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Phoenix, AZ is rapidly becoming one of the most popular cities in America. A franchise consultant can attest to that. Franchising companies and families from higher-cost states are flocking here because of its comparatively low cost of living.
Furthermore, this city in Arizona has been named the 4th Most Desirable City For Millennials – even during those tumultuous Covid-19 times! So what makes Phoenix so attractive for franchising business opportunities?
One major reason why more business owners come to Phoenix is because of the low business startup costs. With a strong local economy and growing population, more and more entrepreneurs are attracted to put up a business opportunity in this city. Investing much can be risky but if you choose to live here, your minimal capital can grow in time.
Arizona as a whole is one of the country’s most tax-friendly states. Veterans and retirees who wanted to start a business in Phoenix are attracted by the fact that Arizona state does not tax their Social Security benefits. Phoenix alone has an average of 2.59% to 4.50% income tax. Arizona, in general, is stated to be 3.5% cheaper than Florida.
According to Inc magazine, Phoenix is 9th in the US for being the leading city to establish a business in 2020. The city does not collect corporate franchise tax with minimal regulations. Phoenix is a pro-business place both for starters and entrepreneurs who want to diversify. Business owners earn high profitable returns because of the low-cost lifestyle in the city.