More people than not are interested in being entrepreneurs. With the flexibility it provides, personal fulfillment and in some cases, more financial freedom it’s no wonder that everyone is aiming to be their own boss.
In fact, according to the Global Entrepreneurship Monitor, there are 31 million entrepreneurs in the U.S., which is about 16% of the adult workforce. About 55% of adults have started a business at some point in their lives, and 26% have started two or more businesses.
But one entrepreneurial journey doesn’t fit all. Many factors affect how successful a business will be, including location.
WalletHub recently released findings from a report that took a look at the best large cities to start a business, ranked. The top 10 include Orlando, FL, Miami, FL, Laredo, TX, Durham, NC, Boise, ID, Denver, CO, Jacksonville, FL, Raleigh, NC, Colorado Springs, CO and Tampa, FL.
They said they formed the list based on 20 key metrics, ranging from the five-year business survival rate to the percentage of residents who are vaccinated to office-space affordability. Other factors include the highest average number of small businesses, accessibility to affordable office spaces, most accessible financing opportunities and highest availability of human capital.
Based on these metrics, the 10 worst cities are Anaheim, CA, Chula Vista, CA, Baltimore, MD, Bakersfield, CA, Cleveland, OH, Fremont, CA, Pittsburgh, PA, Detroit, MI, Chesapeake, VA, Corpus Christi, TX, and Washington, DC.