These Are The Best States For Entrepreneurs, As Well As The Worst Ones Too
Despite COVID-19’s devastating effects on nearly every aspect of life, the coronavirus apparently did not crush Americans’ entrepreneurial spirits.
According to the U.S. Census Bureau, a record-breaking 5.4 million businesses were launched in 2021.
Even more shocking, this entrepreneurial boom is poised to continue, with 2022 projected to top last year’s record.
In an effort to nurture and inform future business owners, the analytics firm TOP Data has compiled an insightful list of the “best” and “worst” U.S. states to start businesses in.
TOP Data used eight key indicators to inform their rankings: affordability, crime and safety, economy, education, healthcare, infrastructure, opportunity, and quality of life.
Each of the categories was ranked using seventy-six specific metrics. Then, the eight categories were weighted and graded on a one-hundred-point scale.
The firm found that the best ten states for entrepreneurs, in order, include Vermont, Florida, Wyoming, New York, Montana, Colorado, Maine, Iowa, Washington, and Rhode Island.
Louisiana was found to be the “worst” state to start a business in, followed by Oregon, Iowa, Hawaii, Mississippi, California, Connecticut, West Virginia, Wisconsin, and Illinois.
Additionally, TOP Data broke down the leaders for each category.
Drobot Dean – stock.adobe.com – illustrative purpose only, not the actual person
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New Hampshire was ranked as the safest state, while Wyoming was found to have the best economy. Massachusetts’ education system beat out the rest of the forty-nine states, and Vermont was found to have the best healthcare system.
Finally, Wyoming was found to have the best infrastructure, while Hawaii was found to offer the highest quality of life.
TOP Data also uncovered other interesting insights. Apparently, South Dakota is projected to create the most new businesses over the next two years– totaling about nine thousand and four hundred per capita.
North Carolina is also home to the highest share of minority-owned businesses in the United States, amounting to nearly twenty percent.
Finally, Vermont has the highest number of small businesses per capita– totaling about twelve thousand and six hundred.
This is nearly two times higher than West Virginia, which has the lowest number of small businesses per one hundred thousand people in the U.S.
Are you considering starting a business? How important are rankings such as safety, affordability, or quality of life to your entrepreneurial endeavors?
And to read TOP Data’s complete findings, visit the link here.
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