Did you know half of all American publicly traded companies and two-thirds of Fortune 500 companies are incorporated in the state of Delaware?
Aside from being the ideal city to incorporate big business, the small business scene in Wilmington is THRIVING! This city has many attractive qualities for small business owners, making Wilmington, DE the right decision for the success of YOUR business!
1. Cost of Living vs. Cost of Business – A great attraction for potential customers of your small business is tax free shopping! This incentivises shopping within the Delaware and Wilmington community (and your business!) Additionally, the cost of doing business is relatively low; a business license only costs $75 each year! The cost of living is low as well, at roughly 89.9/100 (100 being the US average), according to data collected by bestplaces.net.
For additional information about the cost of business and incentives for setting up shop in Wilmington, visit the city’s official website by clicking here.
2. Small Business Support – The city of Wilmington has a vast amount of grants available to the community and supporting organizations that you can take advantage of for the betterment of your business! Organizations such as Wilmington Alliance and their WilmingtonMade program, Downtown Visions, West Side Grows, and the Delaware Division of Small Business are great organizations to familiarize yourself with.
- WilmingtonMade – In support of small businesses citywide during and after the pandemic, Wilmington Alliance launched WilmingtonMade. WilmingtonMade promotes local businesses, restaurants, stores, and cafes citywide, listening to the needs of small business owners and taking immediate action.
- Downtown Visions – Downtown Visions is a non-profit organization that manages the Business Improvement District. Their Main Street program saves historic buildings and focuses on small business recruitment, business marketing, promotion, and creating new jobs.
- West Side Grows – Since 2011 residents and stakeholders have worked together to develop a 10 year community strategy known as West Side Revitalization Plan. Their goal was to echo the voices of the community offering grants and resources to small businesses in the community.
- The Delaware Division of Small Business- The DDSB offers resources to help small businesses start and grow in Delaware. Whether you are a would-be entrepreneur with a business idea in hand or an experienced business owner looking to expand, the Division can help. Regional business managers are available to provide one-on-one assistance and counseling to guide small businesses to success in the First State. Visit the division’s website for more info and to get started today!
3. Real Estate – The city of Wilmington has a place for everyone! There are many neighborhoods within Wilmington that can become the home of your small business! Pick the neighborhood that’s right for you and the success of your business! Choose anywhere from Trolley Square, West Side, Downtown, or the Riverfront; no matter where you end up you will immediately be flooded with the feeling of pride and passion for your neighborhood! Wilmington also has two Co-Working spaces, The Mill and CSC Station, giving you a space to conduct your business! There are numerous properties around Wilmington ready to become the home of your business! Cost of rent for business owners can vary, but there are opportunities to either lease or purchase a space that is right for you and your business. Check out available commercial real estate for your brick and mortar by visiting Patterson-Woods and Virtus Realty Advisors.
4. Location – One of the most important factors to consider when starting a business is location. Wilmington is the epitome of the perfect location for your business! It is equidistant from major cities such as Washington, D.C. and New York City, as well as a quick 30 miles from Philadelphia! And if that isn’t enough, Wilmington is located right on I-95, the country’s most important north-south route!
5. Transportation Access – Wilmington has numerous transportation options making it easy and convenient to commute to and from the city! There is access to Amtrak and SEPTA regional rail, Wilmington Airport, four major international airports (Philadelphia – PHL, Harrisburg – MDT, Baltimore – BWI and Newark – EWR), and a full-service deep water port, Port of Wilmington, around or within Wilmington. Wilmington Airport has access to many major cities such as: Orlando, Miami, Houston, Atlanta, Las Vegas and more!
6. Diverse Community & Collaboration Opportunities – There are many local cultural and recreational opportunities for your business to participate in that are diverse and can satisfy virtually any appetite for the arts. Being that Wilmington is such a tight knit community, there is always opportunity for ways to collaborate meaning more exposure for your business! You and your business can participate in the many markets that occur throughout the city! These include the West Side Farmers Market, Downtown Farmers Market, Pop Ups from The Sold Firm and the Brandywine Festival of the Arts Market!