New Data Suggests These Are the 5 Best Cities to Start a Small Business in 2023

The personal-finance website WalletHub has released its report on the Best Large Cities to Start a Business in 2023.

National Small Business Week is a chance to honor and help the companies that keep the American economy going. But many small businesses are still working hard to get back on their feet after the pandemic and hire new workers. The personal finance website WalletHub has put out a study on the Best Large Cities to Start a Business in 2023 to help would-be business owners improve their chances of long-term success. The study compares 100 U.S. cities based on 19 key indicators of startup success, such as rates of business survival, cost of labor, and cost of office space.

The study says that Orlando, FL, Jacksonville, FL, and Miami, FL will be the best big cities to start a business in 2023. Some of the other places in the top 20 are Durham, North Carolina, Austin, Texas, and Atlanta, Georgia. These towns are great choices for entrepreneurs who want to start a new business, grow an existing one, or move to a place that is more business-friendly.

The cost of doing business is one of the most important things that entrepreneurs look for in a place. For example, the average annual rent for office space in Toledo, Ohio, is the lowest. This makes it a great place for companies that want to keep their overhead costs low. Cleveland, OH also has the lowest labor costs in the country, which is a big plus for business owners who want to hire workers without going bankrupt.

The study also shows how important it is to know how much it costs to live in a city. Laredo, Texas, has the lowest cost of living score of any city in the country. This makes it a good place for entrepreneurs who want to save money on living costs while building their business. On the other hand, Honolulu, HI, has the highest cost of living rate in the country, which makes it hard for people who want to start a business to do so there.

The number of startups per 100,000 people is another important factor that affects how good a city is for startups. The most startups are in Miami and Hialeah, FL, which is a big plus for entrepreneurs who want to start a business in a place that supports and promotes entrepreneurship.

The WalletHub report can be a helpful tool for people who want to start their own business in the United States. The study gives entrepreneurs a lot of information about the most promising cities for new businesses, which makes it easier for them to decide where to start their business. The study also talks about what makes a city a good place for startups, such as the cost of living, the cost of doing business, and the number of startups there.

Entrepreneurs can use the WalletHub report to compare the startup environments in different cities and make an educated decision about where to start their business. By picking a city that is good for business, entrepreneurs can increase their chances of being rich and successful in the long run.

In conclusion, WalletHub's study on the Best Large Cities to Start a Business in 2023 has a lot of useful information for people who want to start their own business. Entrepreneurs can increase their chances of long-term success and wealth by using this report to make smart choices.