Forbes Advisor‘s recent report titled ‘The Most Risky Cities for Small Businesses in 2023” lists Plano as the #1 Least Risky City for Running a Small Business.
“Entrepreneurship in America has hit record-breaking numbers, with more than 5 million new business applications filed in 2021 and 2022. Small businesses account for over 99% of all businesses across the U.S. and employ nearly half of the workforce nationwide,” the report states. “But owning a small business is no easy feat. Slightly less than half (49%) of new small businesses survive their first five years, 34% survive the first 10 years and 26% survive the first 15 years, according to the Small Business Administration. Factors such as low gross domestic product (GDP) growth, high costs of living, high corporate taxes and property crime can make some parts of the country more risky for small businesses than others.”
The report analyzed data for 92 of the most populated U.S. cities across metrics such as each city’s GDP growth rate, the living wage, state corporate taxes, minimum wage, property crime per capita, number of natural disasters, median household income and population growth.
“Plano ranks as the best city for small business in our analysis thanks to its particularly low property crime (17 crimes per 1,000 residents), no state-level corporate tax and a higher-than-average median household income ($95,002 a year),” the report states.
Plano came out with a 0.00 out of 100 score, pushing it to the top of the Least Risky cities, followed by Laredo, Texas; Raleigh, North Carolina; Durham, North Carolina and Charlotte, North Carolina.
A few other North Texas cities followed Plano in the ranks, with Fort Worth coming in at #6, Irving coming in at #8, Garland coming in at #14, Arlington at #20 and Dallas at #22.