Starting a business is similar to buying a property. Ideally, you want to wait for the most opportune and cost-effective moment to make your move – but nobody knows when the prime time will be. However, as long as you have performed due diligence, have a solid investment and a suitable business plan, you can have a good go at making it work.
Today, we will review a few components before starting a business in Santa Clarita. While you can factor in broader economic circumstances, such as the chances of recession, inflation rates or the projected outlook for employment figures, your primary focus should be on how you make your business work and how it blends into the local economy.
In California’s third-largest city, plenty of scope and ample potential customers are at your disposal. With nearly 250,000 residents, you can carve out a successful model if you corner a niche in whatever business you’re looking to start.
Santa Clarita deviates from some of the usual coastal businesses commonly associated with California. Although it is the most populated state in America and is home to some of the most innovative and pioneering American companies of the 21st century, Santa Clarita is a more traditional and inland city, this being reflected in the economic figures.
Although there may be gaps in particular markets, you must understand the dynamics of the Santa Clarita economy. For example, the two biggest industries that operate in the city are Six Flags Magic Mountain and Princess Cruises, both vast companies that focus on providing fantastic experiences in the vacation and leisure industry.
Overall, the Santa Clarita economy leans towards services instead of production. So, if you’re wondering whether now is the most opportune moment to start your business, then you might want to explore what the city is crying out for and what it needs less of.
Ultimately, it is a broad question that depends entirely on where your expertise lies. If you are more tech-savvy and want to start a digital business, it doesn’t matter whether you set up in Santa Clarita or further afield. On the other hand, if you’re broadcasting your business to a global audience online, it seems relatively pointless to wait for opportunities in Santa Clarita to present themselves.
California has a GDP that is bigger than that of some well-developed countries. As a result, it is arguably one of the most innovative and well-established locations to open a business. With a deep set of clear and concise legislation in various sectors, it is easy to see why many huge corporations have set up their main base there and continue operating there after many years.
Of course, we’re referring to the Silicon Valley crowd, and Santa Clarita isn’t considered in the same breath, focusing more on industry and service. However, being in California provides an immediate advantage.
If you want to start an online business, operating on the West Coast puts you on the doorstep of the world’s biggest tech innovators. In addition, it could easily pull you into the network of the world’s biggest digital providers and advertising companies.
Despite the recent turbulence within the sector and the collapse of Silicon Valley Bank, countries that operate in California turn over annual profits that often exceed $100bn. Suppose you have this innovation and business acumen on your doorstep and want to start an e-commerce or digital business – in that case, you are probably in the best location possible.
Although California has documented issues, there’s still plenty of optimism, especially for budding entrepreneurs looking to start a business. Santa Clarita is in the unique position of being a decent-sized city in what some people deem an overcrowded state.
If you were looking to open your business in Los Angeles or San Francisco, you would face much harsher economic conditions, such as high rent and a high cost of living. However, with other societal issues currently experienced in these vast cities, Santa Clarita flies nicely under the radar and could offer a suitable foundation for startups.
Ultimately, we must reiterate that choosing the right time is a side point. The main focus should be on the type of business, the overall model and the structure of your medium to long-term plan. If all of this is solid and you’re aiming for a viable niche in the market, it doesn’t matter whether you set up your business in Santa Clarita, Santa Monica or Santa Maria – preparation is critical.