Why small business owners should flock to Portland
FBN's Stuart Varney on a study by GoBankingRates.com finding Portland, Oregon was one of the best cities in America to start a small business.
Ready to take that leap of faith and finally start that business?
Well, if you have some wiggle room when it comes to location, you may want to consider moving, according to a new study.
GoBankingRates.com analyzed several key factors including state and local tax rates, start-up growth rate percentages and the number of new entrepreneurs to determine which big cities in the U.S. are truly best for small business owners.
And, even though Portland, Oregon’s rate of new entrepreneurs isn’t the highest on the list, the fact that the city has no state and local sales taxes, helped it climb to this year’s No. 1 spot.
Plus, its rate of overall startup growth in the city dominated the list at a whopping 94 percent.
The personal finance website also noted that another reason why Portland is a good pick for entrepreneurs is that it's home to the original chapter of Zebras Unite --"a group that serves to advocate other ways for startups to acquire funding than venture capital." Those alternatives may include equity investments, profit-based loans and supportive networks.
Here are the study's top 10 list of big cities to start a business.
1. Portland, Oregon
State sales tax: 0.00%
Local sales tax: 0.00%
Rate of new entrepreneurs: 0.26%
Rate of startup growth: 93.84%
2. Miami, Florida
Aerial twilight in Brickell Miami
State sales tax: 6.00%
Local sales tax: 1.00%
Rate of new entrepreneurs: 0.56%
Rate of startup growth: 60.30%
3. Austin, Texas
State sales tax: 6.25%
Local sales tax: 2.00%
Rate of new entrepreneurs: 0.51%
Rate of startup growth: 84.75%
4. Charlotte, North Carolina
Drone Aerial of Downtown Charlotte, North Carolina, NC, USA Skyline.
State sales tax: 4.75%
Local sales tax: 2.50%
Rate of new entrepreneurs: 0.37%
Rate of startup growth: 74.01%
5. San Antonio, Texas
Stock photograph of a residential district and the downtown skyline of San Antonio Texas USA at twilight.
State sales tax: 6.25%
Local sales tax: 2.00%
Rate of new entrepreneurs: 0.38%
Rate of startup growth: 88.42%
6. Las Vegas, Nevada
FILE - In this Tuesday, Oct. 3, 2017 file photo, Elvis tribute artist Eddie Powers poses for a photo with newlyweds Rob and Kelly Roznowski after he married them at the Welcome to Las Vegas sign in Las Vegas. What happens in Vegas could have a ripple … (AP)
State sales tax: 4.60%
Local sales tax: 3.65%
Rate of new entrepreneurs: 0.42%
Rate of startup growth: 54.10%
7. Houston, Texas
- Houston Texas aerial drone sunrise view cityscape skyline colorful morning downtown - highways , traffic , office buildings and high rises Home sales and modern architecture of the Houston real estate market - new modern homes for sale on Houston T …
State sales tax: 6.25%
Local sales tax: 2.00%
Rate of new entrepreneurs: 0.40%
Rate of startup growth: 78.30%
8. Orlando, Florida
Orlando, Florida, USA - November 25, 2013: Walt Disney World main entrance sign as seen driving from the south on World Drive into the park.
State sales tax: 6.00%
Local sales tax: 0.50%
Rate of new entrepreneurs: 0.25%
Rate of startup growth: 59.95%
9. Denver, Colorado
Skyline cityscape from aerial drone view looking west towards Rocky Mountain front range and downtown skyscrapers rise up in mile high city
State sales tax: 2.90%
Local sales tax: 4.75%
Rate of new entrepreneurs: 0.39%
Rate of startup growth: 74.89%
10. Dallas, Texas
Undated file photo of American Airlines Center in Dallas. Dallas cut the ribbon on July 27, 2001 on a new $420 million downtown arena for the NBA Mavericks and NHL Stars, packed with luxuries and high technology that made it the nation's most expensi …
State sales tax: 6.25%
Local sales tax: 2.00%
Rate of new entrepreneurs: 0.37%
Rate of startup growth: 77.41%