MEMPHIS, TN (WMC) - With May 5 kicking off National Small Business Week and half of Americans working for small businesses, the personal-finance website WalletHub has released its report on 2019’s best large cities to start a business.
In order to help aspiring entrepreneurs maximize their chances for long-term prosperity, WalletHub compared 100 U.S. cities across 19 key indicators of startup viability. The data set ranges from five-year business-survival rate to office-space affordability.
Best Large Cities to Start a Business
- Orlando, FL
- Oklahoma City, OK
- Miami, FL
- Austin, TX
- Tampa, FL
- Charlotte, NC
- Durham, NC
- Raleigh, NC
- Atlanta, GA
- Denver, CO
Toledo, Ohio, has the lowest average annual rent for office space, $11.93 per square foot, which is 6.7 times cheaper than in San Francisco, the city with the highest at $80.22 per square foot.
Detroit has the lowest labor costs (median annual income), $27,838, which is 4.4 times lower than in Fremont, California, the city with the highest at $122,191.
Laredo, Texas, has the lowest cost-of-living index, 77, which is 2.5 times lower than in San Francisco, the city with the highest at 196.
Miami, Florida, has the most startups per 100,000 residents, 234.72, which is 3.2 times more than in Winston-Salem, North Carolina, the city with the fewest at 74.40.
To read the full report and see where Mid-South cities rank, click here: https://wallethub.com/edu/best-cities-to-start-a-business/2281/