Is Baltimore Good For Business?

October 21, 2021 Shafiul Azam Mahiyan

It seems like there is a lot of confusion surrounding this topic. Some people say it’s difficult to make money in Baltimore, while others argue that the city has many benefits for businesses. This blog post will explore what makes Baltimore an excellent location for business owners and how you can take advantage of all the opportunities available to you.

Reasons to Start a Business in Baltimore

The cost of living in Baltimore just keeps getting lower. The median home price has decreased by over $50,000 since last year, making it more affordable than ever before for entrepreneurs and their families. Baltimore also happens to be the #12 best cities for college students, so if you are looking to expand your brand’s exposure among young adults, this could definitely be worth considering when choosing where you want to set up shop.

We’ve listed seven reasons why Baltimore is a wonderful city to start your business.

It’s In A Prime State For New Businesses

One of the biggest hurdles for entrepreneurs is simply starting a business. Many people find it difficult to make decisions, take risks and deal with change. This isn’t an issue in Baltimore small businesses because there are so many opportunities here that you can quickly become overwhelmed by all your choices.

We’re Not The Only Ones Who Think So Multiple organizations have cited the city’s low cost of living as one of its top reasons why new businesses should consider setting up shop here, including Forbes Magazine, Thumbtack and Bloomberg Businessweek.

It Has More Than Just A Great Location As mentioned previously, Baltimore has something for everyone, including young professionals looking to start their careers and families who want more affordable housing options within driving from downtown.

Tourists Bring In Big Bucks

Baltimore is one of the most visited cities in the United States (#14), with over 18 million people traveling here each year. Not only does this help local businesses grow, but it also makes Baltimore a great place to start your business because you will have access to more customers than any other city on our list.

The Cost Of Living Keeps Dropping

As stated previously, median home prices have been down by $50,000 since last year, making Baltimore more affordable for entrepreneurs and their families. This has allowed many young professionals to live at home prior to opening up shop here, which shows strong potential for continued growth.

It’s A Haven For Tech Startups

In the past three years, over 50 startups have been created here. Just a few of these notable names include Betamore, Millennium and Clear Sense CRM. The city’s top universities help fuel this growth by offering incubators for startups to work out of which provides each company with more exposure and free consulting from business leaders at nearby institutions.

Incentives For Retail And Commercial Businesses

When starting any business, it’s important to think about the type of products you want to sell. Baltimore is one of the best cities for retail and commercial businesses. That’s because of its diverse population, which includes over 100 languages spoken throughout the city. This means that more people are likely to visit your store, thus increasing your revenue.

Tax Credits For New And Established Businesses

Baltimore has become popular among many entrepreneurs who want access to high-quality jobs but also low taxes. It offers tax credits for new companies setting up shop here while maintaining strong financial benefits for established companies.

Loan Funding Is Available

Many entrepreneurs are wary of taking out a business loan because of the fear that they will be overwhelmed by future debt. However, not all lenders are created equal, which is why it’s important to find one who can work with you so you can efficiently repay your business loans.

It’s Easy To Get Around

The Interstate System includes convenient roads and bridges stretching out across Maryland, so no matter where your new storefronts are located, you will always have easy access to them. It also doesn’t hurt that many major highways, including 1-95, 1-83 and 1-70 run directly through Baltimore, thus making traveling in and around the city much easier than most other places. If you want to travel outside of the city, then trains and buses can get you where you need to go.

Conclusion

Baltimore’s low cost of living has made it an attractive city for many entrepreneurs looking to save money while also being close enough to larger cities where they can find investors. It offers a prime location with access to world-class universities plus a growing population that provides more customers not only within the city but also from surrounding areas. These factors make starting a company here much easier than in other major US cities.

If you are thinking about starting your own business soon, take note of all these reasons why Baltimore is proving time after time to be one of the best places to do so.