RAPID CITY, S.D. (KEVN TV) - Rapid City makes the top ten list for small cities to start a small business, that's according to a national survey done by Verizon.
Rapid City ranks ninth overall, just ahead of Bismarck, North Dakota.
To make the list you had to fit certain criteria.
Rapid City Economic Development president, Benjamin Snow, says "the first factor was you had to be a city between 50,000-75,000 people. So we're right at the top end of that. And then they looked at things like how long is your commute to work, how good is the broadband, what it the labor force like, what are the educational levels of the people over age 25 in the community, and there were a couple of others. But Rapid City scored very well in all six of the categories that they used to do the scoring."
The lists has Rapid City as having a short commute to work and one of the most tax friendly.
Black Hills Bagels co-owner, Debra Jensen, explains “we have a relatively low sales tax. Our property I guess one could argue could be considered high, but relatively low. And as far as some of the income taxes, we don't have any. Corporate income taxes, we don't. All of those are positive things when it comes to starting a small business in Rapid City."
But Rapid City is not number one meaning there's room to improve.
The list shows the city sitting on the lower end of education and income per capita.
"We have about 27% of the population over age 25 has a bachelor’s degree of higher and I'd like to see that number creep up a little bit. Our access to broadband and technology is really good, but in the new 21st century you can never be too good. So I think seeing that we continue to push that envelope is really important," states Snow.
Jensen says starting a business takes perseverance, dedication, and hard work to stay afloat.
"50% of all businesses go out of business in the first five years. Starting up is one thing, maintaining is quite another thing,” says Jensen.
Rapid City holds the highest population out of all the 300 cities surveyed across the country.