Have you been thinking about moving to Minneapolis? If you’re a current or prospective business owner, it’s important to evaluate the business opportunities in a new city before making the decision to move there.
Thankfully for you, Minneapolis is a great place to run a business! Although a large city, Minneapolis is ideal for operating a small business offering home services, health services, and other essentials. Plus, the region is perfect if you’re looking for laid-back living in a close-knit community. Jeff Scislow explains why you should make Minneapolis your new home!
Quick-Start Resources for New Minneapolis Entrepreneurs
If you’re moving from out of state, you will need to formally register your business in Minnesota and choose your business structure before opening up shop. Many small businesses choose an LLC business structure for tax advantages and personal liability protection. Check the requirements for forming an LLC in Minnesota and file your formation paperwork online.
You’ll want to invest in cloud accounting software to keep your books. There are also other online tools to make use of. You can use a logo design maker online to create a professional logo quickly and easily. This will give you something to use for your new business’s advertising launch.
Here are some other valuable resources to help you get your business off the ground:
- Check with the Minneapolis city government about your zoning requirements.
- File a statement for a trade name with the state.
- Join the Minneapolis Regional Chamber for networking opportunities and business discounts.
Affordable Housing in Minneapolis
Housing in Minneapolis is very affordable compared to Minnesota-wide averages; the median home price in Minneapolis is right around $337,000. If you’re looking to cut your living expenses, start looking at homes for sale in the area. Connect with a local real estate company that is well-known in the community, such as The Scislow Group, for help finding your way around and choosing the perfect new home.
Cost of Living
Due to the higher cost of living in the region, your business will have slightly higher overhead expenses. Housing costs also mean that labor can be more costly. At the same time, people living in the area have more money to spend at local businesses!
Close-Knit Community
Office List points out that large cities make great environments for new businesses. Beyond the flexibility offered by less stringent zoning requirements, businesses in cities like Minneapolis forge meaningful connections with local customers who are eager to support the shops that keep the economy alive.
Minneapolis is home to several local organizations that support entrepreneurs:
- GREATER MSP, The Minneapolis-Saint Paul Regional Economic Development Partnership
- Northside Economic Opportunity Network
- Minneapolis Business Mentors
High Quality of Life
People living in communities such as Minneapolis typically enjoy a high quality of life. Things move at a good pace, allowing for a better work-life balance and opportunities to make meaningful connections with friends and family. Business owners in Minneapolis typically prefer the energetic pace of a big city.
These are just a few of the local parks and cultural amenities available to Minneapolis residents:
- Minnehaha Park
- Mill Ruins Park
- Loring Park
- Gold Medal Park
- Coldwater Spring
A Qualified Workforce
Hennepin and Ramsey Counties are home to a number of high-quality colleges, creating an educated workforce of skilled workers. Not only that, but talented workers are eager to jump on new job opportunities, especially when a new business moves into the area.
These are some of the local colleges in Hennepin and Ramsey Counties:
- University of Minnesota Twin Cities
- Macalester College
- University of St. Thomas – Minnesota
- Catherine University
- Dunwoody College of Technology
Untouched Nature
Perhaps one of the best reasons to move to Minneapolis is to live closer to nature. Minneapolis is nestled along the Mississippi River, with many lakes nearby. It’s peaceful, quiet, and bound to refresh your senses. Alltrails shows that the area boasts plenty of enriching day hikes as well as many longer trails for more ambitious thru-hikers. You’ll also find opportunities for biking, fishing, and camping!
The charming city of Minneapolis could be the perfect new home for your business. If you’re ready to move your business or start a new one, don’t hesitate to set up shop here!