18 Jan Why Salem, MA is a Great City in Which to Start Your Small Business

When you think of Salem, Massachusetts the first thing that likely comes to mind are the Salem Witch Trials. And while that is certainly what the city is most famous for, there is a lot more to Salem. Today, Salem is a residential and tourist area that is home to many museums and attractions. With its rich history that draws tourists in, its programs and resources for small businesses, and its close proximity to the City of Boston (about 20 miles), Salem is a great city to consider for the home of your small business.

Salem’s witchy history makes it a tourist attraction.

Salem’s Haunted Happenings is the largest celebration of Halloween in the world, with events hosted throughout the entire month of October. Each year during Haunted Happenings the city welcomes more than half a million visitors to its parties, parades, walking tours, museums, attractions, fairs, and special events. Those 500,000+ visitors come to Salem and spend their hard-earned dollars supporting the small businesses in the area. Destination Salem Executive Director Kate Fox said, “Salem Haunted Happenings generates approximately 30% of the city’s annual tourism revenue, which is critical to the survival of our small business community during the off-season. Being the destination of choice and often a ‘bucket list’ destination for visitors from around the world is a special designation for Salem.” And while October is certainly the busiest month of the year for Salem, the city’s businesses and attractions are open for tourists to enjoy all year round (which they do).

Salem cares about their small businesses.

Salem recently launched the Salem Small Business Loan Program, an opportunity for Salem’s entrepreneurs and business owners to access capital and technical assistance to start or help grow their businesses. The loan program offers favorable rates, terms and reduced fees. The technical assistance piece matches qualified community partners with business owners to assist with the loan application, and, if a business is not ready to take on a loan, to help with financial planning and forecasting.

Additionally, Salem State University has a Small Business Development Center, that provides free one-to-one business assistance and low-cost educational training programs to prospective and existing small businesses. Development Center staff can help you with business plan development, cash flow analysis, personnel issues, financing, marketing, and more! According to the Small Business Development Center website, in the Fiscal Year 2022, they advised 984 clients, and assisted 73 in starting new businesses. In addition, the Center helped secure over $7 million in capital funding for clients in 2022.

The Salem Chamber of Commerce is dedicated to making Salem a better place to live, work, and do business. The chamber serves as the community voice and works to enhance the business and civic environment in Salem. They have over 500 members, making them the largest business organization in the city. Membership benefits include B2B referrals, networking opportunities, advertising opportunities, and more.

Salem is also a great place to live.

Salem was voted #61 in the Top 100 Best Places to Live in America in 2021. It’s an area with a rich history and its cobblestone streets are lined with restaurants, coffee shops, boutiques, museums, and parks. The extremely walkable city has a population of almost 44,000 and median resident age of 36 years old. Salem also ranks highly when it comes to education, and crime rates trend lower than the national average.  Salem boasts many historic homes across four different centuries and with its oceanside location there’s lots of opportunity for water-based activities.

Salem is home to Shetland Park, a waterfront business center.

Salem, MA is also home to Prime Group Shetland Park – a 29-acre ocean-side facility offering versatile business and industrial space. Shetland Park offers spaces for lease ranging from 50 to 100,000 square feet, with gorgeous views of Salem Harbor and Pickering Wharf. Check out our vacancies and inquire today about finding a home for your new small business.