Being a DC, Maryland or Virginia (DMV) entrepreneur comes with loads of benefits, making it unique to run a business in any of these states. DC has diverse working communities, implying that the state has fresh ideas booming that companies can utilize to build a thriving business. From virtual reality to filmmakers, there’s more that DC has to offer that fosters a collaboration of various industries. Maryland, on the other hand, has its economy mainly supported by small businesses, a clear indication of favorable conditions to run a business in the place. Virginia’s proximity to Washington DC and accessibility of major highways as well as airports facilitate maximum productivity. Additionally, several research facilities enable the advancement of technology, which is an important element for the success of any business today.
Here’s what entrepreneurs had to say about the unique side of running a business in the three states.
#1- Well-motivated like-minded individuals
Being an entrepreneur in any of these three places is special because here you are surrounded by equally motivated like-minded individuals. This creates a very healthy culture and environment to grow. And you will find a very diverse audience to appease, which is great as it can branch out to newer opportunities.
Thanks to Dan Ni, Messaged!
#2- A lot of networking opportunities
The real magic to being an entrepreneur is the amount of flexibility and discretionary time you have and that a lot of your work is based on relationships and networks. So, being an entrepreneur in the DMV area is potentially more special because it’s one of the main hubs for the world! On any given day, you can see or connect with thousands of individuals who are movers, shakers and decision-makers, and that means you can increase your network and thus your potential business! It’s all about making the net work and, in the DC, Maryland and Virginia area, you can exponentially increase your odds for success if you get out and truly connect with people.
Thanks to Monica Barnett, Blueprint for Style!
#3- Diversity, talent and ease of doing business
Virginia is a great state filled with diversity that people often forget about. There is a large metropolitan area like DC to pull from–Richmond, Central Virginia and the Norfolk area. These are all big population centers and hubs that are extremely diverse. It's very easy to travel between these areas, allowing for brick-and-mortar businesses to pull customers in from all three of these areas. The same can be said for talent. Business owners are able to attract talent from some major population centers while doing business in Virginia. Finally, another positive experience tied to owning a business in Virginia is that the State of Virginia makes the process to start a business very easy. Entrepreneurs can do their paperwork with the Virginia SCC and get their licenses within a week. Getting set with the counties is also an easy process. The business environment is very conducive for startups on the front end, and they tend to have no taxes, especially around the Richmond area, until your business hits a certain point. So, it's very conducive to starting a new business and growing it.
Thanks to Jasmine Bloemhof, The PR Guild!
#4- A wide range of options to choose from
There are a plethora of prospects for entrepreneurs in the District of Columbia. For starters, there are countless opportunities to meet like-minded individuals who share your passion for achieving your goals. In addition, many business owners in this region are deeply involved in charitable activities, making it possible for you to give back to the community while also making a profit. Opportunities to mentor others and learn from successful people are also plentiful. Many people from different countries, cultures, and ways of thinking make it a terrific place to collaborate and generate new ideas.
Thanks to Gerrid Smith, Property Tax Loan Pros!
#5- Well-educated and well-off clientele
Their consumers are extremely well-off in comparison to the rest of the country, which makes things both easier and more difficult. Because they deal with well-educated consumers with spending power, it's easier but it's also more challenging because many of them got affluent by not spending money carelessly and they tend to have a lot of concerns before agreeing to anything.
Thanks to Gavin Johnson, EV Cable Shop!
#6- Illustrative examples and impact
For entrepreneurs, Washington, DC as well as the neighboring states of Maryland and Virginia has a number of advantages that set it apart from other locales. First and foremost, DC serves as a role model for other cities. If I work with a national association in Washington, DC, for example, it serves as a template for comparable client organizations around the country. Unlike in other industries, this allows entrepreneurs to repeat what they do in a unique way. Second, the District of Columbia has a significant impact on the rest of the nation's economy. Customers here work on a national or international scale rather than on a local or regional level as is the case in other places. It is because of this that your effort, even if it is for a little customer, can have a profound effect on the world.
Thanks to Adam Wood, Revenue Geeks!
#7- Easily accessible government offices and departments
Having my office in Virginia gives me the advantage of being just 45 minutes away from the center of government action, which means I can meet with federal and government agencies in person rather than simply over the phone and have access to all the buzz before forecasts are published online. Even though we're spread out throughout two states and Washington DC, everyone knows each other; so, word-of-mouth referrals are unlimited and of the highest quality.
Thanks to Andrew Priobrazhenskyi, Discount Reactor!