Moving your business to North Carolina – yes or no?

Moving your business to North Carolina – yes or no?

Until the 1960s, North Carolina was one of America’s poorest countries. The production of tobacco, cotton, furniture, and textiles dominated the local economy with low paid labor. North Carolina was on the 49th place in the United States by income per capita… And suffered from a severe, chronic brain drain. But in the upcoming decades, the situation changed completely. Nowadays, North Carolina is the ninth state in the US by the amount of gross domestic product – that has exceeded 442 billion dollars. So, if you are thinking about moving your business to North Carolina, read on and find your answer.

National investments in NC

Before you even consider moving your business to North Carolina, let’s look at some facts. In 1963, the Local Parliament established the Office of Science, Technology & Innovation, the first of its kind in America. The goal of this board is to change and promote research projects in science, technology, engineering, and industry. In 1983, the Small Business Innovation Research program (SBIR) was launched at the national level. This was also very significant for the development of North Carolina. The SBIR Program is one of the best examples of public-private partnership in the United States. Many federal agencies are involved in it financially, and the Ministries of defense, health, energy, and NASA have the largest share.

Innovations and start-ups

In addition to creating local development and good reasons behind the growth of self-employment, North Carolina’s orientation to innovation contributes to the entire US economy with a growth rate of up to 50 percent. When it comes to North Carolina’s economy and its closely related technological development, we have to mention one of the largest research parks in the world. The Research Triangle Park (RTP) is an innovative triangle between Raleigh, Durham and Chapel Hill. More precisely, it’s an unincorporated area between the University of North Carolina State, Duke University, and the University of North Carolina at Chapel Hill – the three leading universities in the world! This geographical triangle is, among other things, the birthplace of digital technology… And also the bar code, LED lighting, command ctrl + alt + del and taxol, the most commonly used anti-cancer medicine. It all sounds like there’s a ton of reasons for moving your business to North Carolina, but there are other things to consider as well.

Pros and cons of moving your business to North Carolina

Nearly 50,000 people work in the 260 startup companies and five business incubators in the triangle, and most of them have a high education. When it comes to the companies’ portfolios, the majority are those engaged in research in the field of biotechnology (46 %), information technology (16 %) and business and professional services (10 %). Behind them are foundations, institutes and scientific associations (9 %). According to some figures, the average wage in the triangle is 56,000 USD a year. This number exceeds the regional and national average by almost 45 percent.

In spite of the impressive results, experts point out that the research and development sector in America is in decline and that young, so-called millennials prefer to live and work in an urban environment, rather than in a center like RTP. As a triangle’s shortage, there is a lack of residential and retail facilities, and most of the campuses are closed, which reduces opportunities for cooperation and knowledge exchange. So, it’s not just about numbers, there are other crucial things every business needs to do.

Things you need to consider

So, if you are still thinking about moving your business to North Carolina, try considering all the aspects. Making a decision to change a job position is not easy, especially since every individual has their own life story. At the beginning of a career and as a single person it is easier to decide to relocate. Still, those who have already grown their roots and started a family will find it harder to make the same decision. Of course, it largely depends on the business model you are running. In any case, if you decide to relocate, you should always try to find moving services for your business needs.

Analyze the cost of living

First of all, analyze and compare the cost of living in your current state and NC. Are there supermarkets nearby with more affordable prices? Also consider the pricing of public transport or gas, health insurance, etc.

Think about your career goals

Before making a decision, it is wise to consider your future career goals. Are you close to what you want to achieve? Of course, you know you are never too old to learn a new skill. If you are focused on growing your business quickly, and relocation can help, you do not have to think at all. However, if you see limited promotion opportunities, you will probably be satisfied only at the beginning.

Think about the quality of life in the new city

Every person likes to strike a balance between their professional and private life. The availability of public transport, entertainment and the environment… Those are just some of the aspects that you can consider before moving. For example, think about the change of climate and whether that is a plus for you. If you feel lonely and do not see yourself in big cities, there may be small places that need experts like you.

Think about the impact on your love / private life

If you are a young, free individual who is not so attached to their family’s place of residence, you will surely be more determined about moving your business to North Carolina. Marital status and children naturally change the whole perspective on the move. And if your partner has a good job worth keeping, you will need to take some time to think about leaving. And – do you have a plan B if everything goes wrong?

We hope this article gave you a better idea of whether you should be moving your business to North Carolina. And some things go without saying. You (and just you) need to spend some time thinking about whether it is truly worth it. And nobody can make that decision better than you.

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