National Small Business Week kicks off on April 28, and a new study is revealing the best large cities to start a business in 2024. 

WalletHub, the personal finance website, released a new report to assist entrepreneurs in identifying optimal locations for their startups to flourish. 100 cities in the United States were examined across 19 crucial metrics for startup success. These metrics encompass factors ranging from the five-year business survival rate to labor expenses to the affordability of office space.

“Starting a business can be very scary, considering one in every five startups doesn’t make it past the first year,” Cassandra Happe, WalletHub Analyst says. 

“That’s why it’s especially important to live in a city that provides an environment where new businesses can thrive, with enough capital, workers, and customers to keep it going long-term.”

Florida dominated the Top 10 cities on the list with the state having plenty of access to funding, resources, and a determined working class. Texas had multiple cities within the big state secure the Top 20 spots

Orlando, FL topped the list for the best large city to start a business due to its rapid growth in the number of small businesses. Additionally, Orlando ranks among the top cities on the Kauffman Early-Stage Entrepreneurship Index, indicating not only a high volume of startups but also their notable survival rates.

The success of startups in Orlando can be attributed to its notably high concentration of investors per capita. The city also boasts one of the most robust growth rates for its working-age population, which provides ample opportunities for businesses to recruit potential employees.

Tampa, FL came in as the second-best large city for launching a small business, partially due to its advantageous low corporate tax rate, enabling businesses to retain a greater portion of their earnings. Additionally, Tampa boasts a substantial number of investors per capita, providing businesses with ample capital to navigate the challenging early stages.

Tampa also has an impressive performance on the Entrepreneurial Activity Index with both a significant volume of startups in the city and their commendable survival rates.

Charlotte, NC, secures the third spot among the best large cities for initiating a small business, primarily due to its exceptional industry diversity, offering ample opportunities for various business niches to flourish. Additionally, Charlotte boasts some of the nation’s lowest corporate taxes, empowering new ventures to reinvest a larger portion of their capital.

Existing businesses in Charlotte are thriving, evidenced by the city’s remarkable growth in the number of small enterprises. Moreover, Charlotte exhibits some of the most robust employment growth rates nationwide, enhancing the prospects for new businesses to attract and retain talented employees.

Other cities worth noting include Toledo, Ohio, which boasts the most affordable average annual rent for office space, standing at 6.7 times less expensive than San Francisco, the city with the highest rates.

Cleveland offers the lowest labor costs, with a median annual income being 4.5 times lower than Fremont, California, the city with the highest incomes.

Laredo, Texas, and Toledo, Ohio, have the lowest cost-of-living index, which is 2.2 times lower than in Honolulu, the city with the highest cost of living.

Miami and Hialeah, Florida, lead in the number of startups per 100,000 residents, with rates 4.2 times higher than in Toledo, Ohio, the city with the fewest startups.

See the full list of 100 cities HERE.