In 2023, a record 5.5 million new business applications were filed in the US, and The US Treasury announced in September the agency is still receiving more than 430,000 small business applications per month.
But while the entrepreneurial dream is alive and well, the question of where to open your business can seem daunting — and it could be the most important decision of your life.
Related: These are the best cities to surround yourself with millionaires
That's why CoworkingCafe looked at 11 key metrics in 136 cities across the US, such as GDP growth, number of business applications and labor costs, to come up with the 20th place ranking. the best places for small businesses.
Scottsdale, Arizona took the top spot (leading with a 38% GDP growth from 2018 to 2022 and a 16.5% self-employment rate, according to the report). Scottsdale's location, near Phoenix, and “low disaster risk” helped him take the lead. The small town was also named one of the fastest growing startup cities in the US in 2022.
Miami, which ranked second, boasts 5,320 business applications per 100,000 residents, a self-employment rate of 17.9% and GDP growth of 32%, according to the report.
Sun Belt cities thrived in the rankings, with 14 of the top 20 cities below the Mason-Dixon line.
Florida had a strong presence in the top 10 — Miami (No. 2), Orlando (No. 4), Tampa (No. 6) and Fort Lauderdale (No. 7) all made it.
Related: Which country was ranked first for business?
Atlanta ranked third, with unique features including the highest co-working space density in the country (23.8 spaces per 100,000 residents) and a highly educated workforce. More than 40% of residents there have a bachelor's degree.
CoworkingCafe
For the full report, click here.