An annual report by Verizon highlights the top cities across America, and within each state. Results were determined by the following six metrics: education level of the local workforce, in-city commute times, income per capita, broadband access, availability of small business (SBA) loans, and overall tax friendliness.
According to the report by Verizon, Bowling Green is the best city in Kentucky to start a small business.
Team Kentucky makes the case that the state is a harbor for small businesses because it has a “variety of strengths that make it the best place to do business in the U.S., from low utility costs to unmatched logistical advantages.”
These advantages include:
1. Kentucky is in the middle of everything: Geographically, the state is within a day’s drive of two-thirds of the U.S. population. This location provides an advantage for distribution.
2. Unmatched logistics: Kentucky ranks 2nd in the nation in total air cargo shipments.
3. Effective networking: Kentucky has access to 20 interstates and major highways, rail networks, barge traffic on the Ohio and Mississippi rivers, and five commercial airports.
4. Cost of Doing Business: According to CNBC, Kentucky ranks 1st in the nation for the cost of doing business because of flexible financial assistance and progressive tax incentive programs.
5. Electrifying power rates: Kentucky has the lowest cost of electricity in the industrial sector among states east of the Mississippi River and is 20% less than the national average.
6. Workforce training: Many Kentucky businesses offer training assistance and workforce recruiting for new employees.
7. Business-minded educational approach: Kentucky schools and universities make it a priority to provide real-world workforce training as a part of their curriculum.
8. Strong support for innovation and entrepreneurship: Kentucky’s KY Innovation program offers startup assistance to make business concepts a reality.
9. High quality of life: Cost of living is 10% less than the national average while housing costs are 30% less than the average.
10. Business-friendly attitude: Initiatives like Team Kentucky and KY Innovation encourage one-on-one conversations to help small businesses maximize their potential and succeed in short and ling term goals.