This week is National Small Business Week, a celebration of the employers of more than 50% of all Americans. Small businesses support local economies, employ local residents and contribute to the diversity and vitality of our city. Our downtown area is certainly a reflection of the power and presence of small business.

Now apparently, we're not the only ones who have noticed Sioux Falls is a terrific environment for small businesses. Those busy bees at WalletHub have again taken a look at the 150 most populated cities in the country, distilled statistics, facts and figures to determine that Sioux Falls is the best city in which to start a small business.

Why? They analyzed three key areas and the statistics associated with them and overall Sioux Falls came out on top, even though it rarely showed up as the number 1 finisher in any category.

Here are the three dimensions they examined:

  1. Business environment- this category included the number of start up businesses per 100,000 residents, length of the average workweek, variety of businesses, average growth of business revenues and the five-year survival rate.
  2. Access to resources - this area included financing and employee availability, with an emphasis on the number of college educated persons available.
  3. Costs- this section included information on everything from the cost of living in an area to the cost of office space, labor costs and corporate taxes

I guess the takeaway is; if you've been dreaming of starting your own business here in Sioux Falls, do your homework, have reasonable expectations, be prepared to work hard and go for it. You might just make it big with your small business! Many others have!


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