Business is not everyone’s cup of tea. One should be ready to tumble across unexpected situations that were not speculated before. According to the reports, nearly half of the start-ups do not reach their fifth anniversary while approximately 30% of the business don’t breathe after the first year. However, start-ups fail due to plenty of reasons. One among them is choosing the right state to start the business.
Different states have their own regulations and business policies which you have to adhere. To scout a state that meets the ideal conditions for your business to thrive is imperative. In addition to that, your target crowd should be available in that state for your venture to flourish.
Low taxes, minimum business costs, qualified human resources and higher migration rates put North Carolina top in the list for new business enthusiasts. High rankings in unemployment and corporate insurance taxes lured job seekers and would-be entrepreneurs to this state.
The second fertile land to grow your enterprise is Texas. The $1.6 trillion economy of Texas is the second biggest economies in US that led the state to move up two ranks from last year. The only thing that is holding Texas to achieve the top place is education.
Economical energy costs and sufficiently conducive business climate enabled Utah to grab the third position in this list. Increase in labor cost had definitely affected the business community but still, you can pedal the business all-well here.
According to the Bureau of Labour Statistics, unemployment rate of Nebraska as of 2018 is 2.9%, lowest in the country. One-Stop business registration system by Nebraska government has eased the hurdles faced by new entrepreneurs.
Because of the business-friendly government policies, Virginia is positioned fifth in our list. Young workforce, proximity to prominent business and government centers and better incentives could make it the ideal place for your business. Virginia Jobs and Investment Program provides you with trained personnel as and when needed.
Cheap labour and reasonable land prices put Georgia sixth in the list of business-friendly states. Though it cannot be measured as the best in the list but one can get above average conditions such as accessible resources and convenient pool of personnel to begin business in Georgia.
The pro-business policies had accommodated Florida at number seven in our list. Approximately 9.5 million human resources, business friendly tax structure and competitive facilitates Florida as best possible place to commence your start-up.
Colorado’s Small Business Development Center Network provides dedicated resources for those who have an idea to start their business. One of the lowest tax rates, easier access to capital and favourable start-up laws positioned Colorado at number eight in our list.
Rising quality of life, reasonable tax rates, and business-friendly environment have placed North Dakota at number nine in our list. Attempts by state-owned Bank of North Dakota to join private and public resources has been fruitful so far. PACE program, MATCH program, Business Development Loan program and several others programs acts as a fertilizer to catapult prospect of North Dakota as a favorite destination for new businessmen.