Small Biz Thrives in Small Cities with These 3 Characteristics (Infographic)
While many factors play a role in thriving businesses, don’t overlook location. According to experts at personal finance site NerdWallet, geography was an important determinant in the top 10 cities for small business success.
Says Cindy Yang, researcher and head of the NerdWallet Small Business Group, “For business owners trying to figure out where to relocate or deciding between neighboring counties, it’s important to figure out where to start and whether it’s affordable.”
That’s why NerdWallet and Entrepreneur Media teamed up for a new study on the best towns for business. Lesser-known cities like Alpharetta, Georgia; Redmond, Washington; Wilmington, Delaware; Troy, Michigan; and Minnetonka, Minnesota were among the top 10.
To assess best business climates, analysts reviewed 463 cities with populations from 50,000 and 100,000 and compared businesses per capita and average revenue per businesses, among other factors such as cost of living and the unemployment rate, weighing data from the U.S. Census and Bureau of Labor and Statistics.
“What all the top small cities had in common was that they really still had the fundamentals of a strong local economy in place,” says Yang. For instance, the average median income for the top ten is nearly $65,000, compared with the average U.S. household income of $52,250.
For more insights, check out the key takeaways from this NerdWallet study in the infographic below or learn more about the findings from NerdWallet.