Frequently Asked Questions(FAQ)

What are the best places to start a business?

Some of the best cities to start a business in include Austin, TX, Raleigh, NC, Salt Lake City, UT, and Nashville, TN to name a few. These cities have all shown significant growth in recent years and have a higher median income level and/or lower cost of living. These cities are also very rich in culture and business-friendly 

How do you start a small business?

To start a small business, you’ll need to develop a business plan and do some market research including a competitive analysis. Then, calculate your startup costs and establish some business credit to utilize in case you need to take out a loan.

Next, explore your loan and funding options to see what you qualify for. You may want to consider contacting your local Chamber of Commerce or business advisory office to consult with a professional and gain more insight. Also, the SBA has very in-depth guides for new business owners and tips to help you get funding. 

Further, check out these FinImpact articles to help you get started:

Is it possible to build thriving businesses in small towns?

Yes, it’s possible to build a thriving business almost anywhere. You’ll want to do some market research to see how many businesses exist in the small town and how successful they are. See if you can find out what people are buying at certain businesses and factor this in when determining your prices.

You’ll also want to research the median income level of residents and see if there are any gaps your business could fill to ensure limited competition.

What are the worst places to start a small business?

Some of the worst places to start a small business include cities like St. Louis, MO, Toledo, OH, and Irvine, CA, these cities have low small business growth numbers and higher labor costs.

About the Author

Choncé Maddox

Choncé Maddox

Certified Financial Education Instructor (CFEI)

Choncé Maddox is a Certified Financial Education Instructor (CFEI) and personal finance freelance writer.

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