2019’s Best & Worst States to Start a Business
Written By: Adam McCannPublished By: WalletHub 7-18-2109STARTING A BUSINESS:
Starting a business is never easy. According to U.S. Bureau of Labor Statistics data, about a fifth of all startups typically don’t survive past year one of operation, and nearly half never make it to their fifth anniversary.But startups fail for different reasons, a “bad location” among the most common. Choosing the right state for a business is therefore crucial to its success. A state that provides the ideal conditions for business creation — access to cash, skilled workers and affordable office space, for instance — can help new ventures not only take off but also thrive.In this study, WalletHub compared the 50 states across 26 key indicators of startup success to determine the most fertile grounds in which to launch and grow an enterprise. Read on for our findings, business insight from a panel of experts and a full description of our methodology.Main Findings
| Overall Rank (1=Best) | State | Total Score | ‘Business Environment’ Rank | ‘Access to Resources’ Rank | ‘Business Costs’ Rank |
|---|---|---|---|---|---|
| 1 | Texas | 61.05 | 1 | 11 | 30 |
| 2 | Utah | 60.95 | 7 | 2 | 26 |
| 3 | Georgia | 58.12 | 5 | 17 | 13 |
| 4 | North Dakota | 57.68 | 2 | 19 | 32 |
| 5 | Oklahoma | 57.58 | 8 | 36 | 1 |
| 6 | Florida | 56.75 | 4 | 20 | 21 |
| 7 | Arizona | 54.39 | 9 | 12 | 29 |
| 8 | California | 54.30 | 3 | 3 | 46 |
| 9 | Montana | 53.71 | 11 | 30 | 8 |
| 10 | Colorado | 52.67 | 6 | 18 | 34 |
| 11 | Idaho | 52.10 | 12 | 44 | 7 |
| 12 | Washington | 52.00 | 13 | 1 | 43 |
| 13 | Mississippi | 51.39 | 28 | 26 | 2 |
| 14 | North Carolina | 50.86 | 24 | 10 | 22 |
| 15 | Louisiana | 50.36 | 15 | 37 | 17 |
| 16 | Kansas | 50.33 | 17 | 27 | 20 |
| 17 | Minnesota | 50.32 | 21 | 5 | 35 |
| 18 | Michigan | 50.19 | 31 | 23 | 6 |
| 19 | Nebraska | 50.09 | 25 | 21 | 9 |
| 20 | Tennessee | 49.11 | 16 | 42 | 19 |
| 21 | Kentucky | 49.00 | 26 | 40 | 5 |
| 22 | South Dakota | 48.57 | 38 | 33 | 4 |
| 23 | Maine | 48.56 | 18 | 45 | 14 |
| 24 | Indiana | 48.48 | 33 | 29 | 11 |
| 25 | Nevada | 47.85 | 14 | 47 | 28 |
| 26 | Oregon | 47.80 | 19 | 13 | 33 |
| 27 | New Mexico | 47.69 | 34 | 28 | 18 |
| 28 | Alaska | 47.06 | 10 | 16 | 45 |
| 29 | Alabama | 46.82 | 36 | 38 | 10 |
| 30 | Wisconsin | 46.61 | 29 | 31 | 24 |
| 31 | Arkansas | 46.60 | 32 | 43 | 12 |
| 32 | Missouri | 46.46 | 35 | 25 | 25 |
| 33 | Wyoming | 46.22 | 20 | 39 | 31 |
| 34 | Ohio | 46.05 | 42 | 35 | 16 |
| 35 | Illinois | 45.33 | 43 | 8 | 40 |
| 36 | Massachusetts | 45.11 | 27 | 7 | 42 |
| 37 | Iowa | 44.86 | 39 | 32 | 27 |
| 38 | South Carolina | 44.85 | 41 | 48 | 15 |
| 39 | Virginia | 43.51 | 22 | 34 | 38 |
| 40 | Maryland | 43.42 | 23 | 9 | 47 |
| 41 | West Virginia | 43.36 | 49 | 41 | 3 |
| 42 | New York | 42.25 | 37 | 6 | 49 |
| 43 | Vermont | 41.35 | 45 | 50 | 23 |
| 44 | Delaware | 40.66 | 40 | 14 | 44 |
| 45 | Pennsylvania | 40.18 | 47 | 22 | 37 |
| 46 | Connecticut | 39.31 | 48 | 4 | 48 |
| 47 | Hawaii | 38.05 | 30 | 49 | 41 |
| 48 | New Hampshire | 37.94 | 46 | 46 | 39 |
| 49 | New Jersey | 36.42 | 44 | 15 | 50 |
| 50 | Rhode Island | 35.29 | 50 | 24 | 36 |
Methodology
In order to determine the best and worst states to start a business, WalletHub compared the 50 states across three key dimensions: 1) Business Environment, 2) Access to Resources and 3) Business Costs.We evaluated those dimensions using 26 relevant metrics, which are listed below with their corresponding weights. Each metric was graded on a 100-point scale, with a score of 100 representing the most favorable conditions for new-business creation.Finally, we determined each state’s weighted average across all metrics to calculate its overall score and used the resulting scores to rank-order our sample.SEARCH ALL UTAH Homes
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