Small Biz Thrives in Small Cities with These 3 Characteristics (Infographic)

Small Biz Thrives in Small Cities with These 3 Characteristics (Infographic)
Image credit: Shutterstock

Entrepreneur's New Year’s Guide

Let the business resources in our guide inspire you and help you achieve your goals in 2021.
Data & Featured Lists Editor
2 min read

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.

Related: Industries Driving the Top 10 Small Cities for Business Owners

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.

Click to Enlarge+
Best Small Cities for Business (Infographic)

 

Related: Top 10 Small Cities Where Business is Thriving

More from Entrepreneur

Get heaping discounts to books you love delivered straight to your inbox. We’ll feature a different book each week and share exclusive deals you won’t find anywhere else.
Amplify your business knowledge and reach your full entrepreneurial potential with Entrepreneur Insider’s exclusive benefits. For just $5 per month, get access to premium content, webinars, an ad-free experience, and more! Plus, enjoy a FREE 1-year Entrepreneur magazine subscription.
Are you paying too much for business insurance? Do you have critical gaps in your coverage? Trust Entrepreneur to help you find out.

Latest on Entrepreneur