Charleston, South Carolina has the unfortunate distinction of being the worst place in America to start a business.
At least that’s what RewardExpert found as a result of their study. The New York-based firm studied 177 areas around the U.S. that have populations of 250,000 and above.
The Survey Says…
Thirty indicators were used for the study, including income, education, housing costs, office rates, business ownership, retail sales, taxes, and transit. These indicators helped decide where small businesses succeed and where the challenges prove too great to overcome.
The indicator that really pushed Charleston over the edge is the exorbitant real estate market. Office rent prices, in addition to housing costs for renters and owners, are very high at the moment, making any of these unaffordable.
But starting a business is hard for anyone, considering one-third of all businesses make it to the ten-year mark.
The firm owner, Roman Shteyn, is quick to admit that he has first-hand knowledge that starting a small business is tough, saying that he’s had many failures and successes along the way.
But the people of Charleston aren’t so quick to agree with this ranking, particularly those of the Charleston Metro Chamber of Commerce.
Member Bryan Derreberry commented:
“Our membership is comprised of 85 percent small businesses, and almost half of those were engaged with us over the past year, which demonstrates a strong level of business activity.”
Derreberry also said that according to their economic forecast last month, strong economic growth is expected to continue across the region.
Starting a small business has its rewarding challenges no matter the location, and MaxFilings has the resources you need to get started.