Are you planning to start a small business? It’s not too late if you considering moving within the last year. There is a “best” place for you if you wish to move to a city that is especially suitable for business startups.
Many Americans were uprooted and relocated during the outbreak. There was a mass exodus to smaller cities, suburbs, and even rural areas. Some may return now that the pandemic is winding down, while others have found life away from the bustling big cities to be a welcome break. Others prefer city living and plan to stay in or relocate to the “big” metropolis.
The United States has become the undisputed poster child for the startup era. It’s difficult not to be awestruck by the rise of self-made billionaires across all industries in the United States, as well as their humble startup beginnings. Despite the events of the previous year, the small company scene in 2021 appears to be bright.
Small cities aren’t usually the first places that come to mind when it comes to places with a lot of business growth and business opportunity. However, avoiding the bustle and rivalry of huge cities and establishing roots in a quieter, yet equally productive part of the country gives your company a distinct advantage.
Go.Verizon performed extensive research and concluded that smaller cities that is best to start a small business
Best small cities to start a small business
Daytona Beach, Florida
Delray Beach, Florida
North Port, Florida
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Factors in data that were looked at
So, how did these cities come out on top? It’s all about the numbers in this case. Go. Verizon analyzed data from roughly 300 communities around the US, focusing on key characteristics that would classify them as “small” (sorry, no Silicon Valley on this list) without falling below the “town” threshold (no one-horse situations, either). These sections also included information on each city’s financial and tax climates, as well as an outline of its educational system.
Travel time (15%): This comprises the average total travel time it takes working adults 16 years and older (who do not work at home) to get to work from their homes every day, according to the 2019 American Community Survey 5-Year Estimate. This includes time spent carpooling, waiting for public transportation, navigating traffic, and “other activities relevant to going to work,” among other things. A longer journey time has a negative impact on the overall score.
Percentage of residents having a bachelor’s degree or higher (15%): You must demonstrate your intelligence in order for your city to be considered for this list. We looked at the percentage of people over the age of 25 who have earned a bachelor’s degree or higher from an authorized university or college. The 2019 American Community Survey 5-Year Estimate provided this data. A larger proportion influenced the final score positively.
According to the United States Census Bureau, a city must have a population of 50,000 to 75,000 people to be designated a “small city.” The majority of the top 10 sites are on the higher end of the scale, yet they still manage to balance off the urban stride with a more homey vibe.
The income per capita (15%): For this study, more money equals more issues. We used per capita income to calculate labor expenses using data from the 2019 American Community Survey 1-Year Estimate. The lower the per capita income, the better for small firms (the lower the score, the lower the operating costs).
The score for Broadband Access (10%): High-speed internet is essential for modern corporate operations. We looked at data from the 2017 Residential Fixed Internet Access Service Connections per 1,000 Households by Census Tract report from the Federal Communications Commission.
Tax score (25%): Generally, lower taxes create a more favorable climate for starting a new firm. We used data from the 2021 State Business Tax Climate to estimate each city’s tax score (the 2021 score). The better a city’s tax score is, the higher it’s overall ranking.
Loans per business (20%): Without a loan, new enterprises are unlikely to get off the ground. In your city, how easy is it to secure a business loan? Our team gathered information from the SBA Paycheck Protection Program and the Small Business Profile’s 2021 report to find out. The percentage of loans per business in each city was then calculated.