Memphis is the best city for black-owned businesses
MEMPHIS, TN (WMC) - Memphis dethroned Atlanta as the best city for black-owned businesses, according to Blacktech Week.
The group based its research off a 2015 study conducted by NerdWallet. That study named the top three cities for black-owned businesses to be Atlanta, Montgomery, and then Memphis.
Two years later, Memphis overtook both Atlanta and Montgomery.
Blacktech Week found that black-owned businesses in Memphis have the same average annual revenue as those in Atlanta, but Memphis has a lower unemployment rate.
The study also touted Memphis' Black Business Association, powerful culture, and life, along with growth in science and manufacturing.
We spoke with black business owners in the Bluff City to learn what they think of the new study's findings.
Andrea Johnson, owner of Bubble Bistro in Memphis, knows her handmade products are about much more than smelling good. It's about an experience.
Johnson started the business in the Virgin Islands in 2008 but handpicked Memphis in 2010 to move her business after it took off.
"Bringing the business back here was absolutely a business choice," she said.
Factors like low unemployment rate, low cost of living and the second highest percentage of black-owned businesses in the United States propelled Memphis from third place in 2015 to first this year.
Johnson said she's not surprised.
"This is the best place to put your feet on the ground, the cost of living, the commercial rates," Johnson said.
She said now is the time to act, so if you're sitting there with an idea, get up and make it happen.
"Go for it! " Johnson said. "This is the best place you're going to get dollar for dollar to start a business from the ground up."
Because Memphis is the place that can make your dreams come true.
Below are the Top 10 cities in the study:
- Memphis, Tennessee
- Montgomery, Alabama
- Atlanta, Georgia
- Washington D.C.
- Savannah, Georgia
- Baton Rouge, Louisiana
- Durham, North Carolina
- Baltimore, Maryland
- Miami, Florida
- Richmond, Virginia
Copyright 2017 WMC Action News 5. All rights reserved.