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30 best cities for starting a business

Published: Wednesday, March 12 2014 11:07 p.m. MDT

Wallet Hub

Location is the key for entrepreneurial innovation, or at least that's the premise of a study by personal finance website Wallet Hub.

"There is always room in the market for new ideas … if you know where to look," the study says in the introduction.

In order to judge the best locations for new business start-ups, Wallet Hub rated each city according to 14 key indicators, namely:

Access to financing

Cost of office space

Corporate taxes

Employee availability

Local cost of living

Average annual salary

Length of average workday

Workforce education level

Entrepreneurial activity

5-year survival rate of start-ups

Number of businesses per capita

Real estate affordability

Industry variety

Rank in the Small Business Friendliness Index

According to Wallet Hub's assessment of these metrics, no Utah city placed in the top 30. In fact the closest was Salt Lake City at no. 70. The study did, however, recognize Salt Lake City for having the highest amount of "Small Business Lending," with an average of $61.77 loaned per business.

Here we've compiled the list of the top 30 cities for entrepreneurial innovation, as well as some relevant census data for each city.

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Foxtrot
Mountain View, CA

This list is ridiculous. i think it was weighted towards cheap way too much since there are a lot of struggling cities in here. What about revenue generation or talent? Key attributes in building a business...

toosmartforyou
Farmington, UT

Most of the cities are in the South. That says something.

wally1121
Taylorsville, UT

Not included in your 14 rating points is government red tape.
I recently looked into what it takes to operate a small home business.
I have to get a tax ID number from the IRS.
I have to register with the department of commerce (FEE)
I have to get a sales tax license (FEE)
I have to apply for a conditional use permit (FEE)
I have to get approval from my neighbors.
I have to get a business license from the city (FEE).
Only after jumping through all these hoops and paying hundreds of dollars in fees can I "TRY" to start a business and hopefully turn a profit.
Then, of course, there those reports, forms recurring fees and taxes when I do earn some money.
It makes one wonder why anyone would even try!

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