CORRECTION: Marcus Hiles: Small Businesses Are Helping Top US Cities Thrive Like Never Before
Wednesday, May 29, 2019 10:05 AM
This press release replaces the press release disseminated May 28, 2019 at 5:05PM ET. The press release contained an error in the headline.
DALLAS, TX / ACCESSWIRE / May 29, 2019 / Some of today's thriving US cities are getting to the top through not only supporting large global corporations but also through their growing network of small businesses. A recent ranking by online resource Biz2Credit highlights this fact as they comprised their annual report for uncovering the best cities in the nation for small businesses in 2019. On the list were those cities familiar to widespread economic success including California's San Diego and Los Angeles as well as NYC and Boston.
In order to calculate the ranking, the online analyst used its tool BizAnalyzer to uncover the factors behind sustaining a successful business climate that supports and fosters growth. Touching on a collective view of the business environment in each city location, a key category analyzed focused on the cost of doing business. Things like taxes, property costs, permits, etc. all impact the cost of starting and running a business and helped to organize how each location ranked among affordability when compared to other cities in the running.
This baseline information was then analyzed against the overall annual revenues for each location's small business network in which the report used a combined pool of 30K organizations for running the comparison. These companies were all those that fit into what the SBA defines as small businesses; which in the report's case narrowed it down to those organizations with 250 or less employees making no more than $10 million in annual revenue that have been operating for at least a year.
Weighing the averages across these companies in both affordability and revenue, the report also looked at the rate of which small business creation was growing in each metro area along with the local talent pool and its ability to sustain growth. With nearly 59 million people or 48% of the nation's private workforce employed by small businesses - understanding the health of each area's employee network is a critical factor keeping the United States' metros growing and fueling small businesses.
The report's top 10 cities included:
- San Jose, CA
- San Francisco
- New York
- San Diego
- Los Angeles
- Sacramento, CA
- Washington, DC
"Understanding the role of the nation's small business network is critical to understanding our nation's history and future economic success and independence. Starting as a small business myself, the opportunities available in each metro are different so it is up to business owners to evaluate where they can setup and successfully run their company as location will likely be a continuing factor in either enabling or hindering success." shares Texas-based entrepreneur and business owner Marcus Hiles.
By seeing Miami top the charts this year followed by both those well-established city economies like San Francisco along with up and coming areas like Baltimore, it is apparent small businesses are thriving across a diverse group of locations. Whether an area is the best place to start and own a business or not, there are opportunities nationwide for the next generation of business owners.
To learn more about business and development news visit marcushiles-news.com.
SOURCE: Marcus Hiles