The Myrtle Beach, South Carolina economic zone is one of the nation’s fastest growing business locations. Not only does the region boast abundant labor, a low cost of living, and all-around commercial expansion, but it offers a wide variety of options for entrepreneurs who want to build a life and career in gorgeous, pleasant geographic surroundings. Beaches, lush greenery, temperate weather, a business-friendly political climate, and a massive tourism sector are just a few of the reasons owners and workers are flocking to the area.
What should you know before launching a commercial enterprise in the region? In addition to the fact that the zone’s economy is growing fast, note that having a college degree can help streamline the path to success. Here are some of the most relevant points to review before starting a Myrtle Beach-based organization.
Having a Degree Helps
Breaking into the hottest economic zone in South Carolina can be much easier for those who hold college degrees. However, prospective college students tend to worry about how to pay for their education. Fortunately, many hardworking young adults can find help through Going Merry scholarships for college degrees in every field of study. The website offers a streamlined, all-in-one location where people can both search and apply for any number of scholarship awards on a user-friendly platform. It’s the most time-efficient way to gain access to cash that students can use to cover some or all the expenses associated with earning a complete education.
Best Businesses to Start
If you’re headed to Myrtle Beach and still haven’t decided on what type of company you want to start, consider one of the three fastest growing sectors in the region: tourism, financial services, and food and beverage sales. Because the area is closely tied to a regular influx of visitors from all over the world, startups that cater to that specific group have unlimited profit potential. For similar reasons, food and beverage enterprises can earn outsize returns on investment if they’re properly managed.
Remember to acquire all the necessary licenses and permits before launching a food truck or beverage sales business. Myrtle Beach’s financial sector is also expanding at a rapid rate, and the growth is not tied to tourists but to long-term residents. Young families, many of whom have recently relocated to the area, need mortgages, personal loans, credit counseling, insurance products, and other kinds of assistance.
Consumer Demand & Abundant Labor
Two factors that historically have driven economic growth are consumer demand for goods and services and a ready supply of skilled labor. Myrtle Beach has both, which is why so many entrepreneurs flock to the area. Even amid a competitive commercial environment, owners can carve out profitable niches, hire as many workers as needed, and leverage the power of targeted advertising to attract new customers. Local tax rates are on the low end of the national average. Plus, Myrtle Beach boasts a very business-friendly political environment and a wealth of technology resources for companies in the IT industry. Overall, Myrtle Beach is one of the most fertile places in the US for starting a business.
The Region is Growing Fast
The region is among the fastest growing economic zones in the US. While the prime component of the local commercial scene is related to tourism, there are many other categories of financial activity that make up the overall picture, including consumer goods, service industries, light manufacturing, financial services, and education. Prospective entrepreneurs should understand that quick growth does not always translate to guaranteed success. This is something to consider when starting a business in Myrtle Beach.
Owners still need to develop solid business plans, engage in strategic advertising, work hard to minimize expenses, and expect low or no profits during the initial months of operation. The tourism sector took a major hit in the early months of 2020 due to the COVID pandemic. However, by late 2022, profit margins and earnings for tourist focused companies had returned to normal. Weather plays a role in business success as well. Every few years, the region experiences storms that can put a damper on the tourist trade.