Miami Leads the Pack as Top City for Small Businesses

In 2023, the United States saw a record-breaking number of new business applications, with over 430,000 applications received each month. This surge in entrepreneurship begs the question: where is the best place to start a business? According to a new report by CoworkingCafe, Miami takes the top spot.

• Miami boasts 5,320 business applications per 100,000 residents, a significant figure.
• The city also boasts a robust self-employment rate at 17.9% and a impressive 32% GDP growth.
• Miami's location and thriving economy position it as a strong contender for aspiring entrepreneurs.

Scottsdale, Arizona: A Close Second with a 38% GDP Growth

Scottsdale, Arizona, takes the second spot, showcasing a remarkable 38% GDP growth from 2018 to 2022. The city also enjoys a high self-employment rate of 16.5%, demonstrating a strong entrepreneurial spirit.

• Scottsdale's location near Phoenix provides access to a large market and resources.
• The city's low disaster risk adds to its appeal for businesses.
• Scottsdale has been recognized as one of the fastest-growing startup cities in the United States.

Sun Belt Dominance: Florida's Rise in Entrepreneurship

The Sun Belt region dominates the rankings, with 14 out of the top 20 cities located south of the Mason-Dixon line. Florida has a particularly strong showing, with four cities making the top 10:

• Miami (No. 2)
• Orlando (No. 4)
• Tampa (No. 6)
• Fort Lauderdale (No. 7)

Atlanta's Thriving Coworking Scene

Atlanta, Georgia, secures the third spot on the list. The city boasts the highest coworking space density in the nation, with 23.8 spaces per 100,000 residents.

• Atlanta's educated workforce, with over 40% of residents holding a bachelor's degree, further enhances its appeal for businesses.
• The city's vibrant coworking scene provides entrepreneurs with valuable connections and resources.

Coworking Space: A Key Factor in Entrepreneurial Success

The report highlights the importance of coworking spaces in supporting small businesses. Coworking spaces offer entrepreneurs a flexible and collaborative workspace, along with networking opportunities and access to resources.

• Coworking spaces foster a sense of community and support for entrepreneurs.
• They provide access to essential amenities and services, such as meeting rooms, high-speed internet, and printing services.

Key Metrics for Evaluating Small Business Growth

The report analyzed 11 key metrics to rank the best cities for small businesses, including:

• GDP growth
• Number of business applications
• Labor costs
• Self-employment rate
• Coworking space density
• Disaster risk
• Educational attainment

Miami's Vibrant Entrepreneurial Ecosystem

Miami's ranking as the top city for small businesses underscores its vibrant entrepreneurial ecosystem. The city's diverse economy, growing tech scene, and strong support network for startups contribute to its attractiveness to entrepreneurs.

• Miami's location offers access to a large market, with a diverse population and a thriving tourism industry.
• The city's growing tech scene, fueled by investments and initiatives, creates opportunities for innovation and growth.