S.F. Ranks 5th Best City for Small Business
Despite all the woes of being a small business in San Francisco (HealthySF, insane fees, high rent, strict regulations entitled Yelp reviewers, etc.), working at a mom-and-pop shop in the city is actually a pretty sweet gig, according to a new report.
A thriving small business in San Francisco
Just in time for Small Business Week, which starts June 17, CardHub.com, released its new study that shows San Francisco is the 5th best city to work for a small business. Why? Well, one reason is that new hires make a hell of a lot more more money at a small business in San Francisco than most other cities, according to the study.
Finance researchers used a slew of metrics to determine which cities were best for those looking to work for a small business, including turnover rates, wages, job growth, cost of living, and hours worked. And here's what they found:
San Francisco, recognized as a bastion for entrepreneurial spirit, can brag about having the 6th most small businesses per capita, while ranking 5th in terms of small business vitality and net small business job growth. Moreover, it offers the 2nd highest wages to new hires. The city also recently upped the ante in welcoming start-ups, establishing an Emerging Business Loan Fund which enables qualified businesses to apply for a loan ranging from $50,000 to $1 million to cover operational, staffing, equipment, expansion, and real estate costs.
Here's the full ranking:
- Small businesses employing roughly 47 percent of this country's private workforce and creates more than 60 percent of the jobs added over the past 20 years
- 14 percent of people are currently either unemployed or underemployed, according to data from the Bureau of Labor Statistics.
- The overall rankings display little correlation to geography, as the top 10 boasts 1 city from the Northeast, 1 from the Southeast, 2 from the Midwest, 3 from the Southwest, and 3 from the West. The bottom 10 includes 1 from the Northeast, 1 from the Southeast, 2 from the Midwest, 1 from the Southwest, and 4 from the West.
- Phoenix, Denver, and Riverside have the fastest growing small business communities, while Detroit, Chicago, and New York bring up the rear.
- Los Angeles, Kansas City, and St. Louis have the most industry variety in their small businesses, while Baltimore, Miami, and Washington, D.C., have the least.
- Miami, Denver, and New York have the most small businesses per capita. Las Vegas, San Antonio, and Riverside have the least.
Now get back to work.