Business relocation can be a hassle but it can also be a blessing for your small business growth IF you select a destination conducive to small business growth. Since my main business hub is in the Tampa Bay area (and I absolutely love it here), today I want to touch on 5 Tampa Bay cities to consider for your move.
5 Tampa Bay Cities to Consider For Your Business Relocation
Average Household Income: $76,634
Employment Rate: 95.6%
Largest Population Age Group: 27.8% from 45 to 64.
Recently while working with one of my clients – Big Boys Moving Tampa – a moving company centered in Tampa Bay, there has been a lot of movement in the East Lake area. Extremely popular among families for its quality of schools and working professionals for the thriving economy, East Lake is a location to consider if your business centers on management, the arts, sales, or service.
Since the population of East Lake is made up of an older population, this is also the ideal location for businesses that target these populations. East Lake has a population that is slightly skewed to the female audience, but this 10% gender population gap isn’t significant enough to make any major industry impact as far as sales audience.
Average Household Income: $53,281
Employment Rate: 95.6%
Largest Population Age Group: 27.1% from 25 to 44
Although the median household income in Palm Harbor is around $20k less than in East Lake, it’s a prime region for certain business niches. If your business specializes in administration, the arts, management, education, healthcare, retail, or social assistance, then Palm Harbor is a good place to consider for relocation.
With a large percentage of the Palm Harbor population consisting of married couples and small family units, this is an ideal location for businesses that focus on family needs and activities. Additionally, Palm Harbor has a relatively neutral gender gap in terms of population than East Lake with around 12% more female than male residents, but again this seems quite insignificant in the framework of sales.
St. Pete Beach
Average Household Income: $61,169
Employment Rate: 95.7%
Largest Population Age Group: 31.3% from 45 to 64
With a population similar to East Lake in terms of the focal age group of the area, St. Pete Beach has a gender population split that goes almost right down the middle. A slightly lower average household income than East Lake, St Pete Beach has a much smaller population of around 1/3 the people of East Lake.
If your business specializes in sales and service – particularly in the arts, entertainment, recreation, food services, or accommodations – St. Pete Beach is a good relocation choice.
With a large percentage of the St. Pete Beach population consisting of single homeowners and “non-family” units, this is an ideal location for businesses that cater to wants as well as needs. Additionally, Palm Harbor has a relatively neutral gender gap in terms of population, making sales and services an “equal opportunity” playing field for businesses in all niches.
Average Household Income: $89,495
Employment Rate: 95.5%
Largest Population Age Group: 27.2% under 20.
Although the median household income in Westchase is higher than the three locations mentioned above, the demographics of the area are starkly different. With a median age of 36.1 and a large population of juveniles, the niche demands in Westchase are much more family and youth-centered. If your business specializes in healthcare, education, social assistance, management, administration, and professional fields, Westchase is a location to consider.
With a large percentage of the Westchase population consisting of family units and young adults, this is an ideal location for businesses that focus on supportive services and basic needs. With only a 4% difference between the male and female population size, this is another location with a relatively even playing field for gender-targeted businesses.
Average Household Income: $74,698
Employment Rate: 94.7%
Largest Population Age Group: 32.58% from 25 to 44
With a healthy average household income and a younger focus of population, Wesley Chapel boasts a diverse business range. Some of the focal industries in Wesley Chapel include real estate, finance, insurance, rental and leasing, administrative businesses, professional niches, retail trade, social assistance, healthcare, and education.
With a large percentage of the Wesley Chapel population consisting of younger married couples there is potential for businesses that cater to a diverse range of wants and needs. Additionally, a 2.4% difference in gender population of Wesley Chapel open doors for businesses that target young professionals of both sexes.
Where Would You Consider Relocating To?
Have you considered relocating your business elsewhere? Leave a comment below and share your prime business relocation spots!