Social media site WalletHub.com has released a list of the best places financially for new business owners to set up shop. Based on a unique set of 14 criteria, Memphis was able to come out towards the top for a variety of reasons. While the city ranks toward the bottom of the pack in terms of recent entrepreneurial activity, the 5-year survival rate of local businesses, and the share of the workforce with at least a bachelor’s degree, it also has the 27th most industrial variety, the 12th deepest employee pool, and the 9th lowest cost of living. In other words, things aren’t great there yet but a great deal of opportunity exists for new companies that enter the market moving forward.

Thinking of moving to Memphis and opening a company? The turmoil the Memphis economy has endured throughout the Great Recession and the painstaking recovery that has ensued is, interestingly enough, one of the primary dynamics underpinning its position among the best cities in the country to start a business.