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Constructing a Small Enterprise? We Discovered the 10 Greatest Cities for Entrepreneurs

For aspiring entrepreneurs with goals of beginning their very own enterprise, the thoughts tends to go to at least one area specifically.

You understand which one I’m speaking about — it’s the one which goes hand in hand with the thought of startups: Silicon Valley.

Positive, Silicon Valley might need been a very good place to begin a enterprise — particularly one of many tech selection — as soon as upon a time. However now, the truth is that the price of residing there has turn into so outrageous that expertise can’t flourish until it’s being backed by (a minimum of) a six-figure revenue.

Unattainable residing circumstances shouldn’t smother the entrepreneurial spirit. So, within the spirit of Nationwide Entrepreneur Month, we determined to spherical up an inventory of cities that aren’t solely hotbeds for entrepreneurship however are literally reasonably priced.

Utilizing knowledge from the U.S. Census Bureau, the U.S. Bureau of Labor Statistics and the U.S. Bureau of Financial Evaluation, we thought of the next components of the 100 most populous metropolitan areas:

Share of entrepreneurs.
Share of feminine entrepreneurs.
Earnings of self-employed employees.
Variety of new small companies began (newest knowledge from 2014).
Change in new small companies between 2004 and 2014.
Price of residing.
Unemployment fee (newest knowledge from September 2018).

The 10 Greatest Cities for Entrepreneurs and Startups

Possibly you already reside in one of many cities that made our record. In that case, it could be time to noticeably take into account shifting ahead with that dream of proudly owning your individual bakery. And in case your metropolis didn’t make the lower, hold these locations in thoughts should you ever resolve to relocate for enterprise functions.

St. Louis, Missouri

Earnings: $56,905

Change in new small companies: 51%

Share of entrepreneurs: 2.9%

Unemployment fee: 2.9%

St. Louis is house to blues music, good barbecue and that well-known arch — perhaps you’ve heard of it. It’s additionally interesting for brand spanking new companies and entrepreneurs, contemplating the town has seen a whopping 51% change in new small companies over a decade.

The town additionally clocks in with costs about 6% under the nationwide common and got here in second on our record of the greatest cities for tech jobs which are really reasonably priced!

A view of mountains beyond the downtown of a city. The Rocky Mountains, a rugged ever-present backdrop, stand up past downtown Colorado Springs. SWKrullImaging/Getty Pictures

Colorado Springs, Colorado

Earnings: $67,804

Change in new small companies: eight.7%

Share of entrepreneurs: four.three%

Unemployment fee: three.6%

Denver may get quite a lot of love and a focus, however should you drive about an hour south to Colorado Springs, budding enterprise homeowners can discover a extra enticing choice. The unemployment fee there is the same as the nationwide common, however the metropolis boasts a excessive share of entrepreneurs and excessive common earnings for self-employed employees.

The Colorado Springs Chamber and EDC acts as a very good native useful resource for small enterprise homeowners and aspiring entrepreneurs. And enjoyable reality: A number of the first GPS expertise was developed in Colorado Springs! Massive sneakers to fill — no strain.

Boise, Idaho

Earnings: $50,719

Change in new small companies: 11.eight%

Share of entrepreneurs: four.6%

Unemployment fee: 2.1%

The capital of Idaho joins our record with a 12% change in small companies between 2004 and 2014. Boise additionally has the bottom unemployment fee of the cities on our record, effectively under the nationwide common of three.7%.  

The U.S. Small Enterprise Administration has a Boise district workplace for native entrepreneurship sources, and Boise State College homes the Idaho Small Enterprise Growth Heart.

Sarasota, Florida

Earnings: $60,884

Change in new small companies: 9%

Share of entrepreneurs: 6.four%

Unemployment fee: 2.eight%

Dreaming of beginning your individual enterprise and spending your off time lounging on the seaside? You’re in luck, as a result of Sarasota, Florida, made our record with a 9% change in new small companies over a decade.

