Despite all the challenges of operating a small business in San Francisco — high fees, higher rents, strict regulations, entitled Yelp reviewers — working at a mom-and-pop shop in The City is actually a pretty sweet gig, according to a new report.
Just in time for Small Business Week, which starts June 17, CardHub.com has released a new study that shows San Francisco is the fifth-best city in which to work for a small business out of the nation's 30 largest metropolitan areas. One reason is that new hires make a lot more money at small businesses in San Francisco than in most other cities, according to the study.
Researchers used a slew of metrics to determine which cities were best for those looking to work for a small business, including turnover rates, wages, job growth, cost of living and hours worked.
San Francisco, recognized as a bastion for entrepreneurial spirit, can brag about having the sixth-most small businesses per capita, while ranking fifth in terms of small-business vitality and net small-business job growth. Moreover, it offers the second-highest wages to new hires.
The City also recently upped the ante in welcoming startups, establishing an Emerging Business Loan Fund that enables qualified businesses to apply for a loan ranging from $50,000 to $1 million to cover operational, staffing, equipment, expansion and real estate costs.
The overall rankings display little correlation to geography, as the top 10 boasts one city from the Northeast, one from the Southeast, two from the Midwest, three from the Southwest and three from the West. The bottom 10 includes two from the Northeast, one from the Southeast, two from the Midwest, two from the Southwest and three from the West.