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Monday, November 29, 2021

Orlando Ranks in Top 25 Best Cities for Black-Owned Businesses

According to a new survey from NerdWallet, the Orlando-Kissimmee metro area ranks in the top 25 best metropolitan areas in the U.S. for black-owned businesses.

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The study measured 107 different cities across the country and used multiple factors to determine which cities had the friendliest environments for black entrepreneurs to own and operate a business, according to the Orlando Business Journal.

The Orlando region ranks at No. 24 out of 107 different cities, and other cities throughout the state of Florida ranked highly as well: Miami is the highest-ranked Florida metro area at No. 10, while Jacksonville came in at No. 41 and the tri-city region of Tampa-St. Petersburg-Clearwater was close behind at No. 42.

The top cities for black entrepreneurs, in order, are: Atlanta-Sandy Springs-Marietta, Georgia; Montgomery, Alabama; Memphis, Tennessee; Washington D.C.-Arlington-Alexandria, Virginia; and Durham, North Carolina.

According to NerdWallet, the methodology for the grading system was based highly on a number of economic factors:

  • 50% of the total score: Total economic environment of each region, consisting of four individual metrics:
    • 15% of the total score: Total number of businesses per 100 residents
    • 5% of the total score: Total unemployment rate
    • 15% of the total score: Black median income, based off the U.S. Census Bureau’s American Community Survey
    • 15% of the total score: Cost of living index
    • 50% of the total score: Black-owned business success, consisting of three individual metrics:
      • 30% of the total score: Black-owned businesses in the region
      • 10% of the total score: Average revenue of black-owned businesses in the region
      • 10% of the total score: Black-owned businesses with paid employees

    In the Orlando-Kissimmee area, black-owned businesses total 8.8% of all businesses, and the average revenue of these businesses is $94,822.

    The findings of NerdWallet’s research happen to correlate with another, separate study conducted by the National Women’s Business Council. This study, using U.S. Census data from 2007 to 2012, found that the number of minority women entrepreneurs in the U.S. has skyrocketed over the past few years — not just in spite of national economic hardships, but possibly because of these hardships.

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    Minority women are finding the most entrepreneurial success in industries that are heavily focused on social work and tech-based work, according to the Latin Post. Considering that sales and technology/IT were two of the top three investments businesses made during 2014 — i.e., an industry that requires exceptional people skills, and another that requires extensive IT knowledge — it isn’t surprising that this group of entrepreneurs has found success during a difficult economic time.

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