These Are the Top 10 Best Cities to Launch a Small Business
Where is the best city to start a small business? If you think that you'll only make an impact by heading to San Francisco, New York or Boston, the findings of a recent survey from financial planning platform WalletHub may surprise you.
The study examined 1,268 cities around the country and assessed factors such as the average growth of the number of small businesses, the revenue for those companies, access to resources such as financing and investors, the cost of living and the affordability of office space and the overall cost of living.
Weslaco, Texas, has the lowest cost-of-living index, which is six times lower than in Beverly Hills, Calif., the city that perhaps unsurprisingly has the highest. Meanwhile, up the coast, tech enclave Mountain View, Calif. has the most expensive office space, costing $65.87 per square foot. But entrepreneurs setting up shop in WalletHub's eighth best city, Dothan, Ala., and 51st Kentwood, Mich., pay the lowest price, at $8.76 per square foot.
Michigan is also home to the shortest average work week, with East Lansing, Mich., residents clocking in at 28 hours a week. Neighboring Carbondale, Ill., has the lowest overall labor costs, at $17,677, 11 times lower than McLean, Va., that claims the highest at $188,639. Carbondale, which is ranked at number 22, also has the lowest median annual income.
Muncie, Ind., is the city with the most accessible financing opportunities while Nashua, N.H., brings up the rear in that regard. Miami Beach, Fla., has most startups per capita, and Salisbury, Md., has the least. But Maryland is also home to the most educated workforce -- 82.2 percent of the Bethesda's population has earned a bachelor's degree or higher.
Read on for the top 10 cities that are most welcoming to small-business owners. We've also listed each state's largest industry in terms of employment, according to the Bureau of Labor Statistics. To check out the full study, head over to WalletHub.
10. Deerfield Beach, Fla.
9. Cheyenne, Wyo.
8. Dothan, Ala.
7. Clearfield, Utah
6. Inver Grove Heights, Minn.
5. La Vergne, Tenn.
4. Jefferson City, Mo.
3. Brighton, N.Y.
2. North Chicago, Ill.
1. Holland, Mich.