Wilson, North Carolina, earned some recognition recently. According to a WalletHub study, this town of about 50,000 was ranked as the sixth best small city in the U.S. to start a small business.
The study looked at 1,261 small cities and analyzed them on 16 different metrics, including accessibility of financing, workforce availability, workforce education, labor costs, office space costs, average growth in number of small businesses, most startups per capita, average revenue, industry variety, and length of the workweek. Wilson earned a total score of 48.86, a 138th ranking for business environment, a 459th ranking for access to resources, and a 75th ranking for business costs.
“Every small city offers unique advantages and disadvantages to prospective ventures,” the study noted. “Lower overhead costs, stronger relationships with customers and the potential to become a big fish in a little pond are among the benefits. But the drawbacks come plenty as well. For one, entrepreneurs seeking to cultivate a large professional network aren’t likely to fill their roster in a town with fewer residents. Other restrictions might include limited industry options, a less diverse customer base, and difficulty attracting and retaining top talent.”
North Carolina as a whole also ranked the fourth best state for government, according to U.S. News and World Report’s Best States report. The highest ratings were based on the state’s fiscal stability, government budget balancing, government credit rating, and state pension fund liability.
