Shereveport, LA. Katherine Welles / Shutterstock.com
You might want to skip California if you are looking to start a new business. According to personal finance social network WalletHub’s list of 2015’s Best Cities to Start a Business, destinations in the Golden State didn’t fare so well.
With the number of self-employed Americans predicted to increase to more than 60 million by 2020, location is key to the success of their small businesses.
WalletHub analyzed the start-up opportunities in the 150 most populated U.S. cities, looking at such factors as the number of small businesses per capita, financing accessibility, and the educational attainment of the local workforce.
Interestingly, Shreveport, LA, came out on top. And an array of California cities such as San Jose, Oakland were on the worst locations to start a business. Newark, by the way, was in last place on a list of 150.
Following Shreveport on the Best Cities to Start A Business list was Tulsa, OK; Springfield, MO; Chattanooga, TN; Jackson, MS; Sioux Falls, SD; Memphis, TN; Augusta, GA; Greensboro, NC; and Columbus, GA.
Among the outtakes from the survey:
–Office space is four times more affordable in Toledo than in San Francisco.
–The cost of living is twice as high in New York than in Laredo, Texas.
–The median annual salary is four times higher in Fremont, Calif., than in Detroit.
–The number of small businesses per capita is two times higher in Miami than in Bakersfield, Calif.
So it seems, if you want to launch a new business you might want to head South, young woman–not West.
