Based on a weighted average that includes annual revenue, credit score, age of business, cash flow, and local market conditions, Riverside, CA, is the Best Small Business City in America, according to Biz2Credit's third annual survey.
Riverside ranked in the top five in three different measurements: average credit score, average annual revenue, cash flow, and local market factors computed in a BizAnalyzer score. The city also finished in the top ten for youngest age of business. Riverside's economy is diverse; it is a hub for IT, manufacturing, food processing, healthcare, and professional services. Further, the city's support networks--including incubators, accelerators, and co-working spaces, as well as a 'Shop Riverside' campaign to promote local businesses--accentuate its wide variety of retail shops and restaurants.
California had six cities among the top 25, while Texas and Florida had three each. The fact that three states hit hard by the real estate bust are on the list indicates that they have rebounded nicely from the recession. Additionally, each of these states has experienced an influx of immigrants from Mexico, Central America, the Middle East, India, Pakistan, and the Far East who add vibrancy to the local economies.
Major cities, such as New York, performed well in the study but are impacted by the high cost of doing business. Regulations, real estate and rental prices, and taxes are high, particularly in places such as San Francisco, LA, San Jose, and New York. However, these are places where average annual revenues were highest. It is no coincidence that they happen to be hubs for technology, which continues to boom.
Orlando has proven to be a particularly strong place for new businesses. Companies are sprouting up around Orlando in the entertainment, technology and service sectors. Compared to major metropolitan areas, the cost of real estate is much more affordable, it is located in a low tax state, and the weather, of course, is nice. The Sunshine State is a vibrant part of the country right now; it's not your grandfather's Florida anymore. In fact, it is attracting younger people and immigrants.
These are the Top Ten Small Business Cities in America, according to Biz2Credit:
1.Riverside-San Bernardino, CA
3.New York Metro
5.Las Vegas, NV
6.San Francisco-Oakland, CA
7.Miami-Fort Lauderdale, FL
8.Los Angeles, CA
10.Dallas-Fort Worth, TX
To see the complete ranking, visit: https://www.biz2credit.com/research-reports/2015-best-small-business-cities-in-america.