With nearly 40 million residents, California is the most populous state in the US and is also one of the most diverse. The Golden State boasts a thriving economy and is home to some of the world’s biggest businesses, so could it be an ideal place to expand your own company? California is an excellent choice for business expansion due to its strength and diversity in its economy, industry, and people. Below is more on why you should consider expanding your business to California.
A Thriving Economy with Booming Industries
California’s economy is the fifth largest in the world, with a gross state product of over $3 trillion, making it the 5th largest economy in the world—larger than that of the UK or France.
Not only is California’s economy large, but it is also diverse. The state is home to numerous industries, including agriculture, information technology, tourism, and entertainment. This diversity offers opportunities for businesses in many different sectors to find a niche and thrive.
No surprise, California is home to some of the world’s largest companies and most successful startups. No matter what type of business you’re in, there are ample opportunities for growth in California.
A Vibrant Culture
California is not only the largest US state by population; it’s also one of the most international. Nearly 1 in 4 Californians was born outside of the country. This multiculturalism gives businesses a unique opportunity to tap into new markets and gain a global perspective. If you’re looking to expand your business internationally, California should be at the top of your list.
In addition to being an international hub, California also offers an excellent quality of life. The state is home to gorgeous beaches, world-renowned museums, and exciting nightlife—just to name a few things. This vibrant cultural scene attracts top talent from all over the world and makes California an attractive place to live and work. Businesses that expand into California can take advantage of this by attracting top employees looking for an excellent work-life balance.
A Highly Skilled Workforce
One of the most important factors to consider when expanding your business is workforce quality. California’s workforce is among the best in the nation, thanks to the many colleges and universities throughout the state, such as Stanford University and UC Berkeley. These institutions produce highly-skilled graduates ready to enter the workforce and contribute to your company’s growth.
The large immigrant population also brings valuable skills and experience to the table. Immigrants make up 27% of the state’s workforce and are responsible for starting 1 out of 4 Silicon Valley startups. With such a vast talent pool, you’re sure to find the perfect employees to help take your business to new heights.
When expanding your business to a new state to tap into new markets, there are many factors to consider. However, you can narrow down your list of contenders by paying attention to key indicators such as a state’s economic status, top industries, and workforce quality. Expanding your business into California will give you numerous opportunities for growth in many different sectors.