Starting A New Business? Go To Red Bank, Survey Says

So you’ve decided to you want to start your own business. The biggest question is where?

Location, in business like in real estate, matters. And according to a recent NerdWallet survey, the No. 2 place to start a business in New Jersey is Red Bank.

NerdWallet ranked 231 New Jersey towns that have a population of 10,000 or more, weighing data from the U.S. Census Bureau’s Survey of Business Owners such as average annual revenue per business and the number of businesses with paid employees.

The NerdWallet survey also used data from the American Community Survey, which includes information on income, housing costs and unemployment rate, according to Jonathan Todd, the analyxt behind the study.

Tops on the list was East Hanover, which has 11,200 residents and more than 1,500 small businesses bringing in an average of $9 million in revenue each year. Eight of the 10 top cities have a population of less than 25,000, Todd noted, ”which shows that small places in New Jersey have much to offer when it comes to starting and growing a business.”

Red Bank garnered the No. 2 spot through growth that has occurred thanks to its Special Improvement District, which has helped to “foster a cleaner, more vital downtown with better recognition.” With dozens of restaurants and the Count Basie Theatre bringing nationally renowned groups from rock bands to dance companies, the business district has grown. The borough has $6.75 million in average annual revenue per business.

See the entire list here.