Sometimes big cities don't seem like the most welcoming places. In the Pacific Northwest, however, our cities offer much of the big city accessibility while maintaining a small-town quality of life. It turns out those welcoming qualities extend to small businesses, where both Portland and Seattle were recently rated among the top cities in the country for thriving small business.
Biz2Credit.com looked at over 12,000 businesses to identify which cities were the top 25 best for small businesses in the United States. To qualify for the study, a business must have been in operation for a year or more and have fewer than 250 employees, or have annual revenue of less than $10 million. Once the businesses were identified, cities were rated based on a weighted average score that took into account annual revenue, credit score, the age of the business, cash flow, debt-to-income ratio, type of business entity, and the business owners' personal credit scores.
Though Portland nearly took the top spot for the Annual Revenue category, the city ended up #17 overall. The areas of Seattle and Tacoma were combined for the purposes of the study, and those cities took the #22 spot overall.
These studies can be fun and informative but, the success of any business ultimately relies on good business sense and good business practices. If you're thinking of starting up a small business in the Pacific Northwest, you should contact a group of attorneys that can help you to anticipate nuanced issues, and to thrive in what is considered one of the country's best areas.