Best Large Cities to Start a Business – 2019

With May 5 kicking off National Small Business Week and half of Americans working for small businesses, the personal-finance website WalletHub today released its report on 2019’s Best Large Cities to Start a Business as well as accompanying videos. Americans are born with an entrepreneurial streak. It’s in our DNA. From the Gold Rush to the Industrial Revolution to the Internet Age, intense periods of innovation have molded our economy and sparked important societal advancements.

Today, more than 15.3 million people in the U.S., or nearly 10 percent of the labor force, work for themselves. And there is always room in the market for new ideas, products, services and multi-million-dollar success stories — if one knows where to look.

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 and opportunities. The key metrics set ranges from five-year business-survival rate to office-space affordability.

Best vs. Worst

• 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 view the full report and your city’s rank, please visit:
https://wallethub.com/edu/best-cities-to-start-a-business/2281/