Nashville is booming these days, offering opportunities for entrepreneurs in many different industries to establish themselves in a high-growth community that is always amenable to new things.
According to a recent study, Nashville ranks fourth in the nation for its popularity with millennial entrepreneurs. But what does it really take to stand out in Nashville?
Nashville is best known as “Music City”. It’s the heart of the country music industry, and you don’t have to go far to meet a songwriter, musician, publisher, song pitcher, producer, studio owner, or record company executive.
But, beyond the most obvious businesses and music-related startups, there is plenty of growth in sectors that have little to do with the music industry. For instance, there are a lot of healthcare organization headquarters and related businesses here, which means that there is, by proxy, a lot of healthcare innovation.
Tourism is also a huge draw in Nashville, which means there are plenty of great restaurants, nightclubs, café’s, and activities to occupy the imagination, no matter what age, gender, or demographic they identify with. Having a vibrant community to grow into makes it easy for newcomers to fall in love with the city, make new friends, and feel at home.
For entrepreneurs, it provides the potential to attract a keen and curious audience, the chance to try out new ideas and to tailor their products and services to the people they will be of most interest to.
Some of the advantages of launching a startup in Nashville include:
- Tennessee has no state income tax, making it much less expensive to live, work, and do business here.
- Housing is currently very inexpensive. Rents in Nashville compared to San Francisco are almost 75 percent lower. The average cost of a home in San Francisco is over $1 Million, while in Nashville it’s about $250K. While housing costs are on the rise, there is still significant value to be had.
- There is a huge talent pool, thanks to more than 20 universities and institutes of higher learning. Vanderbilt University is here, as is Belmont and Tennessee State, but that’s just the tip of the iceberg.
- It’s very friendly (6th in the nation, according to Thumbtack) and by all accounts easy to make friends and generate leads.
- The locals are engaged in their community, so you won’t have to clamor for their attention – they want to know who you are and what you’re up to!
Additionally, Nashville still has a pervasive and pioneering attitude. People are open to new ideas and trends and more importantly, they are willing to give it a chance. If you are an entrepreneur with designs on Nashville, there is no better time to be in business.
As always, behind every great startup, there is a support team that makes it all possible. The professional front and back office staff at Green Hills Office Suites have been serving small businesses and entrepreneurs in Nashville with flexible office space and virtual office solutions that enable innovation.
Drop by for a tour if you are in the area and see what makes us Nashville’s favorite office suites provider.
