Head down south if you want your black-owned business to thrive! According to NerdWallet, cities in Alabama, Tennessee, Mississippi, and North Carolina are catalysts for successful businesses launched by entrepreneurs of color — but Georgia takes the cake.
NerdWallet analyzed 111 cities in the U.S. and narrowed down the best 10 for entrepreneurial Black bosses. Three of them are located in the good ol’ “Peach State”: Columbus, Atlanta, and Savannah.
Columbus, rated the highest on NerdWallet’s list, is best for business-minded men and women who are interested in technology, aerospace, auto manufacturing, defense, or tourism. If you want to feed, dress, and style Columbus’ residents, NerdWallet suggests heading to the Uptown district.
“The city’s Uptown district is a center for locally owned restaurants, boutiques and salons,” NerdWallet said. More than one-third of Columbus’ businesses are black-owned. The average revenue per year for Columbus Black bosses hovers at around $32,000.
Atlanta, unsurprisingly, also landed on NerdWallet’s list at No. 3 (after Montgomery, Alabama). Earning an average revenue of $52,000, Atlanta is the spot — especially since it is the country’s third-largest Black consumer market which is worth over $73 billion. NerdWallet added that its robust business environment and low cost of living makes this metropolis a boon for Black entrepreneurs.
“To help local companies thrive, the Atlanta Metropolitan Black Chamber of Commerce hosts monthly events and mentoring programs, and Atlanta’s Minority Business Development Agency provides resources, too,” NerdWallet said.
Savannah, Georgia comes in at No.9; this city is a gem for Black businesspeople who wish to add to Savannah’s rich African-American cultural hub. The coastal town attracts 13 million visitors annually (cha-ching!). Savannah wins the hearts of foodies around the nation with “culinary gems” such as Chef Joe Randall’s Cooking School and Sisters Real Southern Cooking.
“The area’s more than 200 banks and credit unions provide plenty of access to funding for new small businesses,” NerdWallet added.
Black entrepreneurs in Savannah boast an annual revenue of about $66,000 per year.
The NerdWallet study also pointed out other key points: Among metro areas, Buffalo, New York has the highest share of Black-owned businesses with paid employees (12 percent compared to the 6.58 percent average). And most importantly, existing Black-owned successful businesses pave the way for a Black business nerve center:
“Seven of the top 10 metro areas have a strong presence of black-owned businesses. At least 20% of all businesses in each metro area are owned by black entrepreneurs,” NerdWallet said.
NerdWallet used seven metrics, including cost of living, median income of Black residents, and percentage of black-owned businesses, to come up with its final 10 cities.