Small businesses have flourished as a result of the COVID-19 pandemic-related job losses and the Great Resignation. According to a recent Intuit report, 83% of those who want to launch a business said COVID-19 has sped up their plans. And based on the report’s findings, Intuit forecast that 17 million new small businesses would be founded in 2022, making it the third year in a row that entrepreneurship records were broken.
The location of your first location could be crucial to your success as an entrepreneur. OpenPhone examined 1,000 cities across the following variables to identify the cities with the fastest growing small business populations:
10 Fastest-Growing US Cities for Small Businesses
(1) Population growth from one year to the next,
(2) the number of new business formation applications submitted in each county,
(3) the survival rate of startups
(4) small business funding from 2019–2020 to 2021. These are the top 10 cities for small businesses that are growing the fastest, according to this analysis.