Attention entrepreneurs: personal finance website WalletHub has published its 2016 report on the best large cities to start a business. The analysts evaluated 150 of the most populous U.S. cities using a range of metrics — including local business environment, access to resources and overall costs. Each city received scores across these categories, which were combined to produce a final ranking.
The study examined factors that influence startup success, such as the strength of the local economy, availability of financing and mentorship, average wages, office and commercial rents, and the regulatory climate. By comparing cities on these practical measures, WalletHub aimed to help aspiring business owners identify locations where new ventures are most likely to thrive.
Key components of the analysis included:
- Business environment: economic vitality, growth trends and competitiveness.
- Access to resources: availability of funding, talent pool, and professional networks.
- Costs: cost of living, commercial rent, and wages affecting startup expenses.
The resulting ranking highlights cities that balance opportunity and affordability, offering entrepreneurs a clearer picture of where to launch a new enterprise. Whether you’re looking for strong access to investors and skilled workers or seeking lower overhead and operating costs, the report provides data-driven guidance to inform your decision.
For entrepreneurs evaluating locations, consider these practical takeaways from such rankings: prioritize cities that match your industry’s needs, assess both short-term costs and long-term growth potential, and factor in local support systems like incubators, accelerators and mentorship programs.
WalletHub’s analysis makes it easier to compare cities on the specific metrics that matter to startups. By using a comprehensive set of indicators, the report helps identify large urban centers where business-friendly conditions and resource availability align to support new companies.