Have a million dollar idea — or at least a pretty good one? You might be thinking of starting a small business. You’re in good company, too. In 2023, 5.5 million new business applications were filed across the country. But where would be the ideal place to start a business?
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Coworking space platform CoworkingCafe wanted to find out, so they analyzed data from more than 100 cities. The research they put together looked at gross domestic product (GDP), number of business applications, labor costs and more. You just might be in the perfect place to grow your new venture already, but if not, consider these top cities to start a business in 2024.
1. Scottsdale, Arizona
If you’re living in Scottsdale, the world is your oyster when it comes to small business growth. The city’s GDP went up 38% between 2018 and 2022, meaning Scottdale has seen significant economic growth. It’s been recognized as a booming city for startups, which goes to show you just how many businesses have started in Scottsdale. Despite labor costs being on the high side at $62,805, 16.5% of business owners are self-employed, which is the second highest on the list.
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2. Miami
If you’re wondering where the highest percentage of business owners are self-employed, that would be Miami at 17.9%. For every 100,000 residents, there are 5,320 business applications in the city — by far the highest on the list. Miami has a high cost of living, but low labor costs at $34,934 annually. Interestingly, Miami also has the second highest amount of coworking spaces per 100,000 residents on the list, suggesting it’s an ideal place for an entrepreneur to make their way.
3. Atlanta
Atlanta is another city that’s dense with coworking spaces, making it easy to find a place to work for someone who’s self-employed. The city has also seen a GDP growth rate of 25% showing there is strong economic growth, and that it’s ripe for new businesses to thrive.
4. Orlando, Florida
Another Florida city is in the top five. Like Miami, Orlando has also seen a high amount of business applications: 3,698 per 100,000 residents. Labor costs are relatively low at $39,148, which is good news for fledgling business owners. The city has also seen an impressive 35% in GDP growth.
5. Austin, Texas
Austin has the highest GDP growth rate on the list at 46%. That can be attributed to the growing tech industry that’s booming in the city. Though labor costs are high at $50,676, they have a low unemployment rate at 4.4%. Almost 75% of the population is participating in the labor force, which means there’s a significant amount of people ready to work at a new business.
6. Tampa, Florida
A third entry from Florida is in the top 10, meaning Florida as a whole is probably not a bad place to start a business. Tampa has a low cost of living, which already makes it ideal to navigate startup costs. The GDP is also promising at 36%, which means there is a strong market for developing businesses to take off.
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This article originally appeared on GOBankingRates.com: Top 6 Cities To Start a Small Business — Are You in One?
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