With more than 3 million people living within its borders, Orange County is the third most populous county in California. But that’s not all it has to boast: with a highly-skilled workforce, strong business environment, and wealthy residents, this county is the perfect place to start your dream of opening your own Orange County office doors every day and owning a small business.
However, it’s still true that there are more opportunities for some types of businesses over others in this coastal county because every area has their own key industries. If your business compliments one of these top contributors to the economy your chances of achieving success in Orange County will be that much higher.
From software to computer products to flat screen TV’s, the technology sector of Orange county’s economy is nothing if not booming. One factor that’s contributing to the success and growth of these companies is the number of STEM (science, technology, engineering, and math) degrees graduates are earning from local universities. The number of these degrees has increased by 25% over the last 5 years.
Both the diversity of technology companies and the educated workforce could contribute to the success of your business in Orange County.
Business and Professional Services
Services like accounting, law, advertising, market research, and computer programming are all a part of Orange County’s business and professional services economic cluster. With almost 255,000 people employed in these fields, this cluster is the largest in Orange County. It also accounts for the more than 18% of the employment in this area.
The business and professional services area of the economy is also projected to keep growing with an added 33,500 jobs between 2008 and 2018. That’s a 12.5% increase.
Being a part of this growth while it’s happening could be a fruitful opportunity for your new company.
Finance, Insurance, Real Estate or FIRE
As the business and professional services cluster grows, the finance, insurance, and real estate industries grow right along with it. The FIRE cluster supports business and professional services with banking, insurance companies, credit unions, rental centers and real estate offices.
As business continues to boom after the Great Recession, services like these are needed more than ever to keep new and existing enterprises focused on what they do best.
Starting a business like this in Orange County would be a logical choice as financial services and real estate are in demand.
Hospitality and Tourism
40 million people come from far and wide to visit Orange County every year and spend more than $6.4 billion. If you want a piece of that pie, start a business that supports the hospitality and tourism industries.
Tourists flock to attractions like the iconic Disneyland in Anaheim, Knott’s Berry Farm in Buena Park, and the beautiful beaches that line the Southern California coast. Orange County is also known around the world for it’s nature preserves and extensive shopping.
Because these particular sectors of the economy are strong and growing any one of them would make a logical choice for the type of business you’re starting in Orange County. No matter what you choose to do, “the O.C.” offers an environment that will encourage the success of any company you create for years to come.
About the Author: Jeff Reinstein has been helping businesses grow as the CEO of Premier Business Centers for over ten years. He has been a driving force in expanding the company from 9 locations to 70 and counting.