3 Colorado Cities Rank as Top Places to Start a Business
Business owners have experienced plenty of challenges these past few years because of the COVID-19 pandemic. Fortunately, as conditions continue to improve, entrepreneurs can finally get back to work.
Some say it's risky business, but many people out there opt to start their own companies, building them from the base level up. In fact, some of the country's fastest-growing start-up companies were created in Colorado, which is good news for aspiring entrepreneurs living in the Centennial State. Three major locations in Colorado even topped WalletHub's rankings of the best large cities to start a business in 2022.
To determine the best places to launch a business, WalletHub looked at 100 major U.S. cities using three key categories: 1) Business Environment, 2) Access to Resources, and 3) Business Costs. The team of researchers then used 20 key metrics within these three categories to discover how the selection of cities stacked up against each other. Each metric was graded on a 100-point scale, with a score of 100 representing the most favorable conditions for start-ups. Finally, each city's overall score was calculated using the weighted averages to produce the rankings.
Based on the findings, several Colorado cities make for ideal home bases to start a company.
The state's capital city came in at No. 6 on the list. Denver offers business owners great access to resources and on average, new companies have a good survival rate here.
Colorado Springs wasn't too far behind, being recognized as the 9th most favorable large city to start a business.
Aurora was another Colorado city to rank high on the list of locations, coming in at No.12.
Some examples of successful start-ups that are headquartered in Denver and Colorado Springs include SonderMind, SpaceTogether, and Stack Infrastructure.
WalletHub also looked at the best small cities to start a business. The only smaller Colorado location to land near the top of that list was Englewood at No. 26.