Best Small Cities To Start A Business: How Colorado Ranks

COLORADO — Many choose to start businesses in the nation's largest cities, but what if you want a life away from all the hustle and bustle? Some of Colorado's smaller cities are among the top places in the United States to start a business, according to a new study.

WalletHub looked at more than 1,300 small cities across the country and used metrics such as access to resources, business costs and the business environment.

Here are the top cities in Colorado and their countrywide ranking:

• Englewood (No. 26)
• Grand Junction (No. 33)
• Longmont (No. 40)
• Windsor (No. 58)
• Loveland (No. 65)
• Lafayette (No. 74)
• Fountain (No. 82)

Small cities can offer some advantages over big cities, such as "lower overhead costs, stronger relationships with customers and the potential to become a big fish in a little pond," researchers wrote in the WalletHub report.

But there are also drawbacks — small cities often don't offer as many connections in a professional network, analysts said.

"Other restrictions might include limited industry options, a less diverse customer base, and difficulty attracting and keeping top talent," the report read.

Nevertheless, many small cities have proven they're welcoming environments for new businesses. St. George and Washington in Utah took the top two slots across the country:

1. Washington, UT

2. St. George, UT

3. Bozeman, MT

4. Cedar City, UT

5. Fort Myers, FL

The report used 18 metrics, such as average growth of revenues, growth of small businesses, industry variety, financing accessibility and job growth, WalletHub said. Sources cited for the data include the U.S. Census Bureau, the Bureau of Labor Statistics and the Federal Deposit Insurance Corporation.

>> Read the full WalletHub report here.