Silicon Valley may be home to some of the most famous U.S. entrepreneurs – but it’s not one of the best cities to start a business, according to WalletHub.
WalletHub looked at 14 metrics, from financing access to corporate tax rates, to determine which cities were most hospitable for entrepreneurs.
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Here’s a look at the top five:
1. Jacksonville, FL
WalletHub says Jacksonville has the second-highest small business survival rate over a 5-year period, in addition to low corporate tax rates and a strong workforce.
2. Fayetteville, NC
According to WalletHub, Fayetteville has a great variety of industries and an inexpensive and diligent labor pool.
3. Augusta, GA
Augusta is great for new businesses, says WalletHub, because it has low corporate taxes, affordable real estate and low average incomes.
4. Jackson, MS
WalletHub reports that Jackson has abundant labor, inexpensive office space and low corporate taxes.
5. Memphis, TN
WalletHub says Memphis is primed to become a startup hotspot, thanks to its deep employee pool and low cost of living.