If you’re an aspiring entrepreneur looking to start a new business, you might want to avoid the Bay Area and New York City, according to a new survey from the personal finance site NerdWallet.
The researchers found that the best place to start a business in the US is Boulder, Colorado, which has a growing tech scene and resources like incubators and investors.
NerdWallet surveyed 183 metro areas with 15,000 or more businesses and populations and considered two questions with three criteria each:
- “Are businesses successful here?” Considered: average revenues, percentage of businesses with paid employees, number of businesses per 100 people
- “Is the area’s overall economy strong?” Considered median annual income, median annual housing cost, unemployment rate
According to these criteria, the top 10 best places to start a business all have populations under 1 million, and half of the top 10 are in the Midwest. The NerdWallet team determined that this is because there is less competition and a lower cost of living in these parts of the country, which allow entrepreneurs to more easily build their businesses.
For more information on the top 10, check out the graphic below:
You can learn more about these top 10 locations as well as see a list of the top 183 places to work in the country over at NerdWallet’s site.
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