Businesses open in the Golden State to take advantage of their incentive programs, tax breaks and well-educated work force.
Between the mountain ranges, the warm sunny climate, gorgeous beaches, the world-renowned wine country, Hollywood and the world’s largest technology companies, California seems to have it all.
California is home to fifty-three Fortune 500 companies, yet it’s small business and franchises that are the backbone of their economy. Ninety-nine percent of the state’s employers are small businesses, and they employ fifty-two percent of the state’s workforce. The state also has the fourth highest number of new entrepreneurs in the country and is sixth for density of start-ups. California has several different incentive programs and policies in place to encourage small business development, including the California Competes Tax Credit which helps businesses come to California, or stay and grow. California’s GDP is worth over $2.7 trillion, which is the fifth largest economy in the world, let alone the U.S., and it continues to grow each year. The state of California has many diverse areas as well, which help it support a wide variety of businesses. Another interesting asset is the quality of education in the state, with schools that consistently rank as some of the best in the nation. What this means of course is that California has plenty of well-educated people looking to enter the workforce. On top of all that, the Golden State is known for their networking opportunities. Trade shows and conferences take place across the state, attracting tens of thousands of people each year that can help your business or franchise grow in multiple different ways.