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BEST CITIES TO START A BUSINESS IN THE US
Lantern
Updated February 9, 2022
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Editor’s note: Lantern by SoFi seeks to provide content that is objective,
independent and accurate. Writers are separate from our business operation and
do not receive direct compensation from advertisers or partners. Read more about
our Editorial Guidelines and How We Make Money.
It may seem like an odd time to launch a small business. But, according to
recent data released from the US Census, new business applications have reached
historic highs. In fact, new business applications reached a ten-year peak in
early October, 2020. That’s a 40% increase compared to the same week in 2019. If
you’re one of the tens of thousands Americans curious about starting your own
small business, here’s a couple of factors that could be an advantage:
* An influx of talent that’s eager to find new work
* Increasing ability for some to work online or in digital spaces
* Emerging consumer needs that your business could satisfy
* The opportunity to vet and pick an amazing location for your business
When it comes to selecting a business’ location, not all places are created
equal. Certain factors may help determine the best cities to start a small
business and, potentially, increase your chances for success. The
characteristics we researched to determine which cities may be better suited for
starting a small business include:
* Walkability
* Cost of living
* Median age
* Cost of office space
* Average household income
* Number of locally owned businesses
* Employment rates
* Percentage change in high propensity business applications (HPBAs)
* Time in business*
* Monthly sales*
*Based on proprietary data from the Lantern Credit business loan lead form Using
the factors noted above, Lantern scored and ranked cities with populations under
500,000. Each ranking factor had a potential high score of 10, for a possible
total high score of 100 points. (You can find a detailed explanation of our
methodology here.)In the end, the following 15 places emerged as the top cities
for small businesses. According to the saying, everything’s bigger in Texas and
business opportunity may be no exception. The Lone Star state vaunts a whopping
four cities on our list! (This is not to say that there aren’t plenty of other
cities where to start a small business, if you’d prefer to set up shop
elsewhere.) With a small business loan and the right location in mind, you may
be able to make your dream of running a small business a reality. Here’s our
list of the 15 top cities for small businesses. Let’s dive into the details of
each place.
1. CORPUS CHRISTI, TX
Score: 75.8 Scoring high in affordable office space, favorable cost of living,
and in businesses with consistent monthly sales, Corpus Christi represents
Lantern’s number one spot for starting a small business in Texas. Situated on
the beautiful Gulf of Mexico, Corpus Christi features attractive beaches,
temperate weather, and plenty of restaurants and outdoor spaces for visitors and
residents to enjoy. The Port of Corpus Christi is a hub of industry, lending to
a strong local economy and home to the Naval Air Station—providing a year-round
potential customer base of military personnel and their families.
2. LUBBOCK, TX
Score: 75.5 As a bustling college town nestled in the northwestern part of the
state, Lubbock shines as one of the best places to start a small business. Home
to Texas Tech University, Lubbock boasts a rich musical history, exciting
nightlife for the young and young at heart, and plenty of family-friendly
recreation—including the Joyland Amusement Park and Science Spectrum and Omni
Theater. Lubbock’s affordable cost of living, temperate weather, and plenty of
open space makes this Texas city an attractive place to live, work, and play,
and one of the best places to start a business.
3. ARLINGTON, TX
Score: 75.1 Sitting squarely between Dallas and Fort Worth, Arlington, Texas, is
a sports-lover’s dream. Home to the Dallas Cowboys and Texas Rangers, Arlington
offers year-round fun for all from world-class sporting events to thrills and
laughs at Six Flags Over Texas. The newly opened entertainment complex, Texas
Live!, boasts fine dining, bars, and venues to suit a variety of tastes and
interests. Arlington is also home to The University of Texas, Arlington, which
was voted as the #1 university for veterans and their families by Military Times
in 2020. With so much to do right in the heart of Arlington, affordable living,
and plenty of opportunity, it’s an attractive place to start a small business in
Texas.
4. BUFFALO, NY
Score: 72.5 Gateway to Niagara Falls, home to the popular Buffalo Bills, and
the site of a growing craft beer scene are just a few reasons to consider
starting a business in New York’s northern city of Buffalo. As a border town,
Buffalo offers visitors and residents access to the vibrant Canadian city of
Toronto—all with the affordable cost of living of a smaller US city. Featuring
four seasons to enjoy everything the outdoors has to offer, and a revitalized,
walkable waterfront, Buffalo offers young entrepreneurs various opportunities to
cultivate a thriving business!
