Fort Myers named among best small cities for starting a business
With National Small Business Week approaching and 20% of new businesses failing within the first year, the personal-finance website WalletHub released its report on 2024’s Best Small Cities to Start a Business. And Fort Myers ranked No. 3 on the list nationwide.
Top 20 Small Cities to Start a Business
- Cedar City, UT
- St. George, UT
- Fort Myers, FL
- Washington, UT
- Post Falls, ID
- South Bradenton, FL
- Morrisville, NC
- Lehi, UT
- Altamonte Springs, FL
- Coeur d’Alene, ID
- Bozeman, MT
- Eagle Mountain, UT
- Winter Park, FL
- Midvale, UT
- American Fork, UT
- Helena, MT
- Sarasota, FL
- Casselberry, FL
- Springville, UT
- Bradenton, FL
To determine the most business-friendly small markets in the U.S., WalletHub compared more than 1,300 cities with fewer than 100,000 residents across 18 key metrics. The data set ranges from small business growth rates and the accessibility of financing to investor access and labor costs.
Size matters when choosing a city in which to launch a startup. As many veteran entrepreneurs and failed startups understand well, bigger is not always better. A city with a smaller population can offer a greater chance of success, depending on an entrepreneur’s personal preferences and the type of business they’re starting. The best cities can even help new businesses survive economic shocks such as pandemics or inflation.
“The benefits of starting a business in a small city include lower overhead costs, stronger relationships with customers and the potential to become a big fish in a little pond,” said Cassandra Happe, Wallethub analyst.
“But there are drawbacks, too. Entrepreneurs who want to build a large professional network aren’t likely to make as many connections in a town with fewer residents. Other restrictions might include limited industry options, a less diverse customer base, and difficulty attracting and keeping top talent.”
