Best States to Open a Small Business
Choose a business-friendly state to ensure your success!
When choosing to open a new business, it’s important to look into the areas of the country where small businesses are welcomed. Some states have a better track record than others of being affordable and hospitable. Because location is a huge factor to business success, do your homework before hanging out the “open for business” sign.
Arizona
The state of Arizona ranks as the No. 2 most affordable state in a recent study. It ranks No. 1 and No. 3 respectively with regards to lowest insurance and healthcare costs making it a good choice for both employers who must provide insurance and employees who need healthcare. If you were looking to open a private law firm for example, Phoenix is in the top fifty cities to be an attorney and there are excellent court reporters in Phoenix. Add affordability to being one of the sunniest states in America, and it’s hard to imagine a better place to hang out your shingle.
Texas
The great state of Texas is another place friendly to businesses. The state has many business incentives including a small business incubator fund. The Lone Star State is one of the most affordable in the Union and makes the top five in highest average growth in number of small businesses. Because the state is large and diverse, there are many different types of opportunities in hi-tech industries, oil and gas and creative fields just to name a few. With no state tax and simple rules for acquiring business licenses, Texas is a giant field of opportunity.
Utah
Utah ranks right above Texas in highest average growth in number of small businesses and ties for number one with four other states for most accessible financing. The Utah state government offers many helpful hints on how to get your business up and running. The state characterizes itself as Colorado’s more affordable cousin with similar weather and a healthy job market. The conservative but friendly residents host the Sundance Film Festival each year and have opened a record number of craft breweries recently. If you like stargazing, winter sports and genealogy, Utah may be just the place to open your small business.
South Dakota
If you dislike governmental rules and regulations, opening your business in South Dakota may be just the ticket. Ranked by some calculations as being the No. 1 business friendly state, South Dakota taxes its business owners as little as possible. In addition to having cheap office space, it has a low cost of living and ranks high in surveys of resident happiness and overall quality of life. South Dakota is a great place to open a business focused on construction or other skilled labor, business analysis services and insurance agencies. If you’re looking for a place to start your business with a growing economy and happy residents, South Dakota may be the place.
Florida
Beaches and sunshine aside, Florida is a great place to start a business. It gets top honors for highest average growth in number of small businesses coming in at No. 3 between Utah and Texas. The state has a superior university system which in turn creates a talented labor market. Housing is affordable and business taxes are low. Interestingly, in Miami, start-up businesses have been highly successful raising venture capital funding. Orlando, Miami and Tampa all made the top ten list of best large cities to start a business. If your interests veer towards geriatric heath and other personal care, healthy living lifestyle, tourism or landscaping, Florida might be a great place to call home.
There are obviously other states to choose from as well depending on the needs of your new business. Mississippi and Arkansas offer low labor costs if you plan to employ many workers. Alaska and West Virginia have the most available workers. If it’s important that you have a very educated workforce, Massachusetts and Colorado top that list. If you can live anywhere to start your own business, why not choose a business-friendly state to help ensure your success?
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