By Tracey Porpora Staten Island Advance, N.Y.
WWR Article Summary (tl;dr) With this week being National Small Business Week, "WalletHub" released its report on 2019's Best Large Cities to Start a Business. New York City ranked 66th on the list.
STATEN ISLAND, N.Y.
The Big Apple might be known as the greatest city in the world, but it's not the best place to launch your own business, according to a new study.
Faced with high rents, taxes and cost of living, New York business owners need good backing and a successful business model to stay afloat.
With Sunday kicking off National Small Business Week and half of Americans working for small businesses, the personal-finance website WalletHub released its report on 2019's Best Large Cities to Start a Business.
New York City ranked 66th on the list.
"Overall New York ranked 66th, which is in the bottom half," said Jill Gonzalez, WalletHub analyst.
"The city is not among the best places to start a business mostly because of smaller business revenues, and large industry variety. It also has the fourth most expensive office spaces, and a high cost of living," she added.
In order to help aspiring entrepreneurs maximize their chances for long-term prosperity, WalletHub compared 100 U.S. cities across 19 key indicators of start-up viability. The data set ranges from five-year business survival rate to office space affordability.
WalletHub's top five cities to open a business are:
1. Orlando, Fla. 2. Fort Worth, Texas 3. Oklahoma City, Okla. 4. Jacksonville, Fla. 5. Miami, Fla.
To view the full report and your city's rank, visit: https://wallethub.com/edu/best-cities-to-start-a-business/2281/.