Not all towns are great options for starting a new business. If your current city isn’t an ideal location for your start-up, relocating could be your answer. If you’re not sure where to head, Chicago could be worth considering. Here, real estate broker Jake Tasharski presents some things you need to know.
It isn’t uncommon for larger cities to have a higher cost of living, and Chicago is no exception. The cost of living is 23 percent higher than the national average, which may seem like an issue. However, if you take into account that the cost of living in San Francisco is 80 percent higher than the national average, and New York City comes in 129 percent higher, Chicago looks excellent by comparison.
Not only is running your business less expensive in Chicago than in many other major cities, hiring employees will be cheaper, too. Overall, that’s a big win when you need to keep your expenses in check.
While the cost of living in Chicago is higher, housing is surprisingly affordable. Overall, the median home selling price is $365,000, which is a tad above the national average of $303,288.
As for rentals in Chicago, IL, they are a bit more expensive. The average price is $2,080 per month, which is notably higher than the national average. However, that doesn’t mean it isn’t a good option.
If you are looking for guidance regarding real estate for yourself or your business, contact real estate broker Jake Tasharski. As an established broker in Chicago for the past decade, he can provide you with sound advice regarding your next steps.
Once you find a place, moving safely is a must. By hiring reliable professionals, you can streamline the process. If you’re in need of moving services in Chicago, you can connect with local movers in that area by searching online. If you’re concerned about the cost, find companies offering deals or credits, reducing the total price. Then, discuss your needs in-depth to get an accurate quote.
Both community leaders and local residents want to make sure Chicago small businesses thrive, giving you a reliable source of support. Plus, there are many local organizations that can help you get your business off the ground and keep it growing, including:
● Chicagoland Chamber of Commerce
● Chicago Small Business Administration
● Chicago Small Business Center
● Illinois Small Business Development Center
● SCORE
As a big city, Chicago has a lot to offer residents, ensuring your quality of life will be exceptional. Plus, a happy community usually has a happy workforce, which works in your favor.
Here’s a quick look at just some of what Chicago has to offer:
● Art Institute of Chicago
● Chicago Cultural Center
● Chicago Riverwalk
● Field Museum
● Lincoln Park Zoo
● Magnificent Mile
● Millennium Park
● Museum of Science and Industry
When you need to hire, having an educated workforce nearby is essential. Luckily, the Chicago metro area is home to many great colleges and universities, including, but not limited to:
● DePaul University
● Loyola University Chicago
● Illinois Institute of Technology
● University of Chicago
● University of Illinois Chicago
If you want to get your small business launched, you need to tackle a few tasks. Here is a quick-start checklist for starting a business in Illinois:
● Register with the Illinois Secretary of State
● Request an EIN
● Prep for Illinois Business Taxes
● Review Illinois Employment Laws
● Get Your Licenses and Permits
If you’re not sure which business structure is best, consider forming a corporation. When you form a corporation, you can get:
● Reduce Liability
● Tax Advantage
● Less Paperwork
● Flexibility
Just make sure to look up incorporation formation rules in Illinois. The laws vary by state, so you want to make sure what you’ll need to do in Illinois before you get started.
All set up? You’ll want to have a logo design ready. You can hire a graphic designer to create one for your firm, but to save money early, you can use an online logo creation tool to get started. Once you have a logo and brand elements, you can begin promoting yourself. While social media is great, don’t underestimate the value of building your own flyer and visiting other businesses in the area to formally introduce yourself. Use a free online tool to build your flyer quickly and easily.
Mistakes are common among new small business owners. By knowing about the missteps others have made, you have a chance to bypass them.
First, don’t try to do it all alone. If you do, you’ll probably end up overwhelmed. To avoid that, ask for help when you need it or hire professionals to handle tasks you can’t reasonably manage.
Second, avoid vague goals. Instead, create SMART goals to ensure your objectives are specific and well-defined, allowing you to serve as a beacon as you get your business off of the ground.
Finally, don’t count your chickens before they hatch. It’s normal to be optimistic about the future of your company, but depending on revenue that you don’t have yet isn’t a wise decision. Instead, be realistic and data-driven, ensuring you know how your business is actually doing instead of running on lofty assumptions.
By: Suzie Wilson
Compass
2350 N Lincoln Ave, 3rd Flr. Chicago, IL 60614
Jake Tasharski