Starting a small business is an exciting but challenging journey, and the city you choose can be the difference between success and struggle. To help aspiring entrepreneurs find the best place to plant their roots, a recent study released the top 20 small business cities, including Allen, Texas.
The study ranks Allen 12th in the nation for starting small businesses. The city stands out for its high self-employment rate and strategic location, offering a supportive environment for entrepreneurs. With a self-employment rate of 12%, the city ranks 8th in the nation, and an impressive 33.4% gross domestic product (GDP) growth rate secures it 16th place in the sector.
Allen also boasts a strong workforce, with 70.5% of residents employed and ranking 18th in labor force participation. The city also benefits from an educated population, with 35.9% of residents holding a bachelor’s degree, ranking 19th in the nation. Allen’s thriving business environment is highlighted by its 20th place business application rate ranking with an application rate of 2,387 per 100,000 residents.
Dallas also ranked among the top cities, but fell further back in the analysis to 29th place. The city has an impressive GDP growth rate of 33.4%, ranking 16th in the nation. Dallas also boasts a high self-employment rate of 10.3%, securing 20th place in this category.
The top five cities in the study include Scottsdale, Arizona; Miami, Florida. Atlanta, Georgia. Orlando, Florida. and Austin, Texas.
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