What Small South Dakota City Is a Good Place to Start A Business?
Entrepreneurs looking to start a new business know that bigger is not always better when it comes to city size.
With 20% of new businesses failing within the first two years and 45% failing within the first five, finding the right city for your business can be crucial for its survival.
Every small city has its unique advantages and disadvantages for new business owners. Some benefits include lower overhead costs, stronger customer relationships, and the potential to be a big fish in a small pond.
However, there are also drawbacks, such as limited industry options, a less diverse customer base, and difficulty attracting and retaining top talent. Entrepreneurs who aim to build a large professional network may not make as many connections in a smaller town with fewer residents.
WalletHub again has gone on a search for the best small towns in the U.S. to start a business in. These towns had to be under 100,000 citizens, so Sioux Falls didn't make the cut, but two other South Dakota towns did.
To make these determinations, WalletHub considered factors like; labor costs, length of workweeks, startups per capita, revenue per business, industry variety, education of the workforce, and more.
To see the complete report, go to WalletHub.