Best Cities to Start Small Businesses in 2017
If you are looking to start a small business this year , you might want to know where in the US you are most likely to keep it running. These small towns are the best places to start from scratch.
A new report from financial experts WalletHub says that more is better when it comes to choosing a location to open a store. Analysts compared the “business friendliness” of over 1,200 cities against 16 key metrics including labor force availability, office space cost, labor cost, funding and growth potential to determine which cities offer the best opportunities.
According to their research, cities with smaller populations can offer much higher success rates for many types of businesses. For example, in smaller cities, overhead costs are lower and they provide an opportunity to forge closer relationships with local consumers. In general, it’s good to be a big fish in a small pond. Here are their top five picks:
- Holland, Michigan
- Carbondale, Illinois
- Springville, Utah
- East Chicago, IN
- Jefferson City, Missouri
However, some of the least efficient places for new small business owners were cities in California, including Saratoga, Castro Valley, Pacifica, Eastvale, and Suisun City. In addition, WalletHub analysts warn that smaller cities also have many business disadvantages. In less densely populated areas, there are fewer networks, there may be limited industry opportunities, and it is more difficult to attract and retain the best talent. However, if you are dreaming of starting your own small business, it might be a good idea to think about the little things. You can view the full report here .