5. PLANO, TX
Score: 71.2 Coming in at number five is the beautiful city of Plano, Texas. As a
suburb of Dallas, Plano is accessible to everything the big city has to
offer—with the spaciousness of a smaller town. Plano features hiking trails and
parks, which could be ideal for families and folks looking to get away from the
hustle and bustle of the city. Downtown Plano’s Arts District hosts numerous
events throughout the year to celebrate holidays, local food and drink, and
community—making it an enticing spot for new business owners to enjoy the
thriving city scene.
6. IRVINE, CA
Score: 70.9 Beaches, shopping, hiking, and one of California’s most reputable
state universities (University of California, Irvine) are just a few reasons to
settle into Irvine. With a strong median income, historically high employment
rates, and plenty of diversity, Irvine offers business owners a bounty of
opportunity. Located in Orange County, Irvine offers visitors access to the fun
of amusement parks like Disneyland and Knott’s Berry Farm, or the option to head
up the freeway to Los Angeles to see LA’s iconic sites and beaches. Irvine is a
safe, family-friendly city that’s less than 10 miles from the famous beaches of
Orange County and the world class shopping of the Irvine Spectrum. If starting a
business in California is your dream, make sure to check out Irvine.
7. DURHAM, NC
Score: 70.4 Durham is not your average city. With a celebrated food scene,
award-winning universities, and rich US history, Durham, North Carolina, blends
the old and the new, the modern and the vintage—with a reputation for
celebrating diversity and inclusivity. Rich with entrepreneurial spirit, Durham
is known for its close-knit, progressive community. The city’s strong support of
black-owned businesses and young entrepreneurs have filled Durham’s streets with
shops and eateries. If you’re ready to start your business in North Carolina,
Durham is one spot that offers lively, youthful culture.
8. TAMPA, FL
Score: 69.4 A recreation destination located on Florida’s gulf coast, Tampa
features a stunning Riverwalk, amusement parks, beautiful outdoor spaces, and
plenty of delicious food for the whole family. For entrepreneurs looking to
start a business in Florida, Tampa offers multiple draws. With four major sports
teams and being a departure point for major cruise lines, Tampa is a
sought-after destination for people from around the globe—making it a great
contender for various kinds of businesses.
9. PITTSBURGH, PA
Score: 69 As a historic city of industry, Pittsburgh sits at the crossroads of
three major rivers—highlighted by the North Shore, which features sites like PNC
Park, Heinz Field, and the Andy Warhol Museum. The city’s 24 miles of scenic
riverfront trails are complemented by the iconic stone architecture of Downtown
Pittsburgh and its scenic surrounding neighborhoods. Pittsburgh is known for its
unpretentious nature, welcoming visitors and business owners to partake in the
reimagined cityscape. As a walkable city, Pittsburgh is a strong place for
starting a business in Pennsylvania—with easy access to restaurants, shops,
recreation, and culture.
10. ORLANDO, FL
Score: 68.3 Orlando, Florida, is synonymous with amusement parks—like, Walt
Disney World and Universal Studios—but it’s also home to several lakes, natural
parks, and historic golf courses, which makes Orlando an ideal destination for
any age. Its year-round tourism and hospitality sector are an attractive feature
for new business owners who value consistent patronage.
11. RALEIGH, NC
Score: 67.7 Quality of life, diversity, and pure grit are all cornerstones of
Raleigh, North Carolina’s community-driven spirit. These factors also make
Raleigh an attractive place for small business owners. If you’re not enjoying
delicious fare from Raleigh’s Downtown eateries, you could be hitting the trails
at one of the city’s tranquil nature preserves. As the capital of North
Carolina, Raleigh is also home to numerous universities, making it an attractive
destination for younger folks. Known as the Research Triangle because of the
close proximity of three college towns (Raleigh, Chapel Hill, and Durham),
Raleigh is a hub for educated individuals of all ages and visitors who want to
take in the area’s rich Southern history..
12. MINNEAPOLIS, MN
Score: 67.4 Known as one of the Twin Cities, Minneapolis has become a vibrant
center of culture, entertainment, and entrepreneurism— featuring gorgeous lakes
and year-round fun. Its 7-mile network of glass-enclosed skyways makes Downtown
Minneapolis easy to explore no matter the season, enabling visitors and locals
to enjoy the city’s numerous shops and restaurants year-round. Minneapolis is
home to folks of all ages who enjoy the outdoors, professional sports (home to
the Minnesota Twins and Vikings), and the city’s thriving arts scene. If you’re
starting a business in Minnesota, Minneapolis might just be the place to take
advantage of all the northern Midwest has to offer.
