If you’re looking to start a new business or acquire an old one in Raleigh, North Carolina, the metropolitan city also known as the “City of the Oaks,” you have chosen the perfect time! New businesses have never had a more promising future in Raleigh than they do today, thanks to its techology industries and its low cost of living.
Nestled in the heart of North Carolina, Raleigh is not just a thriving metropolis and a great place for business, but a place steeped in rich history that resonates through its streets and landmarks. Founded in 1792 as the capital of North Carolina, Raleigh was named in honor of Sir Walter Raleigh, a prominent figure in the English Renaissance and a key explorer during the Elizabethan era.
As Raleigh transitioned into the 20th century, it became a hub for education and research, with the founding of North Carolina State University in 1887. This academic institution has played a crucial role in shaping the city's identity, fostering a culture of innovation and intellectual exploration that continues to define Raleigh to this day. But it wouldn't be long before North Carolina State wasn't the only renowned University in the Raleigh, NC area.
The Research Triangle, consisting of Raleigh, Durham and Chapel Hill, is a breeding ground for young entrepreneurs and established North Carolina business owners. This is mainly because of the vast amount of Universities within the area, as well as the considerable influence of technology and research.
Raleigh, positioned as one of the fastest growing cities in North Carolina, is experiencing a remarkable surge in growth. The city boasts a dynamic and thriving environment that makes it an ideal destination for individuals looking to kickstart their entrepreneurial ventures. Below are four aspects that make Raleigh, North Carolina the perfect place to start a new business.
Influence of Young Entrepreneurs
Raleigh, North Carolina is a city of entrepreneurs, especially within the top industries of engineering, life science, and technology, thanks to the abundance of world-renowned post-secondary intitutions that surround the area. The amount of startup companies owned by young entrepeneurs in Raleigh is directly linked to the education in close proximity. The area that houses these educational institutions is referred to as the Triangle.
The Triangle Area consists of three of the most renowned Universities in the United States – Duke University, The University of Chapel Hill and North Carolina State University. The triangle has always been an attractive place for innovators, and the students graduating from these established, well respected Raleigh universities are positioned for success.
For students graduating from Duke University, Chapel Hill or NC State University with degrees in Engineering, Science, Technology, and Mathematics, job possibilities are endless. Startup companies within these fields are projected to do well as market trends continue to prosper.
Advancement in Technology
Startup companies are becoming increasingly popular as the technology movement makes way through the Raleigh, North Carolina area. Raleigh is said to be the Silicon Valley of the East Coast, because of its education in technology as well as a large amount of established IT and research companies within the area. Raleigh is home to one of the largest research parks in the United States and is a dominant center in the country for biotech and high-tech research companies.
The IT sector is major within the Triangle area, and this lucrative, thriving industry will only continue to expand further as technology continues to advance – creating more jobs and opportunities for aspiring new business owners in the future.
Importance of Sustainability
Raleigh's forward-thinking strategy extends well beyond the immediate benefit to its businesses and residents, expanding into a comprehensive approach that profoundly influences both the local job market and its local entrepeneurs. Central to this strategic initiative is an unwavering commitment to sustainability and the preservation of the environment, which serves as the bedrock of Raleigh's thriving economy.
A distinguishing feature of Raleigh's sustainable approach is the use of recycled materials and resources in the construction of various structures, including office buildings. This utilization of recycled materials reflects a commitment to sustainability and growth, fostering a circular economy that minimizes negative environmental impact.
Raleigh has actively promoted the recycling of materials by residents and local businesses as well, such as used restaurant oil by eating establishments or your classic household recycling program for individuals and families. Initiatives like these demonstrate the city's dedication to closing the loop on waste streams. By repurposing materials that would otherwise contribute to environmental degradation, Raleigh sets a precedent for other cities aiming to create sustainable and circular economies.
Diversity and Culture
The Raleigh-Durham area consists of over one million residents, all of whom are from diverse backgrounds and cultures. Individuals from all walks of life play a part in the creation and establishment of new North Carolina businesses throughout the Triangle area. New restaurants, festivals and other cultural places of business continue to prosper and create jobs for individuals in this vibrant city.
The importance of diversity in the Research Triangle influences the amount of business owners deciding to move to the area as what makes North Carolina such a great place for them. With such a varied population, there's no business that can't find their client base. Additionally, the city's commitment to sustainability reflects the health-conscious and environmentally friendly priorities of local businesses, making it appealing to entrepeneurs and business owners from all sectors.
If you’re thinking about starting or acquiring a business in Raleigh, NC, now is the perfect time. From its booming technology and science sectors to its charming community and sustainable practices, there's a lot to love about this lucrative city. If you’re leaning towards buying or acquiring, make sure you talk with a Professional Raleigh Based Business Broker. They can provide insight into the best types of North Carolina businesses, locations and what to look for.