An extremely difficult task today is starting a small firm. Given that, it makes sense to consider all of your options carefully when choosing a location for your business, to carefully assessing all of the variables that can end up providing you with a crucial benefit.
This is the rationale behind the most recent rating of the top big American cities for company startups from the financial website WalletHub. WalletHub is an award-winning personal finance company that empowers consumers to lead financially healthy lives.
A team of thinkers and doers trying to improve personal finance. WalletHub is dedicated to helping people efficiently attain top WalletFitness so they may enjoy life instead of worrying about money. To that end, we strive to make the complex simple and to provide each user with a personalized level of care. They evaluated data for 100 of the biggest American cities and ranked them according to factors like average business costs and the accessibility of startup tools.
According to WalletHub’s rankings, the following seven major U.S. cities are the best ones to launch a small business in 2023:
- Orlando, Florida
- Jacksonville, Florida
- Miami, Florida
- Tampa, Florida
- Durham, North Carolina
- Boise, Idaho
- Atlanta, Georgia
Orlando, a city that is strongly identified with one of the biggest corporations in the world, The Walt Disney Company, which also happens to be involved in a prominent legal dispute with the state’s governor, Ron DeSantis, comes in first place on this year’s list.
Due in large part to factors like low unemployment and reasonably low corporation tax rates, the top four cities on the ranking are all located in Florida. For similar reasons, Florida was ranked 11th on CNBC’s own list of the best U.S. states for businesses in 2022.
The “Don’t Say Gay” policy, which forbids the mention of sexual orientation or gender identity in public schools had drawn criticism from a number of organisations, including Disney, over the course of the past year.
The majority of Florida businesses don’t appear to be leaving the state. In 2022, Florida’s commercial real estate market heated up, indicating that companies were renting out more space. Over the past year, companies like the tech startup LeverX and the hedge fund Citadel of billionaire Ken Gryphon have moved their headquarters from California and Illinois, respectively, to Florida.
According to a Monday report from the financial services company Bankrate, some home insurance providers are abandoning Florida due to concerns about an increase in severe weather.
If you don’t want to relocate to Florida, locations like Durham and Boise provide respectable substitutes. According to CNBC, North Carolina, for instance, was the best state for businesses in 2022 because of its robust economy and the abundance of highly educated individuals in the renowned “research triangle” region.
Washington, D.C. finished dead last in WalletHub’s ranking, despite having the third-highest share of working-age persons with a college degree in the country. The nation’s capital was also harmed by some of the nation’s longest average work weeks and highest office space costs.
New York City did not fare much better, coming in at 97th place. Its enormous population and reputation as the world’s financial hub make it appealing to business owners. However, according to WalletHub, New York is an expensive place to do business, with relatively high corporate tax rates and some of the highest office space costs in the country.
WalletHub assessed cities on 19 weighted factors, such as the cost of labour, the affordability of office space, corporate tax rates, loans and venture investments per capita, and the accessibility of educated personnel, to come up with its rankings.
The U.S. Census Bureau, the Bureau of Labour Statistics, the Ewing Marion Kauffman Foundation, the National Venture Capital Association, as well as other sources, including WalletHub’s own research, provided the majority of that data.
