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Starting a Business in a Rural vs Urban Community

originally published: 2022-03-08 12:52:57

The geographical location of your business matters. As an entrepreneur, it is natural that you will be conscious of what can contribute to the success of your startup.

And so, should you start a business in a rural or urban community?

There are important considerations for both options, some of which will be untangled in this article.

1. Creating a business in an urban community

Regardless at what stage of development your startup is in, the access to connectivity in an urban setting is unparalleled.

Urban settings are high traffic places with solid infrastructure, leading to far more networking opportunities. Access to labour and access to capital are in close proximity, with a diverse customer base right at your doorstep.

Be mindful of the type of business structures that you want to create when choosing a location. Are you looking for a retail space, for instance? Where are your customers based?

A business operating in an urban community has more chances of faster growth as a result of the geographic location.

2. Finding success in rural community

Consider outside opportunities, away from the ‘big city’ way of operating.

Some entrepreneurs may choose to start or move their business to a rural community due to the relaxed lifestyle. It’s no secret that urban cities are far more fast-paced, and with that can also come higher levels of stress or worry.

Knowing your business operation costs, you may also choose a rural spot due to the lower costs.

Living in rural areas can create the opportunity to connect more deeply with a smaller community, creating a loyal customer base there. Plus, why not give the rural economy a little boost?

The growth of your business may be slow and steady, but why rush?

Consider the quality of life that you want to live as an entrepreneur.

Choosing the best location

What is your incentive for starting a business in an urban versus rural community?

Be mindful of your goals, resources, and know that cities of all flavours and sizes can act as the development grounds of a successful business.

Original Article on Altitude Accelerator

Altitude Accelerator
Altitude Accelerator is a not-for-profit innovation hub and business incubator for Brampton, Mississauga, Caledon, and other communities in Southern Ontario. Altitude Accelerators’ focus is to be a dynamic catalyst for tech companies. We help our companies grow faster and stronger. Our strength is our proven ability to foster growth for companies in Advanced Manufacturing, Internet of Things, Hardware & Software, Cleantech and Life Sciences. Our team consists of more than 100 expert advisors, industry, academic, government partners. The team helps companies in Advanced Manufacturing, Internet of Things, Hardware & Software, Cleantech and Life Sciences to commercialize their products and get them to market faster.

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