Best and worst states to start a business

Photo: depositphotos.com

Many Americans dream of starting a business, despite the recent economic downturns. In fact, the number of new businesses in the United States has reached a level not seen since the beginning of the financial crisis. But this does not mean that you need to give up your dream.

But it's worth considering your state's business ecosystem. “An ecosystem is a metaphor for assessing the direction of a business,” says Stuart Thornhill, executive director of the Michigan Institute for Entrepreneurship Research.

To find out which states are the best and worst for starting a business, GOBankingRates.com examined the critical factors that shape business ecosystems and how they affect the success of entrepreneurs:

• Startup Activity
• Business survival
• Performance
• Employees
• The level of education of potential employees
• Business tax climate
• Cost of living

The top ten states for starting a business are:

10. Florida

Florida really stands out when it comes to starting a business. It ranks 2 in terms of the startup frequency of startups in the US. A plus can surely be called the lack of individual income tax.

Photo: depositphotos.com

9. Virginia

New entrepreneurs in Virginia can find potential workers with a high level of education. But there is also sad news - the number of successful enterprises is 2 times less than those that failed.

8. Missouri

The affordable cost of housing is the most positive factor for both the entrepreneur and the workers. The number of startups per capita takes 5 place in the country as a whole.

7. Illinois

Many positive factors in Illinois will play into the hands of new entrepreneurs. For example, the per capita GDP in the state is higher than the national average, the cost of living is practically the lowest, start-up entrepreneurs have a wide range of potential employees.

6. Utah

The main advantage of this state is the high level of education of potential employees.

Photo: depositphotos.com

5. Delaware

The share of market opportunities for a new entrepreneur is high, and the tax climate is better than in most states. The key factor is high GDP per capita.

4. Texas

Texas creates a fertile ground for starting a business. Along with California and Massachusetts, these are 1 of the few states with several major economic centers.

3. Nevada

All economic factors point to Nevada as 1 of the best states for starting a business.

2. Alaska

If you are looking to start your own business and are not afraid of the cold, then Alaska is a great choice. The state ranks 3rd for the best tax climate in the United States. Moreover, there is no individual income tax or state sales tax.

The state also tops the rankings for per capita GDP productivity. But there is one drawback that is worth considering - the state has the worst level of education for potential workers. Fortunately, there is more positivity in the state.

1. Wyoming

Wyoming is considered the best state to start a business for a variety of reasons.

Firstly, this is the tax climate. The state has no corporate income tax or personal income tax, according to the Tax Code. The state's sales tax rate is favorable. But this is not the only advantage. In the state, there is a greater chance that a startup will not close down immediately.

Photo: depositphotos.com

When you find out which state has taken the place of 1, you will probably ask about California, with its Silicon Valley and New York. They took the 27 and 28 places, respectively.

The top five of the worst states for starting a business are:

• Hawaii
• Maine
• Vermont
• Арканзас
• Wisconsin

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