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In 2023, a record-breaking 5.5 million new business applications were filed in the U.S., and the U.S. Treasury reported in September that the agency is still receiving more than 430,000 small business applications a month.
But while the entrepreneurial dream is alive and well, the question of where to open your business might seem daunting — and can be the most important decision of your life.
Related: These Are the Best Cities for Surrounding Yourself With Millionaires
That's why CoworkingCafe looked at 11 key metrics in 136 cities across the U.S., such as GDP growth, number of business applications, and labor costs, to rank the 20 best places for small businesses.
Scottsdale, Arizona took the top spot (leading with a 38% GDP growth from 2018 to 2022 and a 16.5% self-employment rate, according to the report). Scottsdale's location, close to Phoenix, and "low disaster risk" helped it take the lead. The small city was also named one of the fastest-growing startup cities in the U.S. in 2022.
Miami, which came in at No. 2, can boast 5,320 business applications per 100,000 residents, a 17.9% self-employment rate, and a 32% GDP growth, according to the report.
Sun Belt cities thrived in the rankings, with 14 out of the top 20 cities below the Mason-Dixon line.
Florida had a strong presence in the top 10 — Miami (No. 2), Orlando (No. 4), Tampa (No. 6), and Fort Lauderdale (No. 7) all made the cut.
Related: Which State Was Just Ranked No. 1 for Business?
Atlanta was ranked third, with unique features including the most coworking space density in the nation (23.8 spaces per 100K residents) and a highly educated workforce. More than 40% of residents there have a bachelor's degree.
CoworkingCafe
For the full report, click here.
