SALT LAKE CITY (ABC4) – Looking to start a new business and venture into the entrepreneurial spirit? Utah just might be the best place to do it.
A recent study from WalletHub compared over 1,300 small-sized cities with a population between 25,000 and 100,000, looking at the environment, resources, and costs to determine the best places to start a business.
Utah dominated the Top 10, claiming five spots, including the top three. Washington, St. George, and Cedar City topped the list as the best places for a start-up. Logan ranked as the fifth-best city while Lehi rounded out the Top 10 as the ninth-best city. Eagle Mountain wasn’t too far off, according to WalletHub, ranking at No. 11.
Overall, 30 Utah cities made the list including Midvale, Orem, Ogden, Layton, and Kaysville. Syracuse ranked the lowest among Utah cities but was still around the top 25%, ranking at No. 343 on the list.
So what makes these cities special for start-ups? It could be thanks to Utah’s leading economy. U.S. News recently rated Utah as having the best economy nationwide, and the third-best state overall.
As for Utah’s top three best cities for a start-up, WalletHub specifically highlighted their environments, which weighed commute time, growth in number of small businesses, revenue per business, and growth of business revenues.
Utah cities also ranked high for access to resources, including financial accessibility, investor access, job growth, workforce educational attainment, and human-resource availability.
The “Industry State” has no shortage of resources for those looking to start making a living doing what they love. the Governor’s Office of Economic Opportunity offers a Business Services Team that provides an exhaustive list of resources that small business owners can connect with to help lift their start-ups off the ground. Some of these resources include grants and other financial assistance to help cover the initial costs.
According to WalletHub, every small city offers unique advantages and disadvantages to new business owners. While Utah might be the best place to start a business, finding the right city is an important part of the process.