Utah & Idaho: 8 out of the Top 12 Best Cities For New Businesses
Size matters! Especially when you're an entrepreneur looking to start a small business. Size matters when choosing the correct city to launch to startup. National Small Business Week is approaching, and WalletHub released its report on 2023's Best Small Cities to Start a Business.
Did you know that 20% of new businesses fail in the first two years? And 45% of new businesses fail in the first five years?
To determine the best small cities to start a business WalletHub "compared the business-friendliness of more than 1,300 small-sized cities. Our data set of 18 key metrics ranges from average growth in the number of small businesses to investor access to labor costs. "
The three key dimensions:
- Business Environment
- Access to Resources
- Business Costs
They chose cities with a population between 25,000 and 100,000 residents, WalletHub said, "City refers to the city proper and excludes the surrounding area."
Some key findings that they shared were:
- Bozeman, Montana, has the highest number of startups per 100,000 residents.
- Isla Vista, California, has the lowest labor costs (medium annual income), $22,386, 11.2 times lower than Los Altos, California, with the highest at $250,000.
Utah takes the cake regarding the Average Growth In the Number of Small Businesses. These five cities in Utah are all tied for being the highest:
- St. George, UT
- Washington, UT
- Cedar City, UT
- American Fork, UT
- Eagle Mountain, UT
Best Small Idaho & Utah Cities Not in the Top 12:
(15) Midvale, UT
(20) American Fork, UT
(25) Pleasant Grove, UT
(28) Nampa, ID
8 out of the top 12 best small cities to start a business are in Utah & Idaho.