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Minnesota is probably mostly known for its cold temperatures, but there is more to doing business in this state then battling your way to work through snow and ice. If you run your business in the Twin Cities, then you’ll be doing business in one of the most desirable areas of the country. In general, opportunities for employment are growing throughout the state. The economy is good, and people are spending money. Also, the state has a high quality of life, which only encourages the local population to go outside and enjoy local businesses. This is a perfect formula for building a loyal following of customers and clients.
The cities of Minneapolis and St. Paul are the largest cities within the Minneapolis-St. Paul region of Minnesota. They are twins, as they are both large and in the same geographic region. Running a business somewhere in the Twin Cities offers a special atmosphere for business owners. The area is occupied by 64 percent of the state, and functions as an economic hub. Major businesses, as diverse as Target and Medtronic, are headquartered there. Interestingly, there is no tax on clothing or shoes. There are a wide range of activities drawing people to The Twins. Besides plenty of opportunity for shopping, there is theater, restaurants, hotels, and the Mississippi National River and Recreation Area, a national park with a riverfront spanning 72 miles.
According to International Falls Journal, the job market is looking good in Minnesota. Citing the Minnesota Department of Employment and Economic Development (DEED), the online journal states, “Minnesota employers added 11,900 jobs in December.” There are several distinct areas of Minnesota that are cited as having seen job growth in 2016. Included in those areas are The Twin Cities, which is up by 1.4 percent. That’s the same as overall job growth in the country in 2016. The St. Cloud area saw a 2.3 percent increase. For many kinds of businesses, there are ample opportunities for growth. A few sectors saw a decrease, but it was an overall good year for business in 2016. In Dec. 2016, 2,200 jobs were added to professional and business services.
Quality of life
As far as Forbes is concerned, Minnesotans typically enjoy a higher quality of life than those residing in other states. For 2016, Minnesota ranked second in the “Quality of Life” category on Forbes’s 2016 “Best States for Business” list. Minnesotans have a median household income of $63,488. An incredible 93 percent of the entire adult population has a high school diploma. College attainment is at 34.7 percent. The population is well educated and part of the fabric of the economy. Most are right in the middle of the state’s economy, rather than on the outside looking in. Even though the cost of doing business is higher than the national average, it’s a desirable population of people to conduct business with. They have economic opportunities, and with that comes the ability to spend their wealth on your business. The business you run will depend on those who keep coming back.
Are there any disadvantages of incorporating in Minnesota?
A start-up company in Minnesota, whether domestic or foreign will enjoy more benefits in the state. Of course there are a few disadvantages. For example, incorporation may lead to higher overall taxes. The good news is that the disadvantages will not have any negative impact on business growth in the long run.