The number of self-employed Americans are expected to rise to more than 60 million by 2020, and the rate of small business startups is expected to surge as well.
WalletHub‘s new analysis of 2015’s Best Cities to Start a Business helps paint a picture of a city’s potential for helping an entrepreneur succeed during those critical first five years.
WalletHub analyzed the relative start-up opportunities that exist in the 150 most populated U.S. cities.
The site used 13 unique metrics, ranging from 5-year survival rate and the affordability of office space to the educational attainment of the local labor force.
For example, Salt Lake City, UT; Amarillo, TX; Lincoln, NE; Lubbock, TX; and Laredo, TX are the cities with the most accessible financing. While those with the least accessible financing are: Phoenix, Mesa, Chandler and Glendale, all in Arizona, and Mobile, AL.
Below are the overall best and worse cities for starting a business, according to WalletHub’s analysis:
Here are some noteworthy findings from WalletHub:
- Office space is four times more affordable in Toledo, Ohio, than in San Francisco.
- The median annual salary is four times higher in Fremont, Calif., than in Detroit.
- The cost of living is two times higher in New York than in Laredo, Texas.
- The workforce is six times more educated in Irvine, Calif., than in Santa Ana, Calif.
- The number of small businesses per capita is two times higher in Miami than in Bakersfield, Calif.
See all results here.