San Diego Is a Great Opportunity for Those in the Hospitality Industry
Prudential Overall Supply is proud to be a part of the Chula Vista, CA community. San Diego has a strong economy and is thus a great location to start a business. We’ve been a long-term business partner with many clients throughout the area. If you’re in the hospitality industry, here are several factors that can work for your San Diego small business.
Beautiful beaches, a relaxed vibe, and a great quality of life are just some things San Diego is known for. It’s a highly diverse city in terms of population and industries. Some primary advantages for businesses include:
A booming economy makes San Diego a great destination for businesses of all sizes and types. The unemployment rate has stayed relatively low. The business climate has been favorable for the tourism, hospitality, technology, healthcare, biotechnology, and military sectors.
A vast majority of small companies here experience financial growth. As of April 2021, the city’s total worth of $907 million made it the sixth largest in the nation for attracted venture capital. Also, more than 1,000 startups were registered here.1
San Diego had about 1.4 million residents in 2021, while the county population exceeded 3.5 million.2 Not only is it one of the largest cities in the U.S., but San Diego is also in a highly desirable location where restaurants, shops, auto mechanics, and other small businesses thrive, thanks to a large number of people who depend on their services.
It’s practically always sunny here. So, with great beaches to enjoy, tourists flock to San Diego, which is great for the hospitality industry. It’s a hot spot for vacationers who contribute to beneficial spending. According to SanDiegoBusiness.org, 35 million people visited the city in 2017 (with over 17.6 million staying at least overnight), and over 197,000 people are employed in food service, lodging, transportation, and other tourism-related jobs.3
According to local sources, 85% of small companies that operate in San Diego see some kind of profit.1 Across the board, up to half of new businesses fail within their first five years, so these are pretty good odds. There’s also a diverse employee pool representing different age groups and categories, including teens, college students and graduates, semi-retired individuals, freelancers, and remote workers.
However, the business climate in San Diego is not without challenges, including high costs (including office space, utilities, wages, and taxes) and saturated markets. A strong marketing strategy can help overcome some barriers. There are also business incentives that can help your company grow. The City of San Diego’s Economic Development Department and private, nonprofit economic development organizations can assist you if your business meets certain qualifications.
From its beaches to surrounding mountains, to beautiful natural and man-made elements in between, San Diego is known for its beauty. There are many benefits to living and working in an attractive location. Since it’s usually sunny, you don’t have to deal with gloomy days. It allows people to feel happier and, when they do, they’re more likely to spend at San Diego businesses.
Prudential Overall Supply: Long-Time Business Partner
If you have a restaurant or another business that serves customers in the San Diego, CA area, we have services that can help make it more attractive. These include hospitality uniforms, chef uniforms and apparel, bar towels, napkins, floor mats, storage products and more. You’ll find personal protective equipment, cleaning supplies, and restroom products as well. We also offer a laundry and linen service in San Diego to ensure your supplies are clean and sanitary.
Learn more about our Chula Vista - San Diego, CA service location or by calling (619) 427-1240 today.