So you’ve decided you want to own your own business. Maybe you’ve even got a business opportunity picked out, but how do you decide where to locate your new business?
One way to make a good decision is to take advantage of WalletHub’s April 27th report titled “2015’s Best Cities to Start a Business”. The report, written by John S. Kiernan, takes a closer look at the 150 most populated U.S. cities in terms of start up opportunities. Kiernan came up with 13 unique metrics, ranging from 5-year survival rate and the affordability of office space to the educational attainment of the local labor force, to use in ranking the best cities for start ups in 2015.
Top five U.S. cities for start ups in 2015
Interestingly, Shreveport, Louisiana is the best place to launch a start up in the U.S. in 2015, according to Wallet Hub. Ratchet City (named after the famous hip hop dance that originated there) was ranked sixth in the access to resources category, and 13th in the business environment category, but number one overall.
Tulsa, Oklahoma came in second overall on WalletHub’s 2015 Best Cities for Start Ups list. T-Town, as it is affectionately known by residents, came in 18th in the access to resources category, and first in the business environment category.
Springfield, Missouri is the third best city to start a new business in 2015. The Birthplace of Route 66 was first in the access to resources category, and 70th in business environment.
Chattanooga, Tennessee came in fourth overall on the list. It was ranked second in the access to resources category, and 65th in terms of business environment.
Jackson, Mississippi came in fifth on WalletHub’s best cities for start ups list. It was ranked fourth in the access to resources category, and 72nd on the business environment ranking.
Worst U.S. cities for start ups
Fremont, California was ranked 145th on WalletHub’s list, making it the fifth worst city to start a new business in 2015. The access to resources ranking for Fremont was 149th, and the business environment ranking was 92nd.
Yonkers, New York was the fourth worst U.S. city in which to launch a start up this year. It was ranked 144th in access to resources, and 106th in business environment.
Garden Grove, California ended up as the third lowest ranked city on this year’s list. It had an access to resources ranking of 139, and a business environment rank of 33.
Gritty Jersey City, New Jersey was the second worst city to start a new business in 2015. The access to resources ranking for Jersey City was 147th, and the business environment ranking was 138th.
The worst city to try and launch a new business this year is Newark, New Jersey, with an access to resources rank of 111th and a business environment rank of 150th.