By Dr. Jason McClain | November 20, 2016 | 0 Comment
Is your state one of the best states for new business?
It’s a loaded question. Just in case you thought anywhere was a good place to start a business, there are better places than others. Even so, don’t let this deter you. I believe you can create a success business anywhere through the power of the online space. However, it can be encouraging if the state where you want to set up shop is one of the many entrepreneur preferred states.
So, that being said, what I’ve done is taken a look a couple of the top authorities on business to check out how they compare in their opinions about which states for starts-ups are the optimal choices. I’m doing the research so you don’t have to.
Ten seems like a nice round number for this list. We will take a number of factors into consideration:
These are the top ten best states for new business as of 2016-2017.
Texas is hot right now for where to start a business. It boasts multiple metropolitan areas and provides a very fertile area for new business that won’t break the bank. Texas is a viable state for business because of its status as an energy hub because of big oil.
Why Utah? Well it has the third highest density of start-ups. Need I say more? Utah had a high ranking on all of the sites I used to research this list.
Virginia is one of the best states for new business because you can find a large amount of job-seekers with higher education credentials in this state. Virigina also has high number of entrepreneurs per capita. Rounding out the reasons to look at Virginia is the high ratio of business success to business start-ups. Businesses are thriving in Virginia.
Florida comes in second for density of start-up businesses with 100 start-ups for every 1,000 businesses. In fact, all the odds for an entrepreneur in Florida look great. With no individual income tax, and an overall great business tax climate, Florida is a solid choice of states for new business.
North Dakota is where you’ll find the greatest number of new entrepreneurs in the United States. This makes it a great climate for start-ups, but you might want to consider a remote crew since it also has the lowest number of available employees.
North Carolina has several blossoming business centers such as Durham, Chapel Hill, Winston-Salem, and Asheville. This makes it a very fertile environment for new business. When considering the factors that make a state great for business, North Carolina has solid numbers across the board. Coupled with its low cost of living, it’s a great place to start a business.
Oregon is another state whose numbers are solid across the board. Portland is a place that is crazy active with business growth right now, and it doesn’t appear to be setting up for decline anytime soon. As a result, the housing market is booming there as well.
While there’s not a lot of start-up activity in Massachusetts, other benefits make it a great place to corner your market. For example, education levels are higher per capita in this state to the tune of the third highest. Setting up shop in Massachusetts means you can expect a productive, intelligent, and skilled crew.
Colorful Colorado is a great place with a wonderful ecosystem for new business. More businesses are created here than are closed down, but you want to be cautious. The population and skill level of potential employees could create a challenge for a new start-up.
We’ll round out the list with a challenge. Washington is headquarters to some very successful businesses such as Starbucks and Amazon making it a prestigious choice, but you’ll face some challenges like the fact that it has the lowest survival rate for new business. However, its high numbers of potential employees with higher education credentials means that success could be as simple as getting a few strong players on your team.
Now that you’re in the know about where to start a business, how close are you to these states? Do you live in one? How’s business? I’d love to hear from you in the comments.