South Jordan named one of the best places in U.S. to start a small business
Sep 17, 2018 03:15PM
● By Jana Klopsch
Photo of South Jordan City Hall (Wikipedia David Sallay Courtesy)
By Jennifer Gardiner | [email protected]
South Jordan City is one of the fastest-growing and developing cities in Utah, so when Verizon ranked it sixth in its list of “50 Best Small Cities to Start a Small Business,” it made it all that much more attractive to not just live and play in but evidently to build your business in.
South Jordan Mayor Dawn Ramsey said the city is a rapidly expanding city with a proven track record of innovation and creativity, delivering outstanding services to their residents and visitors.
“Being named by Verizon as the sixth best city to start a small business is a tribute to the hardworking businesses in the area, the city of South Jordan and the state of Utah,” said Ramsey. “Businesses in South Jordan have access to capital to grow and expand, and a city and a state government working hard to keep regulation to a reasonable level while striving to have the flexibility allowing us to compete in the global business environment.”
Ramsey said city leaders are honored to receive this ranking and will continue to work with their businesses to progress and to face future challenges as they come.
Many people around the world consider the U.S. to be the ideal place to start a new business. There has been a surge of self-made billionaires across all industries within the U.S. Hearing about their humble beginnings can inspire people. The U.S. does not show any signs of slowing down, and Verizon officials said because we are the “land of opportunity,” it’s unfair to only crown major metro areas across the country as the best places to find it.
Verizon used various data to compile its list of 50 cities from across the country. Indicating that smaller cities do not normally get the recognition they deserve and are often overshadowed by larger U.S. cities. They believe finding the “quiet” place in a busy world can often help small businesses succeed.
When it came to finding the right cities to do its research, Verizon representatives gathered data from nearly 300 cities across the country and measured them based off certain factors that make them unique and attractive for those reaching for a piece of the American dream.
The city had to fall between 50,000 to 75,000 people to be considered a “small city.” Education was also a factor. Verizon officials looked at those over the age of 25 who had obtained at least a bachelor’s degree.
Verizon representatives said South Jordan has a decent work travel time of 25 minutes (average total travel time it takes working individuals 16 years and older to reach work from their residences every day) and an average income that reflected the city’s workforce being paid fairly and labor costs still being manageable for employers.
Verizon also looked at factors such as cities with accessible internet running at speeds of at least 10 Mbps download time and 1 Mbps upload time.
Loans per capita was also a determining factor as well as tax scores. Since new businesses struggle to get started without a business loan, they factor how easy it is to get one.
“The tax and loan outlook in the city is far from dismal as well; Utah is known for its affordability, and the large outdoor industry lends adventure and versatility to the local economy,” said the report. “Utah has backpacking in the summer and skiing in the winter.”
And since lower taxes provide a better environment to establish a new business, Verizon accessed the Tax Foundation’s 2018 State Business Tax Climate Index and determined how tax-friendly each city they researched proves to be.
Verizon officials said South Jordan is becoming a booming tech industry hotspot, with software companies growing from the “seeds of startup ventures into impressive enterprises.”
The three other cities that made the list were Logan, which came in at 20; Lehi, at 34; and Taylorsville made it at the No. 50 spot.
According to Verizon, the four Utah cities represent the top 16.6 percent across the nation.
You can view the full report here: https://go.verizon.com/resources/the-best-small-cities-to-start-a-small-business/