By | Kristen Klepac
Small business creation is not for the lighthearted.
Juggling the management duties of a new business can be difficult, and finding long-term success is sometimes a game of chance.
So, how can a small business owner play their cards right?
One way is by analyzing the opportunity for success. Which industries are growing quickly? Which cities are best for small business growth?
Uncovering the Best Industries and Cities for Launching a New Small Business
The U.S. Bureau of Labor Statistics often reports on high-growth sectors and industries across America. Using their predictive data detailing the Compound Annual Rate of Change for all sectors, we can look at the top 5 high-growth sectors that may provide entrepreneurs with better chances for success when starting a new business.
Coupling that data with an analysis of the best U.S. cities for small business success, we found the top 5 industries for launching a small business in America, and the best city for each one.
- Arts, entertainment, and recreation – Austin, Texas
- Health care and social assistance – Sarasota, Florida
- Information services – Austin, Texas
- Administrative and support and waste management and remediation services – Los Angeles, California
- Management of companies and enterprises – Dallas, Texas
Check out the full report from The Credit Review for their in-depth analysis on the best cities for launching a small business in high-growth sectors.