Size matters when choosing a city in which to launch a startup. As many veteran entrepreneurs — and failed start-ups Small cities to boost your small business start up — understand well, bigger is not always better. A city with a smaller population can offer a greater chance of success, depending on an entrepreneur’s type of business and personal preferences.small business, business broker Vincent Murphy, business-friendliness
Every small city offers unique advantages and disadvantages to prospective ventures. Lower overhead costs, stronger relationships with customers and the potential to become a big fish in a little pond are among the benefits. But the drawbacks come plenty as well. For one, entrepreneurs seeking to cultivate a large professional network aren’t likely to fill their roster in a town with fewer residents. Other restrictions might include limited industry options, a less diverse customer base, and difficulty attracting and retaining top talent.
WalletHub’s analysts, therefore, compared the business-friendliness of 1,261 small-sized cities to determine the best overall for launching an enterprise. Our data set of 16 key metrics ranges from average growth in a number of small businesses to investor access to labor costs. Read on for our findings, expert business insight and a full description of our methodology.
small business, business broker Vincent Murphy, business-friendliness
|Overall Rank||City||Total Score||‘Business Environment’ Rank||‘Access to Resources’ Rank||‘Business Costs’ Rank|
Ask the Experts business broker Vincent, Murphy
The lack of expert guidance is a common problem for entrepreneurs that could lead to failure even before a business takes off. For insight into starting a business in a small city and advice on overcoming the challenges they pose, we turned to a panel of experts for their thoughts on the following key questions:
- What are the pros and cons of starting a business in a small city?small business, business broker Vincent Murphy, business-friendliness
- Would some types of small businesses (e.g., a retail store, restaurant, or tech startup) do better than others in a smaller city?
- What tips do you have for an entrepreneur starting a business in a small city?
- What impact do you think the Trump administration’s proposed policies will have on entrepreneurs?
- What can local authorities do to encourage entrepreneurial activity in their small city?