It’s easy to say you’ve chosen to operate your new business in Indianapolis because it’s where you live. But Indianapolis is proving to be a great place to do business because of more than just convenience. And to try to convince you even more, we’ve rounded up five (of the many) reasons why the capital of Indiana is the place to be for entrepreneurs.
Indianapolis is Great for Business
Indiana proudly calls itself the Crossroads of America, so it’s not surprising to learn that the state’s infrastructure ranks first in the nation, according to CNBC’s Ranking of America’s Top States for Business in 2019. The state’s roads are among the best maintained in the country.
Having such a reliable infrastructure is beneficial to businesses, as it connects supply chains, helping companies to moves goods and services around, causing lower supply costs and helping with faster deliveries. Plus, having less commute time will give you more hours to focus on your budding business.
Strong work ethic
As you well know, Indianapolis doesn’t just have a talented workforce, but a workforce with strong Midwestern ethics. Hiring people from Indianapolis means having people who have the dedication, perseverance, and a willingness to put in real elbow grease to accomplish their goals. In addition, the strong work ethic that locals have discourages job hopping, which is slowly on the rise, especially for the younger generation.
Relatively low costs
When it comes to rankings, Indiana scores well when it comes to the cost of doing business. The state ranks fourth overall in terms of the cost of doing business in the US, with the corporate tax rates at 5.75% and individual income tax rates at 3.23%. In addition to this, the state’s corporate tax is set to go even lower to 4.9% in 2021. Moreover, starting a new business in Indiana is also relatively affordable, with the cost of starting an LLC in Indiana coming in at $100. This can go down to $95 if you submit your paperwork online. Overall, Indiana offers a high quality of life with great infrastructure and a relatively low cost of living and doing business.
Indiana also offers many different state and federal incentives. The most popular incentives are the Indiana Enterprise Zones which lets you get subsidies when you register a new company in the Indiana Enterprise Zone, and the Hoosier Business Investment Tax Credit which provides incentives to businesses that support job creation, capital investment, and improve the standard of living for Indiana residents. All these different incentives make Indiana a very business-friendly state.
Several helpful business organizations
Last but not least, Indianapolis has several business organizations that will help you make your business a success. The Indianapolis Public Library lists several non-profit organizations that offer various services that help starting entrepreneurs, from Indianapolis Small Business Administration that provides access to a wide variety of resources, funding, and job creation, to the Procurement Technical Assistance Center that provides procurement technical assistance to the appropriate government agency by offering confidential counseling services and workshops at no cost. This shows that you will not be alone in setting up and building your business. So, make sure to get to check out these organizations, and see which ones will complement your business.
Overall, the environment in Indianapolis serves as a great place for you to start your business. And we hope that our list has made you finalize your decision in starting your business in the picturesque city of Indy. But if you’re still feeling hesitant, you may get some business coaching and advice from SCORE Indianapolis.
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