Miami Ranks Among Best US Cities To Start Business

MIAMI, FL — Miami has always been known more for its beaches than its business, but the Magic City is one of the best places in America to start a small business, according to WalletHub. The personal finance website ranked Miami 14th out of 180 U.S. cities. The rankings were based on 19 key metrics, ranging from five-year business survival rates to the affordability of office space.

"Today, more than 15 million people in the U.S., or about 10 percent of the labor force, work for themselves," according to WalletHub, which timed Monday's release of its findings to coincide with National Small Business Week. "There is always room in the market for new ideas, products, services and multi-million-dollar success stories — if one knows where to look."

Miami ranked 5th in total labor costs, 72nd in length of the average workweek, 34th in venture investment, 30th in average growth in number of small businesses and first in startups per person.

The top U.S. cities to start a new business included Oklahoma City, Austin and Sioux Falls, South Dakota. Warwick, Rhode Island finished dead last along with Nashua, New Hampshire and Columbia, Maryland.

Click here to read the full report.

Photo by Paul Scicchitano