You can be on Entrepreneur’s cover!

Small Biz Thrives in Small Cities with These 3 Characteristics (Infographic) Entrepreneurs should consider these factors when choosing their base of operations.

By Tanya Benedicto Klich

entrepreneur daily

Opinions expressed by Entrepreneur contributors are their own.

Shutterstock

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

Tanya Benedicto Klich

Data & Featured Lists Editor

Tanya Benedicto Klich is a data and lists editor at Entrepreneur.com.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Business News

Side Hustles Are Soaring as Entrepreneurs Start Businesses Working Part- or Full-Time Elsewhere, According to a New Report

The younger the entrepreneur, the more likely they were to start a business as a side hustle.

Side Hustle

This Insurance Agent Started a Side Hustle Inspired By Nostalgia for His Home State — Now It Earns Nearly $40,000 a Month

After moving to New York City, Danny Trejo started a business to stay in touch with his roots — literally.

Business Process

AI-Generated Images or Stock Photography? Here's How Entrepreneurs Can Navigate the Dynamic Photography Industry

Entrepreneurs eyeing long-term financial gains find stock photography, a $4 billion market in 2023, enticing. Yet, AI's rise prompts a shift from cameras to algorithms.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Business News

Scrabble Makes First Change to Its Board in Over 75 Years

The new roll out is only available in Europe as of now.

Business News

CPI Report: Inflation Rose More Than Expected in March, Driven By Housing and Energy Costs

The average U.S. household is paying $227 more per month for goods compared to one year ago.