WalletHub Names Carbondale Second-best City to Start a Business
Courtesy of The Southern Illinoisan
CARBONDALE — WalletHub, the personal-finance website, recently conducted an in-depth analysis of 2017’s best small cities in which to start a business, and ranked Carbondale second in the United States, according to a news release from the website.
Carbondale ranked first in labor costs and average growth in number of small businesses.
The survey, conducted in advance of this year’s National Small Business Week (April 30-May 6), analyzed more than 1,200 small-sized cities nationwide, across 16 key metrics, to determine their business-friendliness. Business environment, access to resources and business costs all played heavily in the rankings, and Carbondale’s access to resources pulled it into the No. 2 slot.
While every small city offers advantages and disadvantages to entrepreneurs, lower labor costs and access to financing can make a huge impact on the growth of a new business, according to WalletHub. Carbondale checked both those boxes and in addition, garnered a 19th place spot for financing accessibility.
According to the National Small Business Administration, more than half of Americans either own or work for a small business, and small businesses also create about two out of every three new jobs in the U.S. each year. Financial growth often determines a businesses’ viability, and with its top 10 percent rank in average growth of business revenues, Carbondale shows solid growth in commerce, the survey showed.