MIAMI. The city of Miami was positioned as the fifth city in the United States with the most favorable conditions for starting a business in 2024, according to a recent study by the personal finance website Wallet Hub.
According to the analysis, the “magic city” offers the best options to enter the business world, with a rating of 61.92, in which 100 represents the best qualities of each valued location.
The Florida entity obtained a rating of 2 in business environment, 52 in access to resources and 55 in commercial costs. In addition, it ranks first in the category of growth in average business income, nineteenth in risk investment per capita, sixteenth in labor costs, and twenty-eighth in growth in the number of small businesses.
The last few years have been very difficult for entrepreneurs in the US due to the COVID-19 pandemic, the Great Resignation and high inflation, so choosing an appropriate and prosperous state to start a business is essential when it comes to success.
To help new entrepreneurs increase their chances of long-term progress, Wallet Hub compared 100 cities in the country on 19 key indicators of viability for a profitable business, which ranged from the five-year business survival rate to labor costs and the affordability of office space.
Because there are cities that offer more facilities than others to start a business, the researchers also evaluated the business environment, availability of human capital, average work week, office spaces and average growth in the number of small businesses.
Orlando tops the list
Four other cities in the Sunshine State top the list among the 10 best in the entire nation to be able to enter the commercial area in a fruitful and productive way.
Orlando tops the list with a score of 68.22, because the number of small businesses has grown faster than in most other cities and there is a high survival rate for new businesses.
One of the reasons startups are so prevalent and successful in the “City Beautiful” is that “it has many investors per capita, so startups can get the funding they need to survive and thrive,” he notes. The report.
For its part, Tampa It is the second most prosperous city to invest in a business, with an overall score of 62.73, of 4 in business environment, 39 in access to resources and 26 in commercial costs.
“The Great Guava” has a low corporate tax rate, allowing companies to keep more of their income. In addition to a high number of investors per capita, and the combination of low taxes and high capital provides companies with more resources to survive the difficult initial years.
They are followed by Jacksonville in fourth place with 62.00 points, and St. Petersburg in tenth with 58.04. While in south Florida, Hialeah, ranks number 17.
The 10 best cities to start a business in the US complete it:
- Charlotte, North Carolina
- Atlanta, Georgia
- Fort Worth, Texas
- Austin, Texas
- Durham, North Carolina
WalletHub analyst Cassandra Happe pointed out that starting a business can be very scary, considering that one in five new companies does not make it past the first year.
“That’s why it’s especially important to live in a city that provides an environment where startups can thrive, with enough capital, workers and customers to keep them in business for the long term,” he added.
@Lydr05
Source: With information from Wallet Hub
