Cheyenne Among Top Small Cities to Start a Business
Cheyenne has really been strutting its stuff recently. It gained national attention with Cheyenne Frontier Days, it's been listed as one of the fastest growing cities in the U.S. recently, and has also been named a top city to move to during the pandemic. Now it's earned another prestigious spot as it's ranked among the top small cities to start a business.
While there are plenty of entrepreneurs that like to set their sights on the big city to go start their business endeavors, that may not always be the smartest play from a financial standpoint. Smaller cities have more advantages when it comes to starting up a business, such as lower operating costs, more affordable cost of living for not just you, but also your employees, and even a shorter and lighter commute than you would have in a big city.
Recently, WalletHub and WallSt24/7 extrapolated data from 1,337 small cities in the U.S., and then found the best 50 small cities to start a business in. Of those top 50 cities, Cheyenne, WY finished 20th overall. Out of 1,337, that's a pretty impressive ranking.
To determine that ranking, three key factors were considered. Those three being business environment, access to resources, and business costs. Using an algorithm, those key factors were scored for each small city, which needed to have a population between 25,000 and 100,000. Here are highlights listed for Cheyenne:
> Overall score: 60.28
> Best ranking business aspect: Business Environment
> Median household income: $64,598– #647 out of 1,337 cities
> Unemployment rate in June 2021: 5.1% — #716 out of 1,337 cities
> Population:63,607 — #292 out of 1,337 cities
While those numbers might not exactly jump off the page at you, when you compare 'Overall score', Cheyenne's wasn't too short of the number one spot overall that went to St. George, UT. Their overall score was 67.67.
There's definitely reasons why Cheyenne has received some notoriety in several publications recently as it continues to grow and culturally evolve. A lot of that has to do with businesses starting up and flourishing. Now is a good time for entrepreneurs to capitalize on that concept here.
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