Choosing the best location to open a new business can make or break your startup in its first year, according to a recent report from Fit Small Business. However, startup meccas like San Francisco and New York City may not be the ideal place to set up, the report noted.
The best cities for entrepreneurs are not those with the largest population, the report found. Instead, they have a number of location-specific elements that can help a new business, including access to startup funding, an education workforce, business support, and a low cost of living. These factors combined added up to a high rate of startup success in both small and large US cities, according to the report.
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The following 10 cities top the rankings for 2019 due to those factors, along with tax rates, business survivability, economic growth, and quality of life.
In 2019, locations like Seattle, Denver, and St. Louis top the rankings due to extensive financing options, supportive business cultures, and skilled workers who can be recruited to grow your startup. We also considered metrics like tax rates to determine possible hindrances to profitability, business survivability, general economic growth, cost of living, and quality of life.
Here are the 10 best cities for entrepreneurs to start a business in in 2019:
- St. Louis
- Salt Lake City
- Portsmouth, NH
- Sioux Falls, SD
“The best cities for entrepreneurs changed greatly from 2018 to 2019,” Kelly Main of Fit Small Business wrote in the report. “Previously, the top cities were those based in coastal regions of the country, such as Miami, New York City, and Los Angeles. This year, however, several ranking cities are located inland, such as St. Louis and Denver. Startup trends are evolving, but for entrepreneurs ready to take the leap in 2019, it’s worth considering the locations in our definitive ranking above.”
For more, check out Where are the best cities for millennial entrepreneurs to start businesses? on our sister site ZDNet.