New York and San Francisco have long lured entrepreneurs ready to launch their startups. However, the costs associated with setting up shop in those cities are astronomical. The average commercial rent in these cities is $80.00 per square feet per year. If most of your capital is spent trying to make rent, well, San Francisco and New York start looking a lot less attractive.
Are there equally appealing cities that are cheaper? Indeed, FitSmallBusiness.com, the digital business publication, researched and analyzed 41 of the largest metropolitan areas and hottest startup cities to help the budding entrepreneur choose the best one to start a business. The publication analyzed the merits of each city using data compiled from the U.S. Census Bureau, Startup Genome, and CBRE Group to provide you with the full definitive list found HERE.
TOP CITIES FOR STARTUPS THAT ARE NOT SAN FRANCISCO OR NEW YORK
- San Diego
- Los Angeles
FitSmallBusiness.com based its ranking of the best startup cities on eight metrics, and assigned the following weights for each category based on the category’s importance:
- Number of startups – 17.5 percent
- Venture capital funding – 17.5 percent
- Tech talent pool growth – 15 percent
- Population concentration of Millennials – 15 percent
- City GDP – 10 percent
- College degree rate – 10 percent
- Mean travel time to/from work – 7.5 percent
- Cost of living – 7.5 percent
“I think the biggest surprise from this study is that there is no geographical trend,” says Eric Noe, Editor-in-Chief, FitSmallBusiness.com. “That’s great news for soon-to-be entrepreneurs who can use this list and pretty much set up shop in any given part of the country.”
With a rapidly growing monthly readership of more than 1.2 million, FitSmallBusiness.com is an online publication devoted to helping small business owners. Its full-time staff of writers spends hours of research, data analysis, and interviews with industry experts to answer the questions that owners want in order to run a successful small business.
For more information on this list and this topic, please contact Sarah Johnson, firstname.lastname@example.org, 917-864-6355.