National Small Business Week is an opportunity to recognize and support the backbone of the American economy. However, many small businesses are still struggling to recover from the pandemic and hire new employees. To assist aspiring entrepreneurs in maximizing their chances for long-term prosperity, the personal-finance website WalletHub has released its report on the Best Large Cities to Start a Business in 2023. The report compares 100 U.S. cities across 19 key indicators of startup viability, such as business-survival rates, labor costs, and office-space affordability.
According to the report, the best large cities to start a business in 2023 are Orlando, FL, followed by Jacksonville, FL, and Miami, FL. The top 20 cities also include cities such as Durham, NC, Austin, TX, and Atlanta, GA. These cities are excellent options for entrepreneurs looking to establish a startup, grow their business, or relocate to a more business-friendly environment.
One of the key factors contributing to a city’s appeal to entrepreneurs is the cost of doing business. For example, Toledo, Ohio, has the lowest average annual rent for office space, making it a great option for businesses looking to minimize their overhead costs. Cleveland, OH, also offers the lowest labor costs in the nation, which is a significant advantage for entrepreneurs looking to hire employees without breaking the bank.
The report also highlights the importance of the cost of living in a city. Laredo, Texas, is the city with the lowest cost-of-living index in the nation, making it an attractive destination for entrepreneurs looking to save on living expenses while building their business. On the other hand, Honolulu, HI, has the highest cost-of-living index in the nation, making it a challenging location for entrepreneurs looking to establish a startup.
Another important factor that contributes to a city’s startup viability is the number of startups per 100,000 residents. Miami and Hialeah, FL, have the most startups per 100,000 residents, which is a significant advantage for entrepreneurs looking to establish a startup in an environment that supports and encourages entrepreneurship.
The WalletHub report can serve as a valuable resource for entrepreneurs looking to start a business in the United States. The report provides comprehensive data on the most promising cities for startups, making it easier for entrepreneurs to make informed decisions about where to establish their business. The report also highlights key factors that contribute to a city’s startup viability, including cost of living, cost of doing business, and the number of startups in the area.
Entrepreneurs can use the WalletHub report to compare the startup environment in different cities and make an informed decision about where to establish their business. By choosing a city that is business-friendly, entrepreneurs can maximize their chances for long-term prosperity and success.
In conclusion, the WalletHub report on the Best Large Cities to Start a Business in 2023 provides valuable insights for entrepreneurs looking to establish a startup. By using this report to make informed decisions, entrepreneurs can maximize their chances for long-term success and prosperity.
