For those people with an entrepreneurial spirit, Utah’s capital city is one of the best places in the country to try your luck at being your own boss, new reports say.
A report by FitSmallBusiness.com ranked Salt Lake City No. 6 among the top 10 cities for entrepreneurs in 2019. The study looked at business survival rate, economic growth rate, new business growth, the local financial landscape, area tax climate, the labor market, quality of life and cost of living, explained special project editor Jeff Steen.
“There are a lot of factors, but at the ground level it’s about opportunity,” he said. “Part of that is an existing infrastructure that supports startup culture.”
He said in the top-ranked cities, accessibility to investment capital is better than in many other locales compared to the overall population and startup density in those markets.
” It’s not a huge jump to get to coastal places from Salt Lake, but at the same time it’s far enough away to have its own culture, its own dynamic and the landscape is really good for starting a new business.”
“Based on those factors, is it possible for startups to secure the funding they need to get off the ground?” he said. “Additionally, the best cities are places that offer resources to entrepreneurs that help them in their quest to get their companies up and running, including mentorship.”
He also said the top cities had tax climates that were not impediments for budding businesses to establish themselves. The day-to-day expense of being a resident and business owner in a particular location was also a key measurement of a city’s ranking, he added.
“As a new entrepreneur, you’re going to be investing all of your spare cash and money into this business to ensure it survives, then you’re going to want things like a low cost of living,” Steen said. “In those instances, those individuals who are really committed to entrepreneurship will consider moving to a new city. The cities on our list, for the most part, have a lower cost of living and higher average salaries.”