Looking to start a business? Here are the best large cities to launch a company

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FILE-A business person works at a desk with a smartphone and laptop computer. (Photo by Neil Godwin/Future via Getty Images)

Launching a business requires a lot of work from amassing working capital, determining effective ways to promote your venture, and finding the ideal venue to set up shop for prospective customers to find you.

And whether you're a burgeoning entrepreneur getting into the tech space or opening a restaurant, while navigating challenges in today’s economic climate, WalletHub assessed the best cities to start a business. 

The personal finance website gathered data using 19 key categories, including five-year business survival rate, labor costs and office-space affordability. 

Best large cities to start a business

Rankings of the best large cities to start a business 

Local perspective:

WalletHub created its list of best cities for starting a business by comparing 100 cities, across three key data points: business environment, access to resources, and business costs. 

These three categories were then quantified using 19 metrics, which were subsequently graded on a 100-point scale with a score of 100 representing the most favorable circumstances to launch a venture. 

1. Tampa
2. Orlando
3. Jacksonville
4. Hialeah, Florida
5. St. Petersburg, Florida
6. Durham, North Carolina
7. Raleigh, North Carolina
8. Tulsa, Oklahoma
9. Oklahoma City
10. Miami
11. Dallas
12. Atlanta
13. Phoenix
14. Charlotte
15. North Las Vegas, Nevada
16. Irving, Texas
17. Henderson, Nevada
18. Chandler, Arizona
19. Indianapolis
20. Mesa, Arizona

A closer look at the top large cities for starting a business

Dig deeper:

Three Florida cities, Tampa, Orlando, and Jacksonville, claimed the top spots for best places for entrepreneurs to start a business. Here’s what researchers concluded in their evaluation of each city. 

Tampa

WalletHub ranked Tampa as the best large city for starting a small business, in part based on the area having a low corporate tax rate, allowing businesses to keep more of their earnings. The city also has many investors per capita, with WalletHub explaining that the combination of low taxes and high capital gives businesses more resources to survive the tough initial years.

Furthermore, Tampa has a high score on the Entrepreneurial Activity Index, which shows that there are many startup businesses in the city and those startups have a high survival rate.

Orlando

Orlando ranks second on the list in part because small businesses in the city have grown faster than in most other cities nationwide. 

According to WalletHub, Orlando is one of the top cities on the Kauffman Early-Stage Entrepreneurship Index, meaning that in addition to having many startups, those businesses also have a high survival rate.

The city also has a substantial number of investors per capita, which means owners of new businesses can obtain funding needed to survive and flourish.

And since Orlando is known as a retirement haven, the city has one of the highest growth rates for the working-age population, giving businesses ample candidates to hire to serve in roles. 

Jacksonville

WalletHub ranks Jacksonville as the third-best large city to start a small business in. The city has the highest Entrepreneurial Activity Index score in the U.S., suggesting an active start-up area that facilitates diverse types of new businesses launching and growing successfully. In addition, the city has some of the lowest corporate taxes in the country, which can provide a boost to new businesses by allowing them to reinvest more of their capital.

Businesses that are currently in Jacksonville are thriving, as the city has an extremely high number of startup firms per capita, indicating a strong environment for launching new businesses. It also has some of the highest rates of growth in business revenues in the country, which suggests that companies in the city have strong potential to expand and succeed.