Individuals interested in starting their own business have to make a number of decisions before taking the plunge. They have to decide what type of business they want to get into and what their overall budgets will be. Individuals also have to decide what area they want to open their business in. Colby Burke Hilton Head suggests that more of these businesses consider getting their start in Hilton Head. Hilton Head is a successful example of the pro-business climate that has allowed thousands of business to thrive across the country in the past ten years.
Colby Burke Hilton Head argues that 2019 will be a great year to start a business for a wide variety of tax reasons. The full impact of the 2017 tax law will be felt. Companies will have to pay less in corporate taxes and have a more favorable environment for investment. This favorable setting is more pronounced in South Carolina than other places. South Carolina has one of the nation’s lowest tax rates for corporations. Several prominent factories have already been built in the state over the past three years.
The economy has been successful for some time and is in a good situation for corporate expansion. Interest rates remain low in many places and banks are eager to lend money to start new businesses. Wages have begun to rise after remaining stagnant and harming workers for many years. The tourism industry is still booming and has been since a few years after the end of the Great Recession.
Areas like Hilton Head thrive when people have enough money in their pockets to go on vacation. More tourism means more tax revenue for the state and city and more money for banks to lend to new businesses. A large number of tourists also improves the chances of a new retail small business getting off of the ground. In addition, businesses that cater to other businesses find a high level of success when there are many tourists and an area is booming.
The island of Hilton Head is a particularly attractive place to start a business. Hilton Head has expanded past its historical reputation as a limited resort for the rich and famous. There are frequent new buildings and businesses moving in on a regular basis. New hotels, restaurants, and golf courses attract the tourists who spend their money at local businesses. Hilton Head is also attracting advanced entrepreneurs and tech businesses. These businesses can attract talent because of their proximity to the beaches and attractions that have made Hilton Head so popular with such large numbers of tourists.
Starting a business is by no means a guarantee for success. Individuals still have to pour hundreds of hours and thousands of dollars into their business plan. Even the best business plans can be derailed by unseen forces. But starting in a successful area places an individual on a head start towards success. Starting a business in Hilton Head, instead of in another far-flung area, could mean the difference between success or failure for any small business.