As with many major cities, living and working in San Francisco can be difficult at times. The cost of living is high and labor competition is fierce, which is challenging enough for many professionals in the city. But when you’re running a business, it can be even harder to contend with these obstacles.
If you’re looking to start or grow your business in the Bay Area, you’ll want to be fully prepared. We asked members of the Forbes San Francisco Business Council for their best advice for local entrepreneurs.
1. Compete with bigger firms through virtualization.
Virtualization works well for consulting businesses. Clients pay for expertise, so our consulting associates work from home offices and occasionally meet at client sites for work sessions. It’s a model that helps keep us competitive with large consulting firms. – Norma Watenpaugh, PhoenixCG
2. Automate and scale where you can.
Continuing to grow rapidly in a high-cost area requires a focus on automation and scalability. Automation is critical, and hiring software engineers for process automation, even in non-digital businesses, is a prerequisite. Scalability is just as important. With scale, your costs can come down, so focus on opening up bigger, broader markets for your product. – Cameron Jacox, Lark Technologies, Inc.
3. Reduce overhead with a remote workforce.
The rising overhead costs of in-house teams have forced businesses to “work smarter” with lean teams. Building a remote workforce can save on payroll and attract top talent who would love the flexibility of working from their home office (and not having to commute in the Bay Area traffic). – Jeff J Hunter, BrandedMedia.io
4. Focus on team chemistry.
If you want to retain your employees, then focus on chemistry over industry knowledge. This will give you a leg up when it comes to building a long-term relationship. You want to work with people who mesh with your personality, and sometimes, despite how much you know, two people don’t get along well. Chemistry is important with team members if you want to get ahead. – Sweta Patel, Startup Growth Mode
5. Consider talent outside the city.
The future of work requires finding the best talent, which is not constrained to high-growth areas such as San Francisco. At my company, 50% of our employees are remote, and they bring just as much value to the company as their counterparts. San Francisco has incredible talent, but you have to compete hard for that talent, whereas when we hire in other cities, the competition is less fierce. – Zach Supalla, Particle
