Market Blog

Austin Ranks Second Best City to Start a Business

 

According to a WalletHub article written by John Kiernan, more than 15 million people in the United States work for themselves, which is roughly 10 percent of the labor force. In order to help aspiring entrepreneurs maximize their opportunities, WalletHub ranked the best cities in which to start a business. (Researchers analyzed 182 states including the 150 most populated U.S. cities, plus at least two of the most populated cities in each state.) Austin earned an impressive No. 2 ranking.

Nineteen key metrics — including “five-year business-survival rate” and “cost of living” — were used for the study. Each metric fell under one of three main topics: business environment, access to resources, and business costs. The first offers 50 points, and the latter two offer 25 each, to make a total of 100 possible points. Austin earned an overall score of 61.35, which was only .89 less than the No. 1 city — Oklahoma City.

As a bonus Wallethub brought on a panel of nine entrepreneur experts to give advice and insight for those who wish to become entrepreneurs, but may need a little guidance on how to become their own boss. These are the following questions answered:

  • What tips would you offer an aspiring entrepreneur?
  • Which are some of the biggest mistakes entrepreneurs make?
  • Besides technology, what other sector is ripe for disruption by entrepreneurs? What is the next big thing?
  • What are the advantages and disadvantages of starting a business in a big city?
  • What is the best source of funding for new companies?
  • What is the most effective way state and local authorities can stimulate entrepreneurship and new business development?

(The experts’ responses to these questions can be found in the original article)

John Kiernan | WalletHub

Furthermore, Austin tied for first place in terms of having the highest average growth in number of small businesses.

[Via WalletHub]

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