If you’re looking for a good environment to start your small business, location is a major bullet point to consider. It’s important to consider if this location will be a good fit for our business economically and socially.
To understand where the Black community’s most robust entrepreneurial activity can be found, NerdWallet crunched the numbers for 107 U.S. metropolitan areas with populations over 100,000; using seven different metrics to analyze those places as they focused on these questions:
- Is the overall economic environment strong? We evaluated the number of businesses per 100 residents, median income for the Black population, the cost of living and the unemployment rate in each place.
- Are existing Black-owned businesses successful? We looked at the percentage of Black-owned businesses, percentage of Black-owned businesses with paid employees and average revenue per year for Black-owned businesses in each place.