With great risk comes the potential for great reward. This is especially true when it comes to starting a business and being your own boss. You take on the entirety of the financial risk, but you have the potential to make a substantial amount of money. It’s not always about just taking the risk, but more so a calculated risk. And if you’re debating taking the risk of opening your own business one of the biggest decisions involves the where. And if you’re considering North Carolina as a place to open your small business that’s likely a good decision. Our friends at Forbe’s Advisor recently shared with us a study on the “Least Risky Cities For Small Businesses”. And not one, not two, but three North Carolina cities are in the top five “Least Risky Cities For Small Businesses”.
So which cities? Coming in at number three (behind Plano, TX- 1st, and Laredo, TX- 2nd) is Raleigh. This ranking was elevated by Raleigh’s low property crime rate (22 crimes per 1,000 residents) and positive rates of economic growth (3.4%). Raleigh is also experiencing population growth at a rate of 2.64%. And a growing number of potential customers is always helpful when starting a business!
Taking the number four spot for the least risky city to run a business is Durham. The city does have a slightly higher property crime rate (35 crimes per 1,000 residents) as well as a lower median household income- $71,343 per year. It’s still a wonderful place to own a business. And you can easily get a customer base from nearby Raleigh as well.
Rounding out the top 5 is Charlotte. The Queen City ranked as the 5th least-risky city to run a small business. This ranking was fueled by strong GPD and population growth at a rate of 2.5% and 2.58% respectively. Each North Carolina city benefited from a low corporate income tax rate of 2.5%. And while it’s not good for workers, having the minimum wage at just $7.25 does keep costs low for employers. However you’ll have a hard time hiring any workforce at that rate, and certainly not a competent dedicated one.
Thanks to our friends at Forbes Advisor for sharing this research with us. You can read more on this study where 3 North Carolina cities were included in the top 5 least risky places to start a small business here.
This Is Where The Money Is - The Richest Cities And Towns In North Carolina
What are the richest cities and towns in North Carolina? There is a lot of money in the state between the major cities, the mountains, the coast, and in between. The financial experts at Forbes recently conducted an analysis to determine the richest places in the state of North Carolina. To do this they looked at over 400 cities aka census-designated places in NC. Cities were ranked on four metrics including median household income, mean household income, median home value, and median property taxes paid.
So which cities made the cut? There are several cities that are around a major lake. As well as some on the coast and the mountains in the top 5. Below you’ll find detailed info about each of the top 5 cities and towns that are the richest places in North Carolina in 2023 according to Forbes. You’ll also find info on the other cities that made the top 50 list that are in the vicinity of Charlotte.
If you live in any of these cities and towns and have some extra cash to share just let me know! Looking for more detailed information? You can get that directly from Forbes and can read more here.
Curious about the richest cities in South Carolina? You can find those here (hint it’s a lot of coastal towns)
Melanie Day is a graduate of North Carolina State University. She has worked for Beasley since 2012 in a variety of behind-the-scenes roles in both digital and promotions. Melanie writes about a diverse range of topics some of her favorites include travel, restaurants, Taylor Swift, and college athletics. When not at work you'll find her at a country concert or NC State sporting event.
