By Marjorie McMillian
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If you own a business or are planning on starting one soon, you know that location is essential to your success. You want to find a community that’s supportive and a customer base that’s profitable. Many business owners have found both in Philadelphia, Pennsylvania. The former nation’s capital is the 6th-largest city in the country, with over 1.6 million residents enjoying everything eastern Pennsylvania has to offer.
Rentals in Philadelphia
There are plenty of options for renting business space in Philadelphia. Before you sign a lease, consider whether buying or renting is the best choice for your business. The community features an array of commercial real estate that can be bought or leased. You can partner with a local real estate agent to find the right space for your business.
Philly also offers several dozen excellent home rental options. This can be helpful if your move is time bound and you don’t find the right home to purchase. An online search tool can help you narrow your options to quickly find the available rental homes that can meet your needs.
Local Community in Philadelphia
Community is important when it comes to mental health, but it’s just as important for the success of your business. Luckily, the local community in Philadelphia is known to be tight-knit, supportive, and hard-working. It’s also a great place to raise a family. If you have kids, they’ll love the schools and the many community activities available.
You won’t have trouble connecting with customers and other local business owners as you settle into life in Philadelphia. Local organizations such as The Chamber of Commerce of Greater Philadelphia serve entrepreneurs.
Quality of Life in Philadelphia
A variety of factors determine an area’s overall quality of life. Looking at each of these metrics for Philadelphia reveals that residents can expect a high quality of life from the town. Residents enjoy fantastic food, beautiful parks, and many local events:
Philadelphia Museum of Art
Reading Terminal Market
Spruce Street Harbor Park
Pennypack Park
Education in Philadelphia
Education is another important part of a person’s quality of life — and the quality of the local workforce. Business owners looking to hire talented staff can recruit from colleges in the Philadelphia area:
University of Pennsylvania
Villanova University
Drexel University
Temple University
Surveys show that college degrees benefit workers, but they often benefit employers, too.
Cost of Living in Philadelphia
Prospective residents of Philadelphia will be pleased to learn that the town has an exceptionally low cost of living. Its low housing costs and affordable labor offer more “runway” to business owners.
If you plan on renting before buying a home, there are plenty of apartments available in Philadelphia with an average rent of $1,450 for a one-bedroom unit — below the national average. The median home in Philadelphia has a price around $270,000.
Business Quick-Start Checklist
To start or relocate your business in Philadelphia, follow these basic steps:
Reach out to the area's Chamber of Commerce for guidance
Apply for any the necessary permits and licenses through the Pennsylvania Secretary of State
Decide on a business formation
There are many benefits to starting a corporation. Experienced investors often gravitate towards the structure of a corporation. It’s easier to transfer corporate shares than the membership interests of an LLC, and you can take advantage of tax breaks only available to corporations. For help forming an PA corporation, consult with an expert familiar with the state's regulations.
Philadelphia is a fantastic place to establish a new corporation or relocate an existing one. With its strong community and affordable cost of living, business owners can put down roots and see their company grow. Your family will love the many parks and events that the city has to offer, too.