South Bradenton ranks in top 10 best small cities to start a business, website says
South Bradenton recently ranked in the top 10 small cities in the U.S. to open a small business.
WalletHub, a personal finance website, ranked South Bradenton No. 6 and Bradenton No. 29 on its list of 2023’s Best & Worst Small Cities to Start a Business.
Other cities in southwest Florida that ranked were Fort Myers, No. 8, Sarasota, No. 24, and North Port, No. 38.
Only cities with populations between 25,000 and 100,000 were considered.
The rankings were based on 18 key metrics, including small business growth rates, accessibility of financing to investors, and labor costs.
Here’s how South Bradenton scored in three main categories: business environment (103), access to resources (599) and business costs (66), when compared to 1,300 small-sized cities, with a score of 1 being the best and a score of 667 being the average.
According to the WalletHub website, size is important when deciding where to establish a business, especially now. Depending on the type of business and the entrepreneur, a location with a lower population may offer a better chance of success.
“The best cities can help new businesses survive economic shocks such as the COVID-19 pandemic and inflation. It’s hard enough owning a business under normal conditions when 20% of new businesses fail within the first two years and 45% fail during the first five,” WalletHub said.
Data used to create the rankings were collected from the U.S. Census Bureau, Bureau of Labor Statistics, Federal Deposit Insurance Corporation, AreaVibes, Yelp, Indeed, Tax Foundation, LoopNet and WalletHub research.
See the full report from WalletHub at https://wallethub.com/edu/best-small-cities-to-start-a-business/20180.
