In order to help aspiring entrepreneurs from small business restaurant owners to high-tech movers and shakers maximize their chances for long-term prosperity, WalletHub analyzed the relative business start-up opportunities that exist in the 150 most populated U.S. cities.
They did so using two key dimensions, namely “Access to Resources” and “Business Environment” to identify 13 unique metrics that were relevant to both dimensions. The 13 metrics ranged from 5-year business survival rate and the affordability of office space, to the educational attainment of the local labor force.
Their data set is listed below with the corresponding weight for each metric.
For their report, they chose each city according to the size of its population. In addition, the metrics marked with an asterisk were available only at the state level.
Access to Resources – Total Weight: 5
- Financing Accessibility (Total Annual Value of Small Business Loans Divided by Total Number of Businesses): Full Weight
- Office Space Affordability (Cost per Square Foot): Full Weight
- Employee Availability (Number of Job Openings Minus Number of Unemployed Residents): Full Weight
- Median Annual Income (Labor Costs): Full Weight
Business Environment – Total Weight: 5
- Corporate Taxes: Full Weight
- Cost of Living: Full Weight
- Length of Average Workday: Full Weight
- Workforce Education Level (Percentage of Population with at Least a Bachelor’s Degree): Full Weight
- Entrepreneurial Activity: Half* Weight
- Five-Year business Establishment Survival Rate: Half* Weight
- Number of Small Businesses Per Capita: Half Weight
- Industry Variety: Half Weight
- Small Business Friendliness Index: Half* Weight
Their findings, as well as expert commentary and a detailed methodology, can be found here.
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