Have a million dollar idea — or at least a pretty good one? You might be thinking of starting a small business . You’re in good company, too. In 2023, 5.5 million new business applications were filed across the country. But where would be the ideal place to start a business?
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Coworking space platform CoworkingCafe wanted to find out, so they analyzed data from more than 100 cities . The research they put together looked at gross domestic product (GDP), number of business applications, labor costs and more. You just might be in the perfect place to grow your new venture already, but if not, consider these top cities to start a business in 2024 .
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1. Scottsdale, Arizona
If you’re living in Scottsdale, the world is your oyster when it comes to small business growth. The city’s GDP went up 38% between 2018 and 2022, meaning Scottdale has seen significant economic growth. It’s been recognized as a booming city for startups, which goes to show you just how many businesses have started in Scottsdale. Despite labor costs being on the high side at $62,805, 16.5% of business owners are self-employed, which is the second highest on the list.