A week ago, it was announced that EF Hutton, the century+ old financial firm, once the second biggest in the US, was relocating from New York to Springfield, Ohio. With it, the company will be adding 400 jobs over the next few years.
This is just another sign of what many industry experts have been saying for a while now:
The Midwest is where the market is heading
And we don’t just mean the big businesses. Startups are firmly planting their roots in the famously fertile ground of the US’s center as well.
We live in a world where you can start a modern, cutting edge business from anywhere that has a strong internet connection. For US residents, that’s virtually anywhere (except, apparently, stretches of Mississippi).
When you’re a start-up or small business, cash tends to be lean. So why wouldn’t you setup shop in areas with low-cost living, friendly people, and fresh air? The Midwest, also known as God’s country, has that and more.
That’s why the entrepreneurial market in landlocked states is starting to skyrocket. Meanwhile, Silicon Valley is becoming a boulevard of broken dreams.
Over crowded. Over priced. Over rated.
For a long time, if you wanted to work in the tech industry or launch a hot-new business and be taken seriously, you had to go to California. Silicon Valley was synonymous with the digital revolution. Though it started before the internet was operational, the trend continued all the way through the dot-com bubble crash and into Web 2.0.
Today, Silicon Valley and the surrounding area is saturated with companies trying to secure hundreds of millions in funding so they can be the next Facebook or Uber. And to survive out there, you need hundreds of millions.
There’s actually such thing as “poor millionaires” in the area. That’s how high the cost of living is there. And that’s not the only downside. You also have the commute, the smog, the potential for earthquakes, and the ridiculous levels of competition.
Many are predicting a start-up bubble bursting in the near future, with the legendary valley being hit the hardest.
Meanwhile, the Midwest has never looked better
Some are going as far as dubbing the Midwest “Silicon Prairie”. Take a closer look at the different Midwest states, and you’ll see why.
Once abandoned buildings are filling up with a hundred different startups in Lincoln, Nebraska. Why? For starters, a median home price in Lincoln is $158,000 vs. $1.1 million in San Francisco.
Des Moines, Iowa is home to Dwolla, one of most revolutionary companies in digital payments that continues to see explosive growth and nationwide recognition.
In addition to being housing 3 Fortune 500 companies, Indianapolis, Indiana has 28,370 open tech jobs and a strong labor pool thanks to Butler and Marian University.
All of these areas are considered to be the top places to start a business in America.
Launch Runner’s home states are looking pretty great too!
Launch Runner is proud to be co-based in Minneapolis, MN and Springfield, OH, two areas with fantastic small-business economies. Minneapolis’s North Loop has the fifth-best growth rate for tech companies in the past two years.
Of course, it’s not just tech companies that are thriving in the Twin Cities. We actually have the fourth highest concentration of small businesses in the nation, thanks in part to some great financing programs available.
As for Ohio, don’t be surprised if you see Cleveland, Springfield, Columbus, Dayton, and Cincinnati all on various lists for upcoming business hot-spots. Springfield, in particular, is seeing unprecedented growth. In addition to EF Hutton, companies like Navistar and Seneca Medical are currently building out expansions that will add hundreds of jobs to the city.
Many businesses are benefiting from the efforts of the Turner Foundation, the Chamber of Greater Springfield, and a nonprofit organization called SpringFoward, all of which are working towards growing business in the city of Springfield.
The opportunity is there. But you still need to stand out.
Even in healthy, affordable economies, your business needs to get out in front of the people. The best way to reach the most people in an effective manner is with a quality website and professional internet marketing.
It just so happens that we provide both of those. We understand startups and small businesses because not so long ago, we were a start-up, and we’ve worked with hundreds of small businesses. Though we work locally with many Minnesota and Ohio businesses, we have clients all across the country.
Contact us today to learn more about our affordable design, hosting, and marketing plans. Now is the time to grow (or start) your business. We can help with that.