To find out the best and worst states in America to start a business, WalletHub compared all 50 states on three key dimensions: 1) Business environment, 2) Access to resources and 3) Business costs.
Finance website 25 indicators that contribute to the success of startupsTo identify the most fertile reasons to launch and grow a company in 2024.
“Starting a business is never easy. According to the US Bureau of Labor Statistics, approx One-fifth of all new businesses do not survive the first year of operationAnd almost half of them never reached their fifth anniversary. Survival is difficult even under normal circumstances, and it is even more difficult when faced with high inflation rates and labor shortages,” notes the WalletHub study.
Aside from the current difficult economic conditions, there are many other reasons why startups fail “Bad location” One of the most common.
So, Choosing the right case for a company is crucial to its success. A country that provides ideal conditions for setting up a business—for example, access to cash, skilled workers, and affordable office space—can help new businesses not only get off the ground, but thrive.
Best countries to start a business:
Case (1): Utah
total point: 61.08
Business environment rating: 8
Scope of access to resources: 1
Business cost rating: 29
Case (2): Georgia
total point: 60.22
Business environment classification: 1
Resource access range: 25
Classification of business costs: 14
Case (3): Florida
total point: 60.17
Business environment classification: 2
Resource access range: 15
Business cost rating: 28
Case (4): Idaho
total point: 58.69
Business environment classification: 6
Resource access range: 16
Business cost classification: 11
Case (5): Snowfall
total point: 56.68
Business environment classification: 11
Scope of access to resources: 11
Business cost classification: 21
the worst
Status (46): West Virginia
total point: 38.25
Business environment rating: 48
Resource access range: 50
Business cost classification: 13
Case (47): Maryland
total point: 38.03
Business environment rating: 27
Resource access range: 24
Business cost rating: 47
Status (48): Alaska
total point: 36.52
Business environment rating: 36
Resource access range: 33
Business cost rating: 45
Status (49): Connecticut
total point: 35.61
Business environment rating: 49
Resource access range: 10
Business cost rating: 46
Status (50): rhode island
total point: 35.55
Business environment rating: 50
Scope of access to resources: 21
Business cost rating: 40
According to the study, Utah is the best state to start a businessThis is largely because it is the easiest state to find financing for business loans and has the highest year-over-year job growth in the country, at about 2.5%.
Having the necessary capital makes it very easy for a company to get started, and a strong job growth rate indicates that existing companies are doing well. Business owners in Utah too Save money on employee benefitsBecause average health insurance premiums per enrolled employee are among the lowest in the country.
In addition, Utah has been recognized as a One of the top states in the Digital States Survey From the Center for Digital Government, which measures how well countries use technology to improve the efficiency of their businesses. Tech-savvy Utahns should be able to leverage their skills and access to good technology to help their businesses thrive.
“Starting a business is a difficult and risky process, but where you live can greatly affect your chances of success. Before starting a business anywhere, make sure Do your research to make sure it's an ideal location for your customer base“, which has sufficient labor and supplier availability, and which adapts to their needs when it comes to financing,” commented Cassandra Happe, analyst at WalletHub.
To view the full report and its methodology, go here here.
Read on:
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