When you think of Los Angeles, one of the first things that may come to mind is sunshine and, of course, Hollywood. However, the film industry isn’t the only star in the City of Angels. According to business expert Brian Ferdinand in a recently published article, Los Angeles ranks high for doing business in multiple industries, including transportation, education, hospitality and tourism, and even food manufacturing.
Los Angeles: More Than an Economy with Just Three Legs
In the intriguing business article, Ferdinand, who is SoBeNY’s managing partner, explains that Los Angeles has long been described as having an economy with three legs: television and movies, tourism, and aerospace. The reality, though, is that the city has dozens of important industries beyond these three.
For instance, Los Angeles features many. In addition, with Greater Los Angeles being home to almost 18 million individuals across five counties, you can easily find talented people to help you to grow your business there. These professionals include fellow entrepreneurs who are established or aspiring to get on the map, technological research and development professionals, and suppliers. Los Angeles’s unique combination of a vigorous business ecosystem and the talent needed to keep it moving make it a one-of-a-kind place to do business today.
Other Perks of Running a Business in Los Angeles
Los Angeles is also attractive to entrepreneurs given that the city’s population is young and invigorating. This is a perfect situation for driving technological advancements. The city also has many headquarters for multinational corporations. It therefore draws people from all over the world and thus offers a level of diversity that you won’t find in many locations.
Yet another reason to start a business in LA is that it offers a wide variety of opportunities to be creative and imaginative. After all, Hollywood wouldn’t thrive in an area that didn’t have creativity as its backbone. Thus, if you are a small business owner, Los Angeles remains one of the best paces for testing business ideas that aren’t exactly traditional—ideas that might not necessarily work in another market. Chances are that people in Los Angeles will be receptive to your innovative ideas, and thus, you’ll have an opportunity to go far there.
All in all, if you need a business climate where you can try out new ideas in a range of industries, Los Angeles remains the one to beat, according to Brian Ferdinand.