When starting a business location is everything. Even if your business is run 100% online, business owners should still consider their location for a number of reasons. To find the best cities for Black entrepreneurs we studied 100 of the most populated cities in America. The study analyzed the cost of living, the average revenue of Black-owned businesses, and the black population to find the top cities, and these were our findings.
Key factors of best cities for Black-owned small businesses.
- Low cost of living and high median income.
- High revenue of Black-owned businesses.
- High Black respondent level for Census Survey.
- High Black population percentage.
The top cities for Black entrepreneurs.
- Washington DC
- St. Louis, MO
- Indianapolis, IN
- Rochester, NY
- Cleveland, OH
- Charlotte, NC
- Lexington, KY
- Aurora, CO
- Nashville, TN
- Raleigh, NC
Other stats on the state of Black entrepreneurship.
- Washington DC has the highest rate of Black-owned businesses in the nation.
- California, New York, and Georgia have the highest number of Black founders.
- 28.6% of Black entrepreneurs say they are “very happy” with their business.
- 38% of Black businesses are in the health care and social assistance industries.
Some of the worst-ranked cities for Black entrepreneurs are Hialeah, FL, Laredo, TX, Spokane, WA, Reno, NV, and Irvine, CA.