Newtown Square, Pennsylvania, is a small city in Bucks County. If you live there, you probably know it as a place where you can shop at local businesses, like Quaker Steak & Lube, and enjoy a slice of pizza at nearby Bensalem.
The area is also a great location for a startup. Businesses can easily access major highways, like I-95 and Route 202, and there’s a growing tech community. There are even incubators and accelerators in the region, like the one in New Hope.
And, for good measure, the cost of living in Newtown Square is lower than most cities in the Philadelphia area.
The challenge, though, is finding the right business space. There are many options to choose from, including industrial spaces, retail spaces, and office spaces. All have their pros and cons, but they all come with a price tag.
There are also plenty of places where startups can launch. Some cities have business incubator programs, like New Hope, where a company can rent a space and have access to mentorship and other resources. Other places have coworking spaces, like Philadelphia’s Market Street Works, which allows people to work out of a shared office space.
Finding the right location is just one part of the process. The other is making sure that your idea has enough of a market to succeed.
If you’re looking to launch a startup in the region, here’s what you should know.
1. Location matters
Your first step is to figure out if Newtown Square is a good fit for your idea. Start by asking yourself questions like: Where would your customers be? Do you need to be close to a major highway? Will your product need access to electricity?
If you don’t have answers to those questions, it may be time to expand your search. You can start with a larger region, like the Philadelphia metro area, or look at more specific areas, like Chester County.
2. Business owners are friendly
The people who run the businesses in the area are always willing to help. They may not have the same experience as a coworking space, but they can still offer guidance on what it takes to run a successful startup.
3. Small businesses are the rule
According to the Census Bureau, over 95% of the businesses in the area are small businesses. That means that there are plenty of local business owners who are willing to give advice to startups.
4. Business owners are hungry for new ideas
Startups are an attractive prospect to business owners in the area. According to the Census Bureau, nearly 3 out of every 5 people in the area work in a business that is not related to retail. That means there’s an opportunity for new companies to succeed, and business owners are willing to provide advice to those that do.
5. The cost of living is low
In addition to having a lower cost of living than the rest of the country, the cost of living in Newtown Square is actually lower than it is in Philadelphia. The average cost of a two bedroom apartment in the city is $1,100, but in Newtown Square it’s just $850. That’s a savings of $250 per month, or almost $3,000 per year.
6. The region has a startup culture
The startup scene in the area is thriving. Startups are coming to the region from all over the world, and there are plenty of people to support them.
7. There are incubators and accelerators
There are several incubators and accelerators in the area, including the New Hope Accelerator, the Accelerator Program at Temple University, and the Startup Institute. These programs are designed to help new companies succeed, but they may not be the best option for every startup.
8. The cost of business is low
Startups can expect to pay little to no rent in the area. The cost of office space can be as low as $300 per month, and the cost of internet can be as low as $40 per month.
9. The economy is strong
The economy in the area is growing. The unemployment rate is currently 4.7%, which is down from 7.7% in 2019. The number of people employed in the area is also up, with over 60,000 people working in the area. That means there are plenty of jobs, and there are plenty of people looking to fill them.
10. It’s a big market
The Philadelphia metropolitan area is the 13th largest in the country, with more than 6 million people. The area is also growing. According to the U.S. Census Bureau, the population in the area grew by nearly 5,000 people from 2015 to 2020. That growth is expected to continue through 2040.
11. It’s a great place to live
The quality of life in Newtown Square is high. The city has more than 50 parks and open spaces, and it has a median household income of $62,000. The city also ranks as one of the safest places to live.
