Philadelphia has seen its share of ups and downs, just like the rest of the country. Philly’s main advantage is that it is the largest business market in the state. There is also some new development in the area that is inspiring entrepreneurial types to pursue new businesses.
Along with new business comes financial uncertainty. Whether it is startup costs or increasing the bottom line, the challenges of small businesses are different from larger firms. One of the aspects they face is the cost of office space. Because of this, many startups begin in private homes.
However, there are always times when meeting there or in other casual spots is just not cool. For example, ever. Much of the time, even for creative businesses, it is very hard to impress an investor or new client from your living room. No matter how great your product or service is. And don’t get me started on Starbucks. So what is a new business owner or company experiencing growth to do?
Renting meeting rooms in Philadelphia are not only convenient, but they are so affordable that even the most cash strapped startup can afford them. Normally, a place in the bustling Philadelphia Business Center would cost nearly $1,000 a month. But booking a Davinci Meeting Room can cost as little as $35 an hour.
One of the more challenging issues that Philadelphia businesses face is the uneven tax structure. This has made it historically difficult for corporate property taxes to be collected. The way this impacts business is that not only is it confusing for new businesses, but there is also less revenue to share and disperse for new startups. For example, the city expects a pre-payment for the business privilege tax, regardless of profit. This can be a real drag for a new business.
Cut to the current climate, and Philadelphia finally came to its senses and bestowed more than $200 million in tax credits, abatements and loans to a variety of businesses. Not surprisingly, this has done much to boost business – with over $4 billion tax credits recently.
When it comes to the City of Brotherly Love, small businesses and entrepreneurs can get plenty of it from Davinci Meeting Rooms. Using these convenient conference rooms lets any company stand tall to attract the kind of financing and business confidence they need to face the hurdles ahead.