Starting a small business is a quintessential example of the American Dream in action. How many small businesses are in the U.S.? There are approximately 30.7 million small businesses in the United States according to the U.S. Small Business Administration Office of Advocacy, and 59.9 million Americans are employed by small businesses, which is an impressive 47.3% of all United States employees! Of course, not all small businesses are successful. How many small businesses fail? According to the Bureau of Labor Statistics, approximately 20 percent of small businesses fail within one year, 30 percent fail within the second year, and 50 percent fail by the fifth year.
One of the major factors in the success of a new small business is location. The research team at WizardPins has created a compelling data visualization that explores the small-business landscape across America using information from the U.S. Small Business Administration. This graphic can help you choose the best city to start a small business as well as locations to avoid. If you are seeking to start a small business, pin these locations as potential places that could make or break your success!
Here are the top 10 cities with the most new small businesses opening based on 2018 percentage data:
- Boise City, Idaho — 724 new small businesses (4.274% increase)
- Provo/Orem, Utah — 485 new small businesses (4.109% increase)
- Bend/Redmond, Oregon — 257 new small businesses (3.889% increase)
- St. George, Utah — 168 new small businesses (3.64% increase)
- Coeur d’Alene, Idaho — 154 new small businesses (3.518% increase)
- Bozeman, Montana — 164 new small businesses (3.434% increase)
- Midland, Texas — 171 new small businesses (3.326% increase)
- Austin/Round Rock, Texas — 1509 new small businesses (3.11% increase)
- Greeley, Colorado — 168 new small businesses (2.959% increase)
- Wilmington, North Carolina — 222 new small businesses (2.802% increase)
Here are the top 10 cities losing the most small businesses based on 2018 percentage data:
- Houma/Thibodaux, Louisiana — 98 small businesses lost (-2.344% decrease)
- Syracuse, New York — 197 small businesses lost (-1.441% decrease)
- Charleston, West Virginia — 66 small businesses lost (-1.38% decrease)
- Topeka, Kansas — 63 small businesses lost (-1.337% decrease)
- Scranton/Wilkes-Barre/Hazleton, Pennsylvania — 140 small businesses lost (-1.166% decrease)
- Columbus, Georgia — 61 small businesses lost (-1.154% decrease)
- Cleveland, Ohio — 527 small businesses lost (-1.151% decrease)
- Bloomington, Illinois — 42 small businesses lost (-1.148% decrease)
- Atlantic City, New Jersey — 61 small businesses lost (-1.095% decrease)
- Torrington, Connecticut — 42 small businesses lost (-1.003% decrease)
Are you interested in becoming a small-business owner? Here are some essential tips for starting a small business from the U.S. Small Business Administration:
- Conduct Market Research. Doing market research can help you find opportunities for creating a small business that suits the potential customers in your area.
- Write a Business Plan. A business plan is the foundation for your business. By having a road map, you can use resources and time wisely.
- Fund Your Business. There are some excellent resources that can help you acquire funding for your business.
- Pick Your Business Location. The location of your business is one of the most important factors, whether it’s physical or online.
- Choose a Business Structure. The legal structure you choose impacts business registration requirements, taxes, and personal liability.
Want to display this infographic on your website? You can copy the below code and paste it into your website.