Virginia has some excellent business-friendly policies that encourage new business ventures. The state has the lowest income tax rate when compared to the other states of America. It also gives plenty of incentives for existing businesses as well as startups. Over the past few years, such policies have paid off in a good way. Plenty of job opportunities are being created in the state since the economic downturn of 2008.
The average hourly earnings of those working in the private sector have also risen. Economic development grants and reimbursement for recruiting and training services are some of the business incentives offered. Listed below are some of the best places in the state for aspiring entrepreneurs to start a business:
1. Fairfax
For every 100 individuals, there are over 25 businesses in this city. This is considered the highest number of businesses in the state. At 4%, the unemployment rate is lower than the national and state average. The Central Fairfax Chamber of Commerce plays an important role in serving the local businesses.
It also organizes regular networking events, marketing opportunities, educational workshops, and leadership training.
2. Tysons Corner
This is the central business district of the Fairfax County. Businesses located here have an average revenue of more than $11 million. About 45% of businesses in this area have paid employees. Tysons Corner has a little more than 23 businesses for every 100 people.
This ranks it second highest among all the communities in Virginia. Among the top employers in this area are Hilton Worldwide and Booz Allen Hamilton. The largest shopping mall in Virgina is also located in Tysons Corner.
3. Abingdon
Located in the Blue Ridge Highlands region, this town is an excellent place for outdoor lovers. The median monthly costs of housing in this town is among the lowest. Abingdon is either home to or close to many recreational trails as well as historic places.
This includes the Virginia Creeper Trail that spans 34 miles. For every 100 people, the town has 19 businesses. The Washington County Virginia Chamber of Commerce serves Abingdon’s local businesses.
4. Warrenton
Located at an hour’s distance west of Washington D.C is this fascinating town. It is close to Shenandoah National Park and has a little over 21 businesses for every 100 people. The highlight of this town for businesses is the Greater Warrenton Chamber of Commerce. It also offers a business assistance team.
The mission of this team is to provide support and education to the local businesses. This is aimed towards their sustained profitability and success. The chamber also provides its members with free professional guidance, expertise, and resources.
5. Vienna
This town is located at a distance of 17 miles west of downtown Washington D.C. The town’s ranking has been hampered by its median monthly housing costs. Despite this, it has a low unemployment rate of 2.1%. This town has a little more than 16 businesses for every 100 people.
It also has a high median annual income of over $83,000. Among the top employers in the town are Fairfax County Public Schools and Navy Federal Credit Union. The Vienna Business Association provides excellent opportunities for its members with regards to networking and promotion.