Cindy Snyder

The best places to start a small business

Leaders are concentrated in the South and West

bizjournals - February 2, 2009by G. Scott Thomas

Looking for the best place to launch a new business during these turbulent times? Start your search in North Carolina. The two markets with the nation's top scores for small-business vitality, according to a new bizjournals study, sit 140 miles apart in the Tar Heel State. Raleigh is No. 1 in the national rankings, while Charlotte is No. 2.

Bizjournals used a six-part formula to analyze the nation's 100 largest metropolitan areas, searching for the places that are most conducive to the creation and development of small businesses. The two North Carolina markets emerge as the clear leaders, thanks to their outstanding records in four statistical categories with a direct impact on smallbusiness activity:

-- Population: Raleigh and Charlotte picked up a combined total of 427,000 new residents between 2002 and 2007. Raleigh grew by 21.2 percent in that five-year period, Charlotte by 17.4 percent. Both dwarfed the national growth rate of 4.8 percent.

-- Employment: The entire country is endangered by the current recession, the two North Carolina hubs included. But they cushioned any future blow with outstanding job growth during the 2003-08 span -- 23.0 percent in Raleigh, 15.4 percent in Charlotte. The U.S. gain was 5.8 percent.

-- Small-business growth: The number of small businesses grew dramatically in both markets from 2005 to 2006, the latest period covered by official statistics. Raleigh led the way with a 4.6 percent rise, followed by Charlotte at 4.0 percent. The national increase was 1.3 percent.

-- Small-business concentration: The typical U.S. market has 24.57 small businesses for every 1,000 residents. The North Carolina markets enjoy concentrations that are at least 10 percent bigger, with Raleigh at 27.58 per 1,000, Charlotte at 27.07.

And that's not all. Two other markets with North Carolina connections rank among the 30 best metros in the study. Greensboro holds 29th place, and the Virginia Beach-Norfolk metro, which extends into northeastern North Carolina, is 19th.

The highest scores in bizjournals' study went to areas that have prosperous economies, are expanding rapidly, and are densely packed with small businesses. (Bizjournals defines a small business as any private-sector employer with 99 or fewer employees.)

Seattle ranks third in the overall standings, putting it just behind Raleigh and Charlotte in terms of small-business vitality. Austin and Boise, Idaho, round out the national top five.

The South and West offer a definite advantage for entrepreneurs, accounting for all but one of the 10 metros with the best small-business scores. The South is home to five of the leadingmarkets, the West to four.

The sole exception in the top 10 comes from the East -- Portland, Maine, which ranks 10th. The highest-rated Midwestern market is Des Moines, Iowa, in 22nd place.

The 100 markets in bizjournals' study group had a combined total of 197.3 million residents as of mid-2007, equaling 65 percent of the nation's population. They also contained 4.9 million small businesses.

At the very bottom of the new rankings is Detroit, offering further proof that the declining fortunes of the automotive industry have harmed all kinds of small businesses in Michigan.

Employment has fallen 7.5 percent in the Detroit area since 2003, the worst decline anywhere outside of New Orleans, which was devastated by Hurricanes Katrina and Rita in 2005. Detroit also suffers from a weak concentration of small businesses, with only 22.70 per 1,000 residents, nearly 8 percent below the national average.

Also mired in the bottom five are Toledo, Modesto, Calif., Dayton and Rochester, N.Y. This is the fourth time that bizjournals has rated the small-business vitality of America's major markets -- and Raleigh is the fourth different winner.

Orlando was No. 1 in the previous rankings, which were released in July 2007. The runners-up were two other Florida markets that were hot at the time: No. 2 Sarasota-Bradenton and No. 3 Miami-Fort Lauderdale. (Florida's 2007 superpowers now rank seventh, 44th and 12th, respectively.) Last place on the '07 list went to Springfield, Mass.

Miami-Fort Lauderdale finished first in January 2006, boosted by what was then a prosperous economy with a rapidly expanding population base. Memphis finished last. Portland, Maine, was the leader in bizjournals' original standings in January 2005, in large part because it had the nation's highest concentration of small businesses back then, just as it does now. San Jose occupied last place in the 2005 rankings.

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"How's The Market! The Market Is The Market!"

The most important thing to remember with the real estate market is that it a regional issue. Many parts of the country are market values are declining such as California, Arizona, Florida and Nevada. Here in North Carolina our market is very strong. In fact Charlotte is number one in the United States for appreciating real estate values. The most recent trends are snowbirds that moved to Florida are leaving the Sunshine State and coming to NC. They are being referred to as halfbacks! With that being said many people in some of the struggling markets are having a time being able to sell their homes in these states.

As far as Cabarrus County, many people are moving here because of the convenience of the commute to Charlotte, state of the art medical facilities, excellent schools, lower taxes and employment opportunities. It is rated #29 rapidly growing counties in the United States.

Currently, there are a lot of first time homebuyers that range in age looking to take the plunge. They are realizing the many benefits in owning a home as opposed to throwing their money away in renting. There are many step up buyers that needs have changed due to a growing family. Also, I have seen others that are downsizing to smaller homes, condos, or townhomes. They want the freedom from the upkeep of large home.

Many people are saying it is a buyers market and that you can get homes for up to 20% below asking price. Maybe in some parts of the country that may be true. However, in our localized market that is not the case. According to the most recent figures for resale homes listed in Cabarrus County on the Carolina Multiple Listing Service are, the average sales price is $190,000, average days on market are 93 days, and the average of percent of asking price versus sales price is 97%. The biggest thing to remember when it comes to selling your home is:

1. LOCATION, LOCATION, LOCATION! You can't do anything to change your steep driveway, power lines, sitting too close too the road, or neighbors that don't take care of their property.
2. PRICE- This is crucial to price your house right in this market. Many resale homes are competing with new construction prices.
3. CONDITION- You can do something about this. The largest return on investments are updating kitchen and baths, flooring, neutralizing paint, custom closets, bath and lighting fixtures. It is important to de-clutter your home "Less is More" when it comes to staging a home. It is essential that a home be sparkling clean. This is easier to keep clean after you de-clutter!
4. AVAILIBILTY- Some sellers make it near impossible to see their home. I had one seller that required 3 days notice. Many times I have a buyer in the car for 1 day to find their dream home.
5. INTERNET- About 80% of buyers shop for a home on the internet. I have seen a trend of less showings due to the fact that people do a virtual tour of the home or a drive by. I always tell clients buying a home is a process of elimination not selection! You need to know what you don't like before you know what you like.

In this part of NC we have the best of both worlds. Conveniently located between the Smoky Mountains and the beautiful beaches of NC. This area is such a melting pot of people from all over the country. That is what makes NC such a exciting place to live and raise a family.