A personal finance website has ranked Ocala as one of the top ten best small cities in the United States in which to start a business, attributing the city’s strong performance to relatively low business costs and access to resources.
WalletHub released its updated report on the Best & Worst Small Cities to Start a Business on Monday, April 13, ranking Ocala at number 9.
The study compared approximately 1,334 small cities with populations between 25,000 and 100,000 across three key dimensions of business environment, access to resources, and business costs.
These categories were evaluated using 18 metrics, such as labor costs, office-space affordability, and the number of startups per capita.
Ocala earned a total score of 57.74. While its business environment rank was its lowest category at 142nd, the city excelled in its access to resources (95th) and business costs (115th).
According to WalletHub, smaller cities can often provide a more fertile ground for new businesses than major metropolitan hubs.
“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 company stated in the report.
Ocala’s performance was particularly strong compared to other Florida municipalities, ranking as the third-best city in the state for startups. It trailed only Fort Myers, which held the number 2 spot nationally, and Boca Raton at number 7.
Other Florida cities in the top 15 included South Bradenton (#11), Lake Worth Beach (#12), and Palm Beach Gardens (#15).
The top-ranked small city in the country to start a business remained St. George, Utah, with a total score of 64.62.
The ranking is a substantial jump from where WalletHub ranked Ocala in the previous year, when the city earned the 26th spot on the list.
For more information on the methodology or to view the full list, visit WalletHub’s Best & Worst Small Cities to Start a Business.