| By Mari Hall |
Starting a small business can feel like a daunting task, but it doesn’t have to be one! Forbes has named North Dakota the best state to start a business for the second consecutive year, and there’s no better place to kickstart your business plans than downtown Fargo.
What Sets North Dakota Apart?
North Dakota has long endeavored to maintain a business-friendly economy, and a big part of that strategy is keeping start-up costs low. The state’s LLC formation fee is just $135, keeping the financial barrier to entry low. North Dakota also maintains lower-than-average cost of living and unemployment rates, despite broader national economic concerns. National Business Capital even ranked North Dakota the top recession-proof state in the country in a 2023 study.
North Dakota also has a strong track record when it comes to lending to small businesses. In 2020—despite a global pandemic—North Dakota had a record year in business lending, reporting a total of $523 million in loans provided to small businesses, with $403 million of that going to businesses with revenues below $100,000.
Small businesses are so integral to North Dakota’s economy, in fact, that they account for a whopping 98.8% of all businesses in the state. In North Dakota, small businesses are more than just the driving force of the economy, though. They’re a way of life.
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But Why Downtown Fargo, Specifically?
Downtown Fargo is a genuine hub for entrepreneurs and small business owners. Organizations like Emerging Prairie and Gener8tor—both of which strive to uplift entrepreneurs and help them succeed—have offices downtown. Networking events like CreativeMornings and StartUpBREW are staples in downtown Fargo, and they offer amazing opportunities to connect with fellow entrepreneurs, spark new ideas, and find peer support.
The neighborhood is home to almost 100 restaurants, bars, and coffee shops, all of them locally owned and operated. There is also a thriving network of retail businesses, from the 35-year-standing Zandbroz Variety to brand-new businesses like Block & Payer Provisions. With its modest size and 95 Walk Score, downtown Fargo is far more than a core economic district, it’s a bustling community where you still get to know your neighbors and where your barista will remember your regular coffee order.
Regardless of what kind of business you’re working to launch, downtown Fargo offers the right tools to foster its success. From storefronts with maximum foot traffic or an office that makes the neighborhood a prime amenity, it’s the perfect neighborhood for putting yourself in good company.