Sarasota County’s Workplace of Enterprise and Financial Growth gives step-by-step data for small enterprise homeowners, whether or not it’s serving to them get established, relocate or broaden. An insider tip from Alex Mahadevan, our knowledge journalist who grew up in Sarasota: The HuB, a coworking house for creatives and entrepreneurs, is value testing.

A photo at sunrise of a city's skyline Austin’s skyline, bathed in pastel dawn hues, spreads alongside the shoreline of Woman Hen Lake. RoschetzkyIstockPhoto/Getty Pictures

Austin, Texas

Earnings: $62,511

Change in new small companies: 25.2%

Share of entrepreneurs: three.7%

Unemployment fee: 2.9%

Are you stunned to seek out Austin on our record? In all probability not, contemplating the Texas capital appears to pop up on “Greatest Locations to Stay” lists fairly recurrently.

Austin is among the fastest-growing cities within the nation, attracts a excessive variety of younger grads and noticed a 25% improve in small companies between 2004 and 2014.

Lexington, Kentucky

Earnings: $76,113

Change in new small companies: 23.6%

Share of entrepreneurs: three.7%

Unemployment fee: three.three%

Thoroughbreds aren’t the one issues successful blue ribbons on this Kentucky metropolis. Lexington makes the lower as probably the greatest cities for entrepreneurs as a consequence of a excessive share of recent companies and the second-highest common earnings for self-employed employees on our record.

Aspiring entrepreneurs can try the Kentucky Small Enterprise Growth Heart for data and sources. Who is aware of? You would be the subsequent Colonel Sanders.

Nighttime lights on an intersection in a big city. The lights of passing vehicles illuminate a vibrant, busy intersection in sprawling Miami. unclegene/Getty Pictures

Miami, Florida

Earnings: $50,712

Change in new small companies: 12.four%

Share of entrepreneurs: 6.7%

Unemployment fee: three.2%

Two issues which are sizzling in Miami: the climate and the entrepreneurship scene. This South Florida metropolis has seen an increase in small enterprise and has a excessive density of entrepreneurs, incomes the highest spot on our record with regards to the share of entrepreneurs.

Much like Sarasota’s HuB, CIC Miami is a coworking workplace house that fosters the entrepreneurial spirit and is value wanting into for sources or networking functions.

Kansas Metropolis, Missouri

Earnings: $61,008

Change in new small companies: 19.eight%

Share of entrepreneurs: three.2%

Unemployment fee: 2.eight%

Certainly one of life’s greatest frustrations is that a part of Kansas Metropolis is in Missouri and never, effectively, Kansas — however that’s simply my opinion. My private emotions apart, Kansas Metropolis earns a spot on our high 10 record because of an virtually 20% change in small companies over a decade and its low unemployment fee.

And for entrepreneurs with a gentle spot for expertise, Kansas Metropolis is an much more enticing choice. The town snagged the primary spot on our record of greatest reasonably priced tech cities.

Provo, Utah

Earnings: $60,390

Change in new small companies: 2.7%

Share of entrepreneurs: four.7%

Unemployment fee: 2.eight%

If there’s one factor to remove from all of this, it’s don’t sleep on Utah. With an total inhabitants simply over three million, the Beehive State’s cities are recurrently discovered on “greatest cities” lists — together with a few of our personal.

Along with being probably the greatest cities for entrepreneurship, Provo additionally noticed a four% uptick in revenue in 2017, because of a wholesome retail commerce.

Salt Lake Metropolis, Utah

Earnings: $78,169

Change in new small companies: 1.9%

Share of entrepreneurs: four.1%

Unemployment fee: three%

What did I say about Utah? Final however definitely not least, Salt Lake Metropolis makes our record of entrepreneur cities with a four.1% share of entrepreneurs within the state’s most populous metro space, and the very best common of earnings for self-employed people.

Salt Lake Metropolis additionally graced a few of our different lists, because of its 2.6% progress in hourly pay and three.5% revenue progress.

Kaitlyn Blount is a workers author at The Penny Hoarder. Alex Mahadevan is an information journalist at The Penny Hoarder.

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