13. CINCINNATI, OH
Score: 68.3 Known for its classic Cincinnati-style chili and Over-the-Rhine
District filled with historic architecture, Cincinnati is a classic Midwest
town—featuring an affordable cost of living and rich history. Boasting the
nation’s oldest baseball team (the Cincinnati Reds) and an NFL team (the
Bengals), Cincinnati is also a quintessential sports town. Visitors can enjoy a
craft beer along the Ohio River or an afternoon strolling through the famous
Cincinnati Zoo and Botanical Garden. For those starting a business in Ohio,
Cincinnati offers a central location with easy access to other major cities—such
as, like Columbus, Ohio, and Indianapolis, Indiana.
14. ANAHEIM, CA
Score: 67.1 Rich in cultural diversity and home to some of the nation's most
prolific amusement parks, Anaheim is a unique location for starting a business
in California. Located in the heart of Orange County (but just a short drive to
Los Angeles and the beaches), Anaheim is an appealing location to open a
business—with access to everything Southern California has to offer. Anaheim is
a shopping and recreation destination that features the Anaheim GardenWalk and
world class baseball and hockey teams. Enjoy delicious, homemade street tacos
for lunch and then experience fine dining at one of Anaheim’s numerous notable
restaurants.
15. GILBERT, AZ
Score: 66.6 If the desert is calling you to start a business in Arizona, then
Gilbert could be just the place. With a thriving community anchored by the
Heritage District, which is full of foodie favorites and eclectic shops,
Gilbert’s proximity to Phoenix makes it an attractive destination for
desert-lovers. With a young demographic of working professionals and families,
Gilbert offers plenty of opportunities for entrepreneurs ready to share their
creative ideas with this blossoming community.
READY TO START YOUR BUSINESS?
Opportunity awaits for entrepreneurs across the country. And, if you happen to
call Texas home, you’ve definitely got quite a few options! Finding the best
cities for a small business can take some time, so this guide may serve as a
helpful starting point for researching your next venture. Once a business
location has been picked out, it’s likely that new business owners will want to
evaluate their small business financing options. Money to start your operation
can come in the form of small business grants, loans, investments, savings, or
any combination of these four. Lantern makes it quick and simple to see your
small business loan options—by filling out one application that gives you access
to reputable lenders that service small businesses. If eligible, applicants are
matched according to their financing needs and qualifications, so they don’t
have to waste time chasing after lenders who aren’t a good fit. Get started
today to launch your next big adventure!
METHODOLOGY
To determine the best cities to start a business, Lantern Credit looked at 50
cities across the US with populations of 500,000 or less. The population refers
to the city proper and is separate from surrounding urban areas. Lantern looked
at 10 key contributing factors, each assessed on a 10-point scale, for an
overall potential score of 100. These factors included: Walkability Walkability
was determined by reviewing statistics from Walk Score, which were given on a
scale of zero to 100. For this methodology, every 10 points a city received
equaled one point for our scale. For example, a city with a walk score of 88,
received 8.8 points towards their total Lantern Credit score. Cost of
Living Using Area Vibes, Lantern examined the letter grade given to each of the
50 cities and then scored it based on the following scale from 0 to 10:
* F = 0 points
* D- = 1 point
* D = 2 points
* D+ = 3 points
* C- = 4 points
* C = 5 points
* C+ = 6 points
* B- = 7 points
* B = 8 points
* B+ = 9 points
* A-, A, A+ = 10 points
Median Age Using 2018 data from the U.S. Bureau of Labor Statistics, Lantern
determined that a younger demographic (Millennial and Gen X) is likely to spend
more on food, apparel, and services when away from home than persons in older
demographics. Considering that fact, cities with a lower median age are
considered to be more advantageous for small businesses than those with a higher
median age. Using Data USA, Lantern also looked at the median age for each of
the 50 cities assessed and scored as follows:
* Median age 25 - 34 = 10 points
* Every one-point deviation below age 25 or above age 34 subtracted 1 point.
