Center Street in downtown Logan will be the starting point of the Top of Utah Logan City Marathon on Saturday Sept. 19.
LOGAN – Logan has been declared the fifth best small city in the United States to start a business, according to a study conducted by personal finance website WalletHub. The city ranked behind three communities in Southern Utah and Bozeman, Montana, in terms of business friendliness and opportunities.
In order to determine the most business-friendly small markets in the country, WalletHub compared over 1,300 cities with populations of fewer than 100,000 residents across 18 key metrics. These metrics included factors such as small business growth rates, accessibility of financing, investor access, labor costs, and more.
Analyzing the data, WalletHub found that Logan performed well in certain areas, while there is room for improvement in others. When it came to financing accessibility, the city secured an impressive fifth place ranking, highlighting the ease of obtaining financial resources for aspiring entrepreneurs.
However, Logan fell short in terms of workforce educational attainment, ranking 552nd overall. This indicates the need to focus on improving the level of education and skills within the local workforce to better support businesses.
Office-space affordability was another area where Logan faced challenges, ranking 479th. The cost of office space could potentially deter new businesses from establishing their presence in the city.
When it came to labor costs, Logan ranked 163rd, suggesting that the cost of employing workers in the city is relatively moderate compared to other small cities. However, there is still room for improvement in this area to attract more businesses.
The study also examined the average growth in the number of small businesses, in which Logan secured a respectable 63rd place. This indicates a positive trend in the city’s entrepreneurial ecosystem and the potential for continued expansion.
In terms of startups per capita, Logan ranked 188th, suggesting a moderate level of new business formation in the city. This highlights the importance of fostering an environment that supports and nurtures startups to drive economic growth.
The average revenue per business in Logan was ranked at 593rd, indicating that there is room for improvement in terms of profitability and success for businesses operating in the city.
Lastly, when it came to industry variety, Logan ranked 344th. This suggests that the city may benefit from diversifying its industries to create a more resilient and robust business landscape.
Overall, while Logan, Utah is positioned as the fifth best small city to start a business, the study conducted by WalletHub sheds light on both the strengths and areas for improvement in the city’s entrepreneurial ecosystem. By focusing on enhancing educational attainment, addressing office-space affordability, and attracting a more diverse range of industries, Logan has the potential to further solidify its reputation as a favorable destination for aspiring entrepreneurs.