Big city versus smaller city. Which is better when starting a business?
Experts say a city with a smaller population might offer a greater chance of success, depending on an entrepreneur’s type of business and personal preferences.
A new study by personal-finance website, WalletHub puts Holland, Michigan as the number one spot as the "2019 Best Small City to Start a Business".
The city of Holland, MI came in first in a recent WalletHub report, as it relates to best places to start a business. WalletHub compared more than 1200 cities with fewer than 100-thousand residents. They looked at a number of key metrics. Here’s WalletHub analyst Jill Gonzalez.
“We looked at this, divided into things like, business environment, so kind of the track record for these businesses in small cities, access to resources and finally business costs, when it comes to office affordability, and paying people, vastly differs from place to place.”
Gonzalez says Holland did very well across the board noting the city can be proud of its ranking especially in one specific category.
“Which is access to resources; so everything from financing accessibility to human resource availability higher education assets nearby, the workforce educational attainment is quite high and one of the most important is job growth, so all of those contributed to its number one position.”
The cost to do business is another reason Holland is at the top.
“When it just comes to business costs alone, office space is very affordable, it comes to 12 dollars a square foot, you try opening a business for that much, in terms of office space, in most others places across the country, it’s just not going to happen.”
Gonzalez says their information is generally used by consumers as well as by Chambers of Commerce in many cities. She says next up, they’ll look at large cities and the best place to start a business.