Although the COVID-19 pandemic has made the past few years tough for business owners, conditions in the U.S. are improving now that the country has mostly reopened. Many entreprenuers are not looking for the next big thing and next big place to start a business. WalletHub has decided to help these budding entrepreneures by ranking the best cities to start a business. WalletHub compared the relative startup opportunites that exist in 100 U.S. cities, and Tampa is in the top 10.
Best cities to start a business
In order to determine the best cities for launching a business, WalletHub compared 100 cities, across three key dimensions
- Business Environment
- Access to Resources
- Business Costs
They evaluated the three dimensions using 20 relevant metrics, which are listed below with their corresponding weights. Each metric was graded on a 100-point scale, with a score of 100 representing the most favorable conditions for startups. Data for metrics marked with an asterisk (*) were available at only the state level.
WalletHub then determined each city’s weighted average across all metrics to calculate its overall score and used the resulting scores to rank-order our sample.
Related story: 16 Startups Participating in Tampa Bay Fintech Accelerator
What is WalletHub?
WalletHub is a website that offers free credit scores and full credit reports that are updated on a daily basis. Their mission is to obtain what they call top WalletFitness. Their website performs three primary functions, providing:
- Customized credit-improvement advice
- Personalized savings alerts
- 24/7 wallet surveillance.
