A study by financial technology company SmartAsset has found the places in each state with the most small business owners. Using the Internal Revenue Service (IRS) and the US Census Bureau 2018 American Community Survey data, the analysis compares the number of tax returns that report small business income to the total tax-filing population of the region to determine the prevalence of the small business population in each county.
According to the study, Lafayette small business owners are ranked #2 after New Orleans among the top places in Louisiana.
|Rank||County||Small Business Returns||Income Taxes|
|3||Saint Tammany, LA||30.38%||$9,806|
|7||West Feliciana, LA||28.54%||$9,806|
|9||East Baton Rouge, LA||27.86%||$9,806|
|10||Saint Bernard, LA||27.14%||$9,806|
These rankings are based on one of the key factors in SmartAsset’s overarching study on the ‘Best Places for Small Business Owners. According to the study:
To answer this question, we considered three factors: the proportion of people in a county with small business income, how much business income those people reported and the amount of tax a potential resident must pay on their income. To determine how attractive a region is for small business owners, we compared the number of tax returns that report small business income compared to the total tax-filing population of the region. Next, we compared the total amount of small business income to the overall amount of income reported in each region.