Miami is the No. 1 place for small business, according to a Biz2Credit national survey of more than 30,000 businesses released on Tuesday. The city gets high marks for low taxes, and the ease of regulations for entrepreneurs to launch start-ups.
. One is a rise in immigration, since many entrepreneurs bring high skills to the area. Another is a shift to more gig-oriented work. Government support for this key employment sector is also driving the trend. As a result, venture capital flows into Florida companies is rising, reports PitchBook/NVCA's quarterly venture capital report., along with international trade, financial services and telecommunications, as Miami is the most important city in the country for Spanish-language media.
Miami won the overall top spot, jumping from third place in 2018 because it topped Biz2Credit's proprietary BizAnalyzer analytic tool, which considers local economic factors that may not be applicable in other areas, such as the cost of doing business and tax rates. Miami companies averaged $1,198,424 in annual revenues, second only to New York City. Further, with an average credit score of 631, Miami ranked fourth behind only San Jose , San Francisco and New York .
For the survey using data from calendar year 2018, Biz2Credit examined 30,000 small businesses with fewer than 250 employees. Firms in the study had to be operational for at least one year and had less than $10 million in annual revenues. The ranking is based on a weighted average of data on Biz2Credit's customers across the country.
Miami Mayor Francis Suarez has pushed to upgrade government processes that are typically slow moving, such as the process for obtaining a permit to open a small business. On Oct. 1, 2018, the city launched its to provide residents, contractors and developers with the option to apply, upload drawings and documents for permits electronically via smartphone or computer.
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