With the highly competitive nature of places like Silicon Valley or Seattle, your tech company might have a hard time getting off the ground and achieving goals if you’re based in these places. It may be time for you to move to a place that’s showing a lot of promise as a tech and business hub: Nashville, Tennessee.
Most people associate the place as the home of Country Music, but Nashville has been rapidly emerging as an economic powerhouse in the past few years. It’s been ranked by the Business Facilities as one of the top five states with the best business climates. This is especially significant for tech industries given the pool of talent living and moving into the city. Keep reading to see other reasons why moving to Nashville is a rewarding business decision.
1. More Savings for Business Operations
Compared to other major tech cities, Nashville has lower costs for business operations and living in general. Data shows that you need around $80,000 annual income to live comfortably in the city. Meanwhile, cost-of-living requirements in other tech hubs like San Francisco or New York reach six figures, depending on if you’re a homeowner or renter in the city.
This also translates proportionally to your business operations. You’ll need access to great but affordable office spaces — especially if you’re a start-up. Nashville office space rents for an average of $34 per square foot across all building classes, with suburban areas like Hendersonville and Brentwood offering cheaper office rents. Compared to hubs like NYC, where the average going rate for an office lease is $80 per square foot, this is extremely affordable for young tech businesses looking to establish themselves.
The Nashville tech scene already has existing businesses and contractors that can address these needs. Of course, their services have much lower costs than other cities. This is partly because of the lowered cost of living, which translates to more affordable tech solutions.
2. You’re In Good Company
Several major tech companies already have presences in Nashville. These include industry juggernauts like Google. Others like Amazon and Facebook have announced their intentions as well. This will certainly prompt other companies to make the move too, further enhancing the city’s tech industry.
While some will see this as a recipe for intense competition, you can look at the brighter side and see the benefits of having a thriving tech center. You’ll have easier access to the latest innovations and systems that will complement your operations. Furthermore, many businesses that cater to the tech industry specifically will begin to emerge. City infrastructure will also start having features dedicated to the industry, making operations seamless and more efficient.
Perhaps the biggest benefit of tech companies clustering in Nashville is that it incentivizes innovation. To remain in the game, each business will work hard to create the next big thing. This competition fosters advancements that will ultimately benefit customers in the long run.
3. Ample Growth Resources for Startups
Before you start becoming productive as a startup tech company, you need resources and an infrastructure to sustain operations. Building these from scratch will be expensive and risky. Fortunately, Nashville already has these and a whole lot more.
There are already established businesses that cater specifically to the tech industry. These include commercial real estate firms, internet and utility providers, legal firms, and marketing agencies — and let’s not forget organizations like Jumpstart Foundry and Nashville Entrepreneur Center. These groups are dedicated to helping startups access the resources and manpower needed to get your company off the ground.
There are also dedicated government programs and departments that will assist with your many needs as a tech business. From securing leases for commercial spaces to finding the best business insurance plans, entities like Nashville’s Chamber of Commerce will be there to help out.
4. Thriving Job Market and Highly Specialized Talent
As more and more businesses in other industries move to Nashville, professionals are also following suit. In fact, the counties surrounding the city have seen an immense increase in population over the past few years. Davidson County recorded a 15% increase in the past decade while Rutherford and Williamson Counties saw more than 30%.
The one key feature that tech companies should take note of is that the existing and immigrating population favor tech-related roles. This is primarily a result of the local academic institutions focusing on tech-related programs. This means that there are a lot of young and eager professionals that have the right skills for emerging tech companies.
This core pool of talent will serve as a strong foundation for startups who want to become globally competitive or established companies who want to adapt quickly to the Nashville work environment.
5. Business-Friendly Climate
Given the reasons stated above, Nashville has a business-friendly climate overall — but that’s not just limited to the tech industry. The city is starting to become one of the more cosmopolitan and progressive communities as it moves away from its traditional roots. This makes it a better option for small businesses and the younger workforce.
The good quality of living is also a huge factor. Nashville has many entertainment venues, a thriving music culture, and a competent transportation infrastructure that makes it worth the move.
If you need further proof, take a look at the number of people who choose Nashville as the place to retire. Thanks to the beautiful weather, many amenities, and vibrant community, many people recognize this place as one of the best cities to live in for the long term. In fact, the state and its metro areas have ranked as the number one choice for American retirees in a ranking by an established moving company. That goes to show that Nashville is well on its way to becoming one of the most important cities in the country — whether you’re still working or not.
Nashville offers a lot of promise for tech companies. Thanks to its low cost of living, skilled workforce, thriving job market, and dedicated resources for the industry, startups and small businesses can easily transition and establish themselves in the city. When looking for a place to move your company, the Music City might just be your best option.