Creativity is part of the culture in Santa Monica. Here, anyone can be anything and it's one of the best places for your entrepreneurial spirit to flourish. Santa Monica is a gorgeous backdrop for small businesses and startups and is quickly becoming one of the most popular places to start a business.
There are many reasons why small business owners and entrepreneurs flock to Santa Monica to start something new. Here’s why:
You can't help but feel inspired when you're surrounded by a community of young, inspired, passionate, and dedicated entrepreneurs. The people here are bursting with new ideas, and are interested in hearing yours. It's a community that supports big dreams and small businesses and is the perfect place to find a mentor. Someone once said that you are who you hang out with, and in Santa Monica, it's easy to hang out with people who are chasing their dreams of business ownership.
Santa Monica has an endless list of resources readily available for eager entrepreneurs. From co-working spaces and network events to start-up accelerators and business mentoring programs, business owners don’t have to look far to get connected with the right resources to help them achieve their goals. Some of the best resources for Santa Monica entrepreneurs include:
There’s no shortage of tools, resources, and organizations designed to help small business owners be successful.
The Tax Benefits
One of the issues many small businesses run into is navigating all of the taxes and fees associated with starting a business. One of the reasons Santa Monica is such a great place for startup companies is that it offers a lot of great local, state, and federal resources designed to help new businesses.
If you're bringing your business to California and plan to expand, California Completes income tax credit may work to your benefit.
The Small Business Tax Exemption supports registered small businesses whose taxable and nontaxable gross receipts do not exceed $100,000, and that file annual renewals on time
The New Market Tax Credit incentivizes community development and economic growth through the use of tax credits that attract private investment to distressed communities.
The Food Service Program helps businesses using the Los Angeles Department of Water and Power. You might qualify for rebates for new energy-efficient equipment such as ovens, griddles, steam cookers, holding cabinets, glass and solid-door refrigerators/freezers, ice makers, and kitchen demand ventilation.
The Electrical Vehicle Charger Rebate “Charge Up LA!” Program offers rebates to help deploy electric vehicle charging infrastructure at businesses, including workplaces, multi-unit dwellings, and public parking lots.
The Work Opportunity Credit is a federal income tax credit for hiring employees from nine target groups.
The Los Angeles Works Incentives Finder provides a customized list of incentives for which your business might qualify. Just enter your address and let the algorithm do the rest.
Another reason Santa Monica is great for growing a small business is because of its unbeatable location. Whether you’re working from your apartment’s home office, a co-working space, a local coffee shop, or a chair on the beach, Santa Monica’s central location puts you exactly where you need to be. Its proximity to LAX and Downtown LA make it easy to network, collaborate, and plan with other business owners, and it’s easy to get to other cities that are popular for startups, including Venice and Playa Vista.
If it’s just you and your computer, Santa Monica has a lot of great places to sit back, get comfortable, connect to the Wifi and stay busy. Some of the best places for small business owners and entrepreneurs to do their thing include:
Working in Santa Monica means always being able to step out of the office and walk along the Santa Monica pier, browse the Farmers Market, or network with other business owners at Art’s Table or Dogtown Coffee. Where else could you walk out of a meeting, grab your surfboard, and catch a few waves before your next call?
The economic environment and flexibility of the business structure in California make it a great place for a startup. The community and culture of the city are built upon creativity, innovation, and technology. If you’ve got a great idea, bring it to Santa Monica and surround yourself with the people and resources you need to be successful. But first, you have to find a place to live. Take a virtual tour of NMS 1539 Fourth and start visualizing yourself living in Santa Monica!