Layton City was recently ranked number 23 in WalletHub’s “2021’s Best & Worst Small Cities for Starting a Business” report. The staff at WalletHub believe that when entrepreneurs choose a city in which to launch a startup, bigger is not always better. A city with a smaller population offers a greater chance of success, depending on the type of business and personal preferences.
Layton City achieved its high ranking (in a list of 1,337 cities), because it demonstrated its ability to help new businesses survive economic shocks such the COVID-19 pandemic – the cause of about 100,000 small businesses to close permanently in 2020. WalletHub compared the more-than 1,300 U.S. cities with fewer than 100,000 residents in how well each specific community performed in business-friendliness, accessible financing, average growth in number of small businesses, human resource availability, workforce education, office space costs, labor costs and more.
Some small cities offer unique advantages to new business owners. Some benefits include lower overhead costs, stronger relationships with customers and the potential to become a big fish in a little pond. Layton’s high ranking is more evidence that the reputation about Utah being a good place for a business is indeed accurate. WalletHub specializes in offering free credit scores and credit reports, updated on a daily basis.