In 2011, Governor Scott Walker took office and declared Wisconsin open for business. Since then, the state’s performance in business climate rankings has been improving: Forbes listed it 32nd best in November 2014, the state’s best ranking since Forbes started the list in 2006, thanks to improvement in business costs, labor supply, regulatory climate, economic climate, growth prospects and quality of life. Forbes also listed Wisconsin as 18th best for growth prospects.
With more reasons for business owners to set up shop in the Badger State, NerdWallet recently released a list of the best places to start a business. The website analyzed 118 locations statewide that had a population of at least 5,000 and calculated the final scores based on business and economic climate data from the U.S. Census Bureau.
Here are the locations that came out on top:
1. Ashwaubenon
Location: Green Bay suburb
Population: 17,047
Number of businesses: 1,703
Average revenue per business: $3,619,809
Businesses with paid employees: 64.42 percent
Unemployment rate: 5.9 percent
Notable features: Home of Austin Straubel International Airport; resources, support and networking for businesses available through Ashwaubenon Business Association and the Small Business Development Center at University of Wisconsin-Green Bay
2. Monona
Location: East of Madison
Population: 7,663
Number of businesses: 986
Average revenue per business: $1,398,651
Businesses with paid employees: 48.38 percent
Unemployment rate: 3.3 percent
Notable features: Businesses can benefit from the Monona East Side Business Alliance as well as Madison’s business accelerator programs and incubators, such as Madcelerator, gener8tor and Common Wealth Development.
3. Waukesha
Location: Milwaukee suburb
Population: 70,775
Number of businesses: 4,777
Average revenue per business: $4,874,283
Businesses with paid employees: 37.60 percent
Unemployment rate: 4.8 percent
Notable features: Location of University of Wisconsin-Waukesha, GE Healthcare facilities and corporate headquarters for ProHealth Care, Aries Industries and HUSCO International
4. Hudson
Location: Western Wisconsin, approximately half hour from Minneapolis-St. Paul
Population: 12,880
Number of businesses: 1,918
Average revenue per business: $1,970,096
Businesses with paid employees: 36.86 percent
Unemployment rate: 4.4 percent
Notable features: Businesses can benefit from the Hudson Area Chamber of Commerce & Tourism Bureau.
5. Plymouth
Location: Eastern Wisconsin (not part of a major metro area)
Population: 8,422
Number of businesses: 592
Average revenue per business: $3,964,029
Businesses with paid employees: 34.29 percent
Unemployment rate: 3.4 percent
Notable features: Resources for businesses through the Plymouth Chamber of Commerce
6. Brookfield
Location: West of Milwaukee
Population: 37,975
Number of businesses: 5,797
Average revenue per business: $1,525,488
Businesses with paid employees: 35.60 percent
Unemployment rate: 3.5 percent
Notable features: Company headquarters for financial technology company Finserv based here; businesses can take advantage of nearby Milwaukee’s entrepreneurship resources, such as Startup Milwaukee and The Global Entrepreneurship Collective.
7. Glendale
Location: North of Milwaukee
Population: 12,889
Number of businesses: 1,588
Average revenue per business: $1,655,247
Businesses with paid employees: 42.95 percent
Unemployment rate: 3.6 percent
Notable features: Home to shoe company Florsheim and Sprecher Brewing Co.; businesses have easy access to Milwaukee’s entrepreneurial programs, such as Scale Up Milwaukee and Wisconsin Women’s Business Initiative Corporation.
8. Pewaukee
Location: West of Milwaukee
Population: 13,455
Number of businesses: 2,044
Average revenue per business: $2,312,698
Businesses with paid employees: 27.01 percent
Unemployment rate: 3.4 percent
Notable features: Harken, a sailboat hardware and accessory manufacturer and distributor, has its headquarters here.
9. Waupaca
Location: Central-eastern Wisconsin
Population: 6,044
Number of businesses: 673
Average revenue per business: $1,675,336
Businesses with paid employees: 47.70 percent
Unemployment rate: 4.9 percent
Notable features: Resources for businesses through the Waupaca Area Chamber of Commerce and City of Waupaca
10. Shawano
Location: Northeastern Wisconsin
Population: 9,236
Number of businesses: 1,007
Average revenue per business: $1,286,479
Businesses with paid employees: 41.91 percent
Unemployment rate: 4.1 percent
Notable features: Home to Wisconsin Towns Association, a nonprofit that supports local government and towns; resources for businesses through the Shawano County Economic Progress, Inc.
To see the full list of rankings or NerdWallet’s methodology, visit http://www.nerdwallet.com/blog/small-business/places-start-business-wisconsin/.