A ceramic artist works inside a Southwest Florida studio. Naples and the Cape Coral-Fort Myers metro area rank among the nation’s top-performing markets for small businesses, according to a recent CoworkingCafe study.
Southwest Florida remains a strong market for small businesses. A recent study by CoworkingCafe ranked cities nationwide based on the strength of their small-business communities, and both the Cape Coral-Fort Myers metro area and Naples placed among the top performers for cities of their size: Cape Coral-Fort Myers ranked fifth among midsize cities, while Naples placed fourth among small cities. Elsewhere in Florida, Miami ranked No. 1 among large cities, and Sarasota-North Port finished fourth among midsize cities.
What makes Southwest Florida so attractive to small businesses? Florida’s lack of a state income tax has long been a draw for entrepreneurs. Locally, the region’s rapid growth over the past decade has created demand for businesses that serve its expanding population.
According to the study, small businesses in construction, light industrial trades and professional services, including healthcare, tend to perform particularly well in the region.
Naples, in particular, has become a hotspot for small-business owners. The city has about 16,678 registered small businesses per 100,000 residents, and roughly 64% of employees work for small businesses, compared with 46% nationally. The Cape Coral-Fort Myers metro area also has an above-average share of employees working for small businesses, at 55.8%.
Self-employment rates are also well above the national average of about 10%, reaching 18.2% in Naples and 14% in Cape Coral.
City | Business applications per 100K | Small businesses per 100K | Small business share of employment | Self-employment percentage | Small business survival rate (one year) | Overall labor force participation |
|---|---|---|---|---|---|---|
Cape Coral-Fort Myers | 2,332 | 13,759 | 55.8% | 14% | 88.6% | 53.6% |
Naples | 2,409 | 16,678 | 63.8% | 18.2% | 90.5% | 51.2% |
Sarasota-North Port | 2,114 | 13,387 | 58.1% | 15.6% | 89.8% | 51.7% |
Source: CoworkingCafe
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