Lantern Credit, the online marketplace known for their expertise in helping people and businesses find financial solutions, recently released a report on the best fifteen cities in the U.S. to start a small business. The report – now available online – is meant to help business owners that are looking to start a business, but aren’t sure about where to go.
How The Scores Were Compiled
Lantern Credit Report on the best cities to start a business made this list by incorporating a series of factors into an overall score out of 100. Some of the scores are based on factors that you would expect, including employment rates, cost of office space, monthly sales for businesses, and average household income. However, what makes this report stand out is its holistic approach. Realizing that business data wouldn’t provide an accurate enough score, Lantern Credit went deeper when creating this list and incorporated a series of quality of life metrics, including walkability, cost of living, and the number of locally owned businesses.
It is also worth noting that Lantern Credit compiled each metric into a specific formula that influenced the overall score. Indeed, one of the things that makes this score stand out was its rigorous, virtually scientific approach. Scores were given based on grades or overall values of various metrics, resulting in an impressive overall score.
The Rankings
From 1st to 15th, the cities rankings are as follows:
- Corpus Christi, TX (75.8)
- Lubbock, TX (75.5)
- Arlington, TX (75.1)
- Buffalo, NY (72.5)
- Plano, TX (71.2)
- Irvine, CA (70.9)
- Durham, NC (70.4)
- Tampa, FL (69.4)
- Pittsburgh, PA (69)
- Orlando, FL (68.3)
- Raleigh, NC (67.7)
- Minneapolis, MN (67.4)
- Cincinnati, OH (68.3)
- Anaheim, CA (67.1)
- Gilbert, AZ (66.6)
The Need For This Score
Despite the obvious turmoil in the world, Lantern Credit noted, “according to recent data released from the US Census, new business applications have reached historic highs. In fact, new business applications reached a ten-year peak in early October, 2020. That’s a 40% increase compared to the same week in 2019.” This exceptionally high number shows just how many individuals are trying to take advantage of this difficult moment to better themselves and their family and it highlights the need for them to have access to the best possible information. That’s where this report comes in.
The question, then, becomes this: How can this score be used by entrepreneurs? That answer varies. For some businesses where location doesn’t matter, this can be a vital guide that can help show them where to start their business. Of course, for others, there are more important considerations, including overall regulatory climate or taxes, neither of which were examined in this score. As such, make sure to take a close look at the website when evaluating how this score may impact you, your future business location, and what sort of community you are looking for. The answer will vary depending on you and your business, and that’s why it is so important that you take a close look at this report to determine how it will impact you and your life.
