Wallet Hub: Apopka ranks 50th among small cities in US to start a new business

Apopka means business, according to Wallet Hub.

The financial website announced its 2022 Best & Worst Small Cities to Start a Business, and Apopka ranked 50th in the nation.

Wallet Hub released the following statement about the rankings:

"Size matters when choosing a city in which to launch a startup. As many veteran entrepreneurs —and failed startups — understand well, bigger is not always better. A city with a smaller population can offer a greater chance of success, depending on an entrepreneur’s type of business and personal preferences. The best cities can help new businesses survive economic shocks such the COVID-19 pandemic, which caused hundreds of thousands more businesses to close permanentlythan would have closed during normal conditions.

Every small city offers unique advantages and disadvantages to new business owners. Some benefits include lower overhead costs, stronger relationships with customers and the potential tobecome of a big fish in a little pond. But there are plenty of drawbacks, too. For one, entrepreneurs who want to build a large professional network aren’t likely to make as many connections in a town with fewer residents. Other restrictions might include limited industry options, a less diverse customer base, and difficulty attracting and keeping top talent.

To determine the best small cities to start a business, WalletHub compared the business-friendliness of more than 1,300 small-sized cities. Our data set of 18 key metrics ranges from average growth in number of small businesses to investor access to labor costs."

Apopka Area Chamber of Commerce CEO/President Cate Manley was impressed with the ranking.

"The Apopka Area Chamber of Commerce is proud to work with so many small businesses in and around Apopka," said Manley. "As an organization that represents over 500 local businesses we can attest to the validity of the phrase that small businesses and entrepreneurs are the backbones of not only Apopka and Central Florida, but the entire nation. The Apopka Area Chamber is engaged in business-friendly policies that ensure that Apopka continues to grow as a place to open your new businesses, big and small."

It was also a particularly impressive showing for many Central Florida cities - with 15 landing in the top 100, and 11 making it into the top 50. That list includes Oviedo (47), St. Cloud (46), Clermont (39), Sanford (37), Ocoee (34), Daytona Beach (32), Winter Garden (31), Casselberry (23), Altamonte Springs (15), and Winter Park (10).

Washington, Utah was ranked #1.

Editor's Note: Sources/Data used to create this ranking were collected from the U.S. Census Bureau, Bureau of Labor Statistics, Federal Deposit Insurance Corporation, AreaVibes, Yelp, Indeed, Tax Foundation, LoopNet, and WalletHub research.