There are many factors that go into a successful business. One of the most important factors is where the company is located. Cities like New York City and Los Angeles often attract many prospective businesses due to their size and economic strength, but success isn't guaranteed in such crowded markets.
Insurance industry professionals can easily cite successful independent agencies that are located in lesser-known areas. Small businesses, like insurance agencies, can often capitalize on such locations because consumers in the area may have fewer options to choose from; those same businesses, in turn, can allocate more attention to potential customers.
Location does matter, but it will never define a company's success. For businesses willing to be headquartered outside the “mainstream cities”, there are a number of up-and-coming cities worth exploring. So where should businesses look to be located in the future going forward?
To determine the best small cities to start a business, WalletHub compared the business-friendliness of more than 1,200 small-sized cities with a population of between 25,000 and 100,000 residents. The data set of 18 key metrics ranges from average growth in number of small businesses to investor access to labor costs. The main findings and methodology can be found on WalletHub's website.
Today marks the start of National Small Business Week. With this in mind, here are the 10 best cities to start a business in 2018.
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Denny Jacob
Denny Jacob is an associate editor for NU PropertyCasualty360. Contact him at [email protected].
