What makes a place a fertile breeding ground for new business growth? In the past, many have tried to determine the ultimate formula for deciding the greatest cities to start a new venture. Here, we borrowed from Inc.com’s “Top 25 Cities for Doing Business in America’s” decision criteria, in which the top criterion was current and historical job growth. In a nutshell, job growth statistics reflect more than just a single factor. A city’s educational systems, living costs, taxes and regulatory environment, in addition to numerous other measures are the typical gauges used by other lists in determining the best cities for small business. “Business in a Nutshell” has found a factor ultimately representative of all the most important singular factors.
Do not be surprised when the highest ranked cities are not the biggest, most innovative cities of the 2000s. During the recent recession cities in previously “backwards” areas of the country have stepped up their game and managed to trudge through the poor economy, poised to take off in the near future.
10. Bakersfield, CA
Population: 800,458
The cornerstone of Bakersfield’s economy is agriculture, manufacturing, and petroleum extraction and refining. Even though the city’s rapid population growth has begun to slow, Bakersfield is still growing because of its relatively low cost compared to Los Angeles. For firms looking to expand to service the Southern Californian market Bakersfield is a comparably cost-effective option.
9. Fresno, CA
Population: 505,479
Stimulated by population growth and affordable real estate costs, Fresno is poised for rapid growth in the high-end service, information technology and manufacturing sectors. As costs increase in the Bay Area and other previously booming California tech hubs, Fresno is becoming a viable alternative.
8. Sarasota, FL
Population: 55,241
Despite being hit hard by the downturn in the real estate market, Sarasota’s heavy retirement and tourism industries have kept the city more than afloat. Due to the age range of the population, healthcare and financial services have prospered in recent years. Community organizations such as SCORE have helped small businesses in the area with financial and managerial advice.
7. Madison, WI
Population: 222,428
Madison boasts a highly educated workforce due in part to laying claim to one of the region’s top universities. In addition, Madison is strategically situated between Chicago, Milwaukee, Minneapolis and St. Paul. What it lacks in relatively high housing and property taxes, Madison makes up for in great tax incentives for small businesses, including an angel investment and venture capital tax credit.
6. Green Bay, WI
Population: 302,935
Green Bay lacks the population-driven growth that the larger cities such as Las Vegas and Atlanta. What it lacks in population Green Bay makes up in with a skilled labor force, a diversified economy, and a reasonable cost of living.
5. West Palm Beach, FL
Population: 99,919
South Florida’s favorable tax structure, the perceived high quality of life, and reasonable housing prices make West Palm Beach a great location for a start-up ventures. Henceforth, several major corporations have headquartered in the area. Also, a large cultural and arts population help draw tourism to an already popular tourist destination.
4. San Antonio, TX
Population: 1,251,086
While San Antonio benefits from a talented labor pool, it also offers very low cost of living compared to other cities its size. In fact, over 16,000 start ups were launched last year. Healthcare, tech, and financial services form the base of San Antonio’s economy. Because of San Antonio’s proximity to several military bases, the city also attracts lucrative military contracts. In addition, amusement parks in the area draw a steady flow of tourism into the city.
3. Las Vegas, NV
Population: 1,951,269
Despite the dip in tourism following the recession and 9/11, the steadily growing population has made the housing construction industry important to the city’s economy. In addition to home building high-end sector jobs and manufacturing has begun to make its way to Vegas. However, tourism remains the keystone to the Las Vegas economy.
2. San Bernardino, CA
Population: 209,924
San Bernardino has earned the sobriquet the ‘inland empire” and well deservedly. While living and business costs have sky rocketed in the Bay Area, San Bernardino has maintained a relatively stable and affordable cost of living. Not only does tourism draw a stable economic base but also the nearby universities provide a steady supply of educated workers.
1. Atlanta, GA
Population: 4, 500, 000
Top-tier universities, major corporate headquarters and one of the largest international airports in the country help place Atlanta at the top spot. Atlanta has many of the big city advantages without all the big city negatives, such as high cost of living and large tax burdens. In addition, Atlanta has one of the most diversified economies in the nation as opposed to some of the other major cities: New York (finance) and San Jose (technology). Atlanta’s broad economy has better allowed the city’s businesses to take advantage of the recovery efforts.
Now that you know the top ten is it time for a move? Remember this, these cities are great choices for starting a business if a fresh start or relocation is in the cards, but the most important factors in launching a new business do not change from year-to-year like the top cities’ do: strategy, tactical planning, and sound execution.
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