There’s no doubt that Chicago is one of the best cities in the world. So many entrepreneurs have found success starting and running businesses there. It’s a huge and diverse market, and there is a place for just about everything. However, owning a business right in the city isn’t for everyone. Luckily, the suburbs around the city are just as full of opportunity, making them prime places to start businesses.
The Chicago market is big, and that includes the suburbs. Many of the professionals who spend their days in the city live and spend their money in the suburbs, making them ripe with opportunity. The right type of business with the right strategy can grow and thrive in any number of the communities near the city.
Many of these communities are small, including some under 10,000 people. However, just because you could get a taste of small-town living doesn’t mean you shouldn’t take all the necessary steps to start a business. First, you need a business plan outlining how you will operate your company, including your staffing and marketing strategy. You also must ensure that your revenue and expenses are projected well beyond your launch to prepare for what’s to come.
Along with that, you must have appropriate business insurance. If you will have employees, Illinois mandates that you have workers’ compensation insurance. You will also need general liability insurance to protect against getting sued. If you are going to use your vehicle for your business, or have vehicles purchased for it, then you will need commercial automobile coverage. There is always a chance that your property could be damaged or destroyed, and commercial property insurance can protect against that. You can buy Illinois business insurance online for your specific type of business so that any potential risks are covered. So here, without further ado, are the six best Chicago suburbs to start a business.
The countryside is one of the small suburbs, as it is home to approximately 6000 people. However, it has many businesses that employ local workers instead of people who need elsewhere for work. In addition, they have a strong business association that encourages small businesses and economic development. The association is there to help new businesses get started, and established businesses grow. The town is located in Cook County and is a member of the West Suburban Chamber of Commerce, which helps businesses in their member suburbs connect, collaborate, and prosper. Also, if you are looking for an affordable place to live, Countryside might be your best bet, as the housing costs are among the lowest in the Chicago area.
Burr Ridge has a low unemployment rate compared to many other Chicago suburbs, meaning there is a lot of money to spend on local businesses. In addition, it’s a very easy commute to downtown Chicago, making it an attractive place to live. One of the benefits of Burr Ridge is that it is on the border of DuPage County and Cook County. Therefore, businesses can use resources from both counties’ economic development bureaus.
While Peru might not technically be a suburb, as it is approximately 100 miles away, it is still a community with strong connections to the big city. Plus, it is an attractive place to live as the housing costs are low due to being so far away. The majority of its residents work at local businesses, meaning that you can take advantage of a good labor market and benefit from the local spending that workers do. Peru is located in what is called the Illinois Valley, and you can access services through the Illinois Valley Area Chamber of Commerce and Economic Development. So, while it is far away, don’t sleep on the benefits of starting your business in this great community.
Lincolnshire is a village suburb that is home to just under 8000 residents. However, what it lacks in numbers, it makes up for in affluence. It has a high median annual income and a very low unemployment rate. The local chamber of commerce is active and helps bring businesses to the village and retain the ones already there. So you will get a lot of support in Lincolnshire and operate in a great market.
Itasca is an anomaly as it has a low cost of living, but it is also home to some big corporations along with being close to O’Hare International Airport. The GOA Regional Business Association is located in Itasca and provides many services to help new businesses get up and running successfully. These include training, networking opportunities, mentorship, and other support. It is a large association that works with many communities, so you are sure to get any support or help you need.
Oak Brook has a lot going for it if you want to plant your business roots. It is one of the wealthiest Chicago suburbs, for starters. While its population is low, it also has a strong business community, with the 2nd most business per capita among other suburbs. In addition, several national and international corporations have made their homes in Oak Brook, so there is a lot of money to go around. Because of such a strong business atmosphere, the Greater Oak Brook Economic Development Partnership and the chamber of commerce are particularly strong and able to provide support.
Starting a business is a big step. You want to make sure that you have everything in place and are set up as well as possible before getting started. After you launch, you want to be in a place that fosters business growth and has a strong market with which you can work. Chicago is one of the world’s biggest and most dynamic cities, and the market surrounding it is huge. Any of the suburbs listed above would be a great place to start your entrepreneurship journey and thrive for years to come.