Kansas City was named a top 10 best city to launch a business in the U.S. Here’s why
Have you ever dreamt about starting a business and calling your own shots? If you’re reading this in the City of Fountains, you have a good shot at doing so.
According to data found by Real Estate Witch, Kansas City is the 10th best city in the United States to start a business. They compared the 50 most populous U.S. metro areas across 12 different metrics and graded them on a 100-point scale.
These are the metrics, along with the average number found for each:
Average annual income - $63,363
Business applications, last five years per 100,000 residents - 5,931
Patent applications, most recent five years per 1,000 residents - 2.73
Employment growth, last 12 months - 3.9%
LLC filing fees - $154
Incorporation filing fees - $135
Top marginal corporate tax rate - 7.05%
Chief executives per 1,000 residents - 1.42
They also tracked how many Google searches these topics received:
“Starting a business”
“Business plan”
“Venture capital”
Kansas City finished below the national average in annual income and business applications per 100,000 residents, but the city finished above the national average in these areas:
Employment growth is at 4.4% over the last 12 months - 4.40% (average 3.90%
LLC filing fees are $50 and incorporation filing fees cost $58, both way below the national average
Incorporation filing fees - $58 (average $135)
The top marginal corporate tax rate sits at 4.58%
For every 1,000 residents, there are 1.84 chief executive officers in Kansas City.
Real Estate Witch cited The Kauffman Foundation as a significant reason for Kansas City ranking 10th in the nation, stating that the organization provides capital to entrepreneurs focusing on women, people of color and founders who invest in underserved communities.
Kansas City is below Las Vegas, Salt Lake City, Orlando, Miami, Atlanta, Tampa Bay, Phoenix, Jacksonville and Denver.
You can find more resources about how to start a business in Kansas City with this guide from The Star’s Kynala Phillips.
