Starting a home based web business in PHILLY - incentives?
So, a friend from CA and I were talking small biz opportunities and he asked me if the City of Phila had any incentives out there for small start ups (I'm talking 20k or initial working capital small) I could not answer him. Are there Philadelphia specific incentives for small/tiny businesses? Web retail biz - 200-300k gross sales in year 1 with 1 employee.
I know Philly has a info site:
City of Philadelphia Business Services Center Home
and there are services like this to help people:
Wharton Small Business Development Center
but I'm specifically looking for reasons to start the above business in Philly over DE, or Delco.
Reason #1: You're not in Delaware
Originally Posted by Malloy
Reason #2: You're not in Delco.
I'm not the person in question. The person in question has 2 options, PA and DE specifically.
Originally Posted by londoner
I don't know anything about web based business, or the business regulations in those other counties.
But I would say for that type of business that could be located anywhere, the answer is no. You will probably find the cost of doing business in Philadelphia to be much higher, plus the opportunities created by being in the city to be negligible.
You mean other than the $350 business license fee and the BPT? No, not really. Unless the guy really wants to live in a city with nightlife and some additional services (public transit, sidewalks), and is willing to take a financial hit to do so, he might as well go to Delaware. Delco offers some of what Philly offers, I imagine with significantly lowers business taxes, but property taxes are higher if he's thinking of buying a house.
Sad, since this is just the kind of business Philly should be trying to attract in order to build a solid economic foundation.
Does philly have start ups grants?
I'll have to look up that one...
And what the HELL has 300k gross sales in year 1 with 1 employee? I'd like to get in on that! lol
It means that your expenses in a year are 290k and that your going to get killed on the gross receipts tax.
When I was rehabbing houses I would get killed with that tax. My gross receipts were retarded compared to my actual income. It looked like the city considered me to be a millionaire and my fed return would consider me on the low end of a multi thousandaire.
I started a home based business in 2006... after my accountant laughed at me I decided that when it was time to buy a house I would move. I finally moved out last year to Montgomery County where I pay a fraction of the tax, and my business is starting to grow. Doing buisiness in Philly is not worth it, ESPECIALLY if it's home based.
Originally Posted by StrangeTanks
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