{"id":121573,"date":"2021-09-20T16:48:34","date_gmt":"2021-09-20T16:48:34","guid":{"rendered":"https:\/\/fin2me.com\/?p=121573"},"modified":"2021-09-20T16:48:34","modified_gmt":"2021-09-20T16:48:34","slug":"the-best-small-city-to-start-a-business-in-every-state","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/the-best-small-city-to-start-a-business-in-every-state\/","title":{"rendered":"The Best Small City to Start a Business in Every State"},"content":{"rendered":"

Starting a successful business is one of the most coveted ways to earn a living. It can provide a steady income and a chance to save for major expenditures, like buying a home, saving for the children\u2019s college education, and building a retirement nest egg — all without having to answer to a boss.<\/span><\/p>\n

The successfully self-employed tend to be wealthier than the employed, and according to 2019 Federal Reserve data, business ownership makes up 34% of non-financial assets — meaning that business owners (especially non-Hispanic whites) tend to have significant intergenerational wealth.<\/span><\/p>\n

There are risks involved, however. According to the U.S. Small Business Administration (SBA), there are about 32 million small businesses in the country. But on average, about one in five startups closes within 12 months of opening, while more whither soon after. (What is considered a \u201csmall\u201d business depends on the industry. The SBA maintains a table of industry-specific standards for defining the size of a business based on maximum number of employees or average annual revenue.)<\/span><\/p>\n

The average cost of starting a business depends on so many factors that it\u2019s impossible to come up with a reliable estimate. Some enterprises require office and\/or warehouse space and employees to staff them, while others require only (for instance) a CPA certification, a home-office, and a computer.\u00a0<\/span><\/p>\n

For any kind of business, though, expenses like insurance, taxes, legal fees, etc. can add up quickly. That\u2019s why location is an important factor to consider when starting out. Launching a small business from scratch in New York City, for instance, will cost much more than doing the same upstate in Ithaca. (There are, however, <\/span>large cities where starting a business is worth the risk<\/span>.)\u00a0<\/span><\/p>\n

To identify the best small cities to start a business in every state, 24\/7 Wall St. reviewed <\/span>data from WalletHub<\/span> which ranked 1,337 U.S. cities across three key dimensions: business environment, access to resources, and business costs. The site evaluated these dimensions using 21 relevant metrics, such as startups per capita (for business environment), working-age population growth (for access to resources), and cost of living (for business costs). A weighted average of the 21 metrics was calculated to determine an overall score.\u00a0<\/span><\/p>\n

Though there\u2019s at least one small city that\u2019s good for starting a business in every state, WalletHub\u2019s data revealed that the state overall for small-business startup is Utah, which claims almost half the top 50 entries on the site\u2019s list. (Here\u2019s a list, not arranged by state, of the country\u2019s <\/span>best small cities to start a business<\/span>.)<\/span><\/p>\n

Click here to see the best small city to start a business in every state<\/b><\/span><\/p>\n

\u201cSmall city\u201d was defined as one with a population of between 25,000 and 100,000 people, and only cities themselves were considered, not the surrounding metropolitan areas. (Population estimates and median household income were obtained from the U.S. Census Bureau\u2019s American Community Survey for 2019. Unemployment rates came from the Bureau of Labor Statistics and are not seasonally adjusted estimates for July 2021.)<\/span><\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Starting a successful business is one of the most coveted ways to earn a living. It can provide a steady income and a chance to […]<\/p>\n","protected":false},"author":3,"featured_media":121572,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"\nThe Best Small City to Start a Business in Every State - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/business\/the-best-small-city-to-start-a-business-in-every-state\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Best Small City to Start a Business in Every State - Fin2me\" \/>\n<meta property=\"og:description\" content=\"Starting a successful business is one of the most coveted ways to earn a living. 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