such as the Cubs, deep dish pizza, and a comedy hotspot. But it now has another notch to add to its belt as one of the top tech hubs in the world. Many of us know and love the Chicago metro scene and seeing it shift into one of the authorities on technology adds to the city’s greatness. Between the relatively low cost of living and variety of universities in the Windy City, it’s a no-brainer that it would be considered an upcoming tech hub. In addition, commercial electricity rates in the city are a shocking $0.073. Though many are familiar with the area’s tumultuous crime scene, it is a breath of fresh air to see its current transformation.
Business ownership isn’t for everyone but to the one who has a goal and wisely works toward it, considering all positive and negative factors, the keys to success are yours. Hopefully this information proves beneficial on your journey to professional liberation. The world awaits your contribution!