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Why Buy a Business in San Diego
If you’re an investor looking to purchase a business in a strong economy, San Diego has what you need. The city has experienced major growth in the last several years and that trend shows little sign of slowing. With a commitment to attracting and keeping business in the area, San Diego offers many incentives to local businesses that show a willingness to contribute to growing the economy and benefiting the community. Though the city gets its support from four major industries, the tourism sector offers the greatest opportunity for return on investment.
San Diego is a hotspot for business, so investors searching for an established company to buy have a strong chance for success in the area. The city offers many resources to support startups, and commercial growth is consistent, so there is never a shortage of innovative businesses for sale.
The local and state governments offer several tax incentives to support businesses already operating in the area. The California Competes Tax Credit is offered to local businesses that want to “stay and grow” in California. The Partial Sales Tax Exemption reduces the tax burden on manufacturing and the purchase of equipment for research and development. State income tax can be reduced using the New Employment Credit, and sales and use tax rebates are offered to companies changing their practices for tax accounting, purchasing or sales.
San Diego places major emphasis on retaining the businesses that are located within city limits. Business owners in the area have a variety of financial incentives available to them if they can prove the company will create jobs, retain them or introduce new technology to the area. Possible financial incentives include tax exemptions, reduced lease prices for county-owned land, industrial development bonds and aid in finding investors by providing a middleman. Non-financial incentives are available as well, including expedited processing of permits, legislative support and customized training provided by local nonprofits.
The city is supported by four major industries: international trade, manufacturing, military and tourism. Of the four, manufacturing and tourism are the most likely to provide investment opportunity, with the tourism industry offering the greatest variety of options.
The manufacturing industry spans a wide spectrum of products, from defense and aerospace to medical devices and craft brewing. If you’re looking to jump into the manufacturing world, San Diego is the place to get your feet wet.
The tourism industry always has great potential in the area, with over 35 million visitors coming to the city in 2017 and just over half staying overnight. The popularity of the area for out-of-town guests keeps the market booming, and the city takes every opportunity to support growth in the tourism sector.
Comic-Con, an annual gathering of comic-lovers, brought in more than 130,000 attendees and leveraged an economic impact of $143 million over the span of the four-day convention. The city’s parks, museums and professional sports teams continue to attract people from all over the world, and the numbers make it clear that tourism brings much to the economic table. This is good news for investors looking to purchase a business in this industry. Strong visitor numbers indicate a large consumer base and the potential for higher returns on investment.
Whatever industry you prefer, if you plan on investing in an established business in San Diego, you’ll have the benefit of government support at the city, county and state levels to expand your company successfully. Businesses of all types are on the market now, waiting for the right person with the right resources to breathe new life into them. Tourism offers ample opportunity for growth, with a steady stream of new customers entering the city each day, ready to contribute their hard-earned dollars to the local economy.
If you’re interested in seeing what San Diego has to offer go to www.linkbusiness.com and contact the LINK San Diego team to explore your options. Contact LINK San Diego by phone at (480) 686-8062 or email at email@example.com to get in touch with a professional business broker.