Although the internet allows businesses to flourish anywhere, business owners and entrepreneurs still gravitate toward large cities. Why? Because despite their higher startup and operating costs, major metropolitans offer a slew of advantages smaller cities and towns cannot, mainly access to resources.
Large cities offer access to sizable and talented labor pools, investment capital, and suppliers and contractors — all important for a business to be able to grow. All those resources are close by in a large city, making networking much easier too. So rather than meeting over Zoom, business owners can meet face to face with potential partners and investors. Of course, other factors matter as well, including business climate and costs of living. This is the most expensive city in every state.
To identify the 50 best large cities to start a business, 24/7 Wall St. reviewed data from WalletHub, which ranked 100 large U.S. cities across three key dimensions — business environment, access to resources, and business costs — using 21 metrics like average business revenue growth for business environment, human capital availability for access to resources, and labor costs for business costs. 24/7 Wall St. added seasonally-adjusted estimates for June 2021 unemployment rates from the Bureau of Labor Statistics.
Irving ranked 22 on the list of 50 cities.
See the full list at 24/7 Wall Street.