For example, a city with a median age of 38 would receive 6 points
Average Cost of Office Space Using LoopNet, Lantern assessed all 50 cities using
the following filters:
* Type of space needed: office, retail, or restaurant
* Number of employees: 10 (which equaled 1250 to 4000 sq. ft. of space)
Lantern’s writers then averaged the price per square foot per year for the top
10 results in each city, and scored based on the following scale:
* $0 – $5 = 10 points
* $6 – $10 = 9 points
* $11 – $15 = 8 points
* $16 - $20 = 7 points
* $21 - $25 = 6 points
* $26 – $30 = 5 points
* $31 – $35 = 4 points
* $36 – $40 = 3 points
* $41 - $45 = 2 points
* $45 - $50 = 1 point
* $51+ = 0 points
Median Household Income Using Data USA, the median household income was assessed
by assigning 1 point for every $10,000 of annual income. For example, if the
median household income of a city is $35,000, it would receive a score of 3.5 on
the Lantern Credit scale. Number of Locally Owned Businesses Using Yelp as a
resource, Lantern searched each of the 50 cities for the number of locally owned
businesses. For every 10 results a city had on Yelp, they received one point on
our scale. Almost every city listed above scored a 10 in this
category. Employment Rates Using Area Vibes, Lantern looked at the letter grade
given to each of the 50 cities and then scored it based on the following scale
from 0 to 10:
* F = 0 points
* D- = 1 point
* D = 2 points
* D+ = 3 points
* C- = 4 points
* C = 5 points
* C+ = 6 points
* B- = 7 points
* B = 8 points
* B+ = 9 points
* A-, A, A+ = 10 points
Percentage Change in High Propensity Business Applications
(HPBAs) High-propensity business applications are those that have a higher
chance of turning into businesses with payroll. These are identified based on
applications from the IRS Form SS-4 and are known to be associated with a high
rate of business formation. These applications may include:
1. Those from a corporate entity
1. Those indicating they are hiring employees, purchasing a business, or
changing organization type
1. Those providing first-wages paid dates
1. Those that have a NAICS industry code in manufacturing, retail stores,
healthcare, or restaurant/food service
Data was pulled from the US Census Bureau, comparing week 38 of 2019 to week 38
of 2020. We ranked all 50 cities from greatest percentage increase to least.
The first five states received 10 points, states 6-10 got nine points, all the
way down to states that ranked in positions 46-50, which received one
point. Years in Business Lantern also looked at proprietary data from the
company’s small business loan lead form to score the average time businesses had
been in operation, by state. Lantern analyzed thousands of lead forms to
determine which states had businesses that had been in operation the longest. To
ensure fairness, scores were weighted based on the number of leads per state.
All 50 states were then ranked from most years in business to least. States
within the top 5 rankings received 10 points. The rest of the states were scored
depending on if they were in positions:
* 6 – 10 = 9 points
* 11 – 15 = 8 points
* 16 – 20 = 7 points
* 21 – 25 = 6 points
* 26 – 30 = 5 points
* 31 – 35 = 4 points
* 36 – 40 = 3 points
* 41 – 45 = 2 points
* 46 – 50 = 1 point
Average Monthly Sales Using proprietary lead form data, Lantern assessed the
average monthly sales by state. To ensure fairness, scores were weighted based
on the number of leads per state. Lantern then ranked the 50 states according to
their average monthly sales. States within the top five rankings received 10
points. The rest of the states were scored depending on where they were in the
following positions:
* 6 – 10 = 9 points
* 11 – 15 = 8 points
* 16 – 20 = 7 points
* 21 – 25 = 6 points
* 26 – 30 = 5 points
* 31 – 35 = 4 points
* 36 – 40 = 3 points
* 41 – 45 = 2 points
* 46 – 50 = 1 point
FAIR USE STATEMENT
Are you looking to start a small business in one of these cities? Or do you know
someone looking for the best city to start a small business? Then Lantern
encourages you to share this valuable resource with your friends, family, or
readers via your website, blog, or other digital media platform. Make sure to
link back to this article so they can see the full results!
--------------------------------------------------------------------------------
The tips provided on this website are of a general nature and do not take into
account your specific objectives, financial situation, and needs. You should
always consider their appropriateness given your own circumstances.SOLC20050
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Lantern is a product comparison site that makes it easy for individuals to shop
for products and compare offers with top lenders. Lantern is owned and operated
by SoFi Lending Corp., the digital personal finance company that has helped over
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