Los Angeles is a city bursting with immigrant-run small businesses, Silicon Beach tech start-ups, and would-be producers ready to sink their millions into Hollywood.
There's a sucker born every minute.
A new report by personal finance site WalletHub says L.A. ranked pretty low when it came to this week's “2015’s Best Cities to Start a Business.” The site looked at several metrics in 150 American cities.
Those factors include the five-year survival rate of businesses, the affordability of office space, and the educational attainment of local workers.
Interestingly, Los Angeles was number one in the nation when it came to the five-year survival rate of new businesses, WalletHub spokeswoman Jill Gonzalez told us.
And California ranks third on the the unaffiliated Kauffman Index of Entrepreneurial Activity.
But Los Angeles fared fairly miserably when it came to other measures. L.A. came in 86th in access to small business loans, 138th in office lease rates (eek!), and 115th in the number of small business per capita, she said.
Overall, our Best Cities to Start a Business ranking was 88. Other Southern California towns didn't do so well, either.
One of the biggest factors in Los Angeles is the high cost of living. We ranked 135th, according to Gonzalez. Rents, real estate and office space are all ridiculously expensive.
Gonzalez says “it's definitely more expensive to start a business in L.A.”
It's definitely more expensive to do anything in L.A.