Two South Florida cities are among the 10 best to start your own business in, according to a recently released report by WalletHub.
The personal finance company published its list of the best large cities to start a business in on April 20, and Florida dominated the upper rankings. Of the 10 top spots, six were in the Sunshine State. As for South Florida – Hialeah and Miami ranked fourth and 10th, respectively.
According to WalletHub’s report, analysts considered “19 key metrics” across 100 cities in the U.S., including the five-year survival rate of new businesses, the costs of labor and the affordability of office spaces.
“Starting a business can be very scary, considering one in every five startups doesn’t make it past the first year,” said Chip Lupo, an analyst for WalletHub. “That’s why it’s especially important to live in a city that provides an environment where new businesses can thrive, with enough capital, workers and customers to keep it going long-term.”
Hialeah had an overall score of 60.94, with a business environment rank of 2, an access to resources rank of 83 and a business costs rank of 27. Miami scored 57.33 overall, with a business environment rank of 6, an access to resources rank of 39 and a business costs rank of 58.
Here are WalletHub’s top 10 best large U.S. cities to start a business:
- Tampa
- Orlando
- Jacksonville
- Hialeah
- St. Petersburg
- Durham, North Carolina
- Raleigh, North Carolina
- Tulsa, Oklahoma
- Oklahoma City, Oklahoma
- Miami
