The Best and Worst Places in America to Launch Your New Business
Categories: Work

The Best and Worst Places in America to Launch Your New Business

 

Pursuing a side hustle can be an effective way to express your creativity, inspire your entrepreneurial spirit, and generate some extra cash. Even better, a side hustle is the perfect way to test a new idea, helping you gain ultra-valuable insights and feedback before officially launching your own biz. Hello, future #girlboss! Once you’re ready to quit your day job and hustle hard, you’ll be in a perfect position to write a business plan and set up shop. Turns out, where you do business really matters; according to new data from GOBankingRates, 15 major metros are actually much more likely to help you succeed right from the start.

To pull together their list for new business owners and future full-time entrepreneurs, GOBankingRates called on the 2017 Kauffman Index of Startup Activity and Sperling’s Best Places and ranked each location according to five key factors, including the rate of new entrepreneurs, opportunity share of new entrepreneurs, startup density, the cost of living, and projected job growth. Naturally, the results showcase a solid mix of spots around the United States that offer new business owners heaps of opportunities without the sky-high cost of jam-packed places we always hear about, like San Francisco and New York City. You know what they say: It’s all about location, location, location. Ready to rock? Scope the full list below.

The Best 15 Cities to Start a Small Business

We were thrilled to learn that some of our favorite places, like San Diego, Dallas, and Charlotte, offer vibrant, self-starting communities. While some cities on the list are more costly than others, it’s a relief to see that well-known hubs like Austin, Las Vegas, and Miami still rank as affordable when it comes to launching something new.

  1. Austin, TX
  2. Las Vegas, NV
  3. Miami, FL
  4. Dallas, TX
  5. Phoenix, AZ
  6. San Antonio, TX
  7. Kansas City, MO
  8. San Diego, CA
  9. Orlando, FL
  10. Denver, CO
  11. Jacksonville, FL
  12. Riverside, CA
  13. Los Angeles, CA
  14. Houston, TX
  15. Charlotte, NC

The Worst 15 Cities to Start a Small Business

Just as helpful as it is to know which cities can make starting up easier, it’s important to know which places might make pursuing your entrepreneurial path a bit more difficult. Though many places on the list are amazing spots to live, they’re generally much more expensive and already flooded with new ideas. According to GOBankingRates, you should carefully consider the cash you have in the bank for your company, along with what specific opportunities you’ll need to succeed. In some cases, the high cost of living could be worth it.

  1. Milwaukee, WI
  2. Pittsburgh, PA
  3. Detroit, MI
  4. Philadelphia, PA
  5. Minneapolis, MN
  6. Chicago, IL
  7. Indianapolis, IN
  8. Virginia Beach, VA
  9. Baltimore, MD
  10. Providence, RI
  11. Boston, MA
  12. Cleveland, OH
  13. Seattle, WA
  14. Washington, DC
  15. San Francisco, CA

Would you move to a brand new city to start a business? Tell us what you do and where you’d go on Twitter @BritandCo.

(Image via GoBankingRates; featured photo via Getty)