With enthusiasm for climbing the corporate ladder waning, a steadily growing number of Americans are leaning toward the option of self-employment. The Bureau of Labor Statistics reported that 14.4 million Americans were self-employed as of January 2014. That number is expected to rise to a whopping 60 million by 2020.
Joining the ranks of the self-employed? You would be wise to first determine the best geographical location of your new business, since access to the resources you'll need and the business environment in general vary from state-to-state, city-to-city.
"The South is seeing a boom in entrepreneurial activity, and it comes at a far more reasonable price than in the West," says WalletHub expert Jill Gonzalez. "Office space rentals are four times more affordable in Columbus and Shreveport than in San Fransisco."
In order to help aspiring entrepreneurs maximize their chances for long-term prosperity, WalletHub analyzed the relative startup opportunities that exist in the 150 most populated U.S. cities. They did so using 13 key metrics, such as the number of small businesses per capita, financing accessibility, and the educational attainment of the local workforce.
Not ready for a move just yet? "We know that starting a business in your current city will probably be easier than moving to set up shop," says Gonzalez. "You'll have access to friends and family for those times when you need help--and you're going to need a lot of it!"
Below is WalletHub's list of the top ten business-friendly cities, along with the ten worse cities to launch your business. See the full list at on the WalletHub website.
Best Cities to Start a Business
Worst Cities to Start a Business
|1||Shreveport, LA||141||Anaheim, CA|
|2||Tulsa, OK||142||San Jose, CA|
|3||Springfield, MO||143||Santa Ana, CA|
|4||Chattanooga, TN||144||Oakland, CA|
|5||Jackson, MS||145||Ontario, CA|
|6||Sioux Falls, SD||146||Fremont, CA|
|7||Memphis, TN||147||Yonkers, NY|
|8||Augusta, GA||148||Garden Grove, CA|
|9||Greensboro, NC||149||Jersey City, NJ|
|10||Columbus, GA||150||Newark, NJ|