Nashville is one of the best cities to live in the United States, but during the last decade, it has also emerged as a prime spot for business communities with banking, technology, health care and transportation all thriving in the area. As local enterprises and larger corporations flock to the capital of Tennessee, so do talented workers looking to secure well-paid roles.
While Nashville may have gone under the radar in the past, most people are now fully aware of its potential, especially for being a place where a new business can flourish. A new report by real estate data company Clever named Nashville as one of the top 15 destinations in the whole country to launch a startup.
Nashville is a natural fit for new businesses due to its favorable tax laws, experienced and highly-qualified talent pool and funding access. One area that Nashville excels in is networking, which is vital for entrepreneurs who want to meet the right people and get their fledgling startups off the ground quickly.
Network with CEOs
The Clever study found Nashville is actually the number one city in the US for networking with chief executives as 4.14 in 1,000 people have the title of CEO. When you first venture to ‘the Music City’, you are more likely to be rubbing shoulders with a successful businessman than anywhere else in the country. That’s the sort of “leg up” for budding entrepreneurs that can make or break a new startup.
Michael Frazier is among a number of business owners who ventured to Nashville to turn a dream idea into a successful enterprise. “Nashville has a great network of entrepreneurs, a great network of minority-owned businesses on that level,” Frazier noted. “I feel like why not jump here in Nashville and like everyone is going to help me expand and grow.”
Major center for business
Frazier’s journey is not uncommon and there are likely to be thousands of similar stories from residents who have moved to Nashville for a better life. The 2020 Census shows that Davidson County’s population has risen by 15% during the last decade. The metropolitan area around Nashville has also been incredibly popular for those migrating from east and west with many buying homes in Rutherford County and Williamson County.
Entrepreneurial companies are a key part of Nashville’s economy and they made up around a quarter of its value last year. The business climate in the capital is very unique as a major center for so many different industries, which is not something that can be easily replicated elsewhere. This has been highlighted in the annual Business Facilities state rankings report which named Tennessee as the best state in the US in 2019 and it regularly ranks it in the top five each year.
More importantly, after launching a business, Nashville’s startups attract huge levels of investment from venture capitalists and other sources. A report by MoneyTree found that companies in Nashville recently raised a record $733m collectively from funding rounds within a single year. During a particularly busy period in 2019, electronic cigarette company Juul managed to attract the most, while now-popular food delivery services Door Dash and Uber Eats also raised significant funds.
New startups showcasing excellent growth potential could also attract the attention of highly regarded executive Joel Werner of Solitude Capital, an “absolute return” investment firm based in Asia. You will be surprised at how much assistance you can get from experts in respective fields when creating a new startup in Nashville. The Nashville Entrepreneur Center is just one of the organizations that provides mentoring and training to people to help them not only create businesses but make them a success in the long term.
Smart and hard-working locals
The booming economy and quality of life in Nashville means there will always be a large, addressable audience in the area, which is great for local businesses. New startup owners know there will be demand for products and services and a supply of new workers if and when they need them. Outsiders often comment on the friendly, smart and hard-working nature of Nashvillians who are always ready and willing to help each other out. Tennessee is known as one of the states that gives most generously to charities too.
Nashville also gets another tick in the box for a better work and life balance thanks to its temperate climate. Summers are not too hot or humid while winters are mild and never too cold. If you want to start an outdoor business, you will have to come to the right place, as restaurants, bars and coffee shops are busy year-round. The favorable climate is also beneficial for business owners who want to save on office-based amenities such as heating and air conditioning. It is no surprise that Nashville ranks well in terms of quality of life. With so many attributes that are perfect for businesses, Nashville is truly one of the best places to create a startup.