Savvy entrepreneurs understand the importance of choosing a business location with a favorable state ecosystem. Without support from the local government, favorable business climates, and available qualified employees, the business will be doomed to fail before it even gets off the ground. Here are five of the most promising states in the United States to launch a new business venture:
Despite a high cost of living and escalating business tax rates, California is fourth in the nation for new entrepreneurs and sixth for density of startups. A growing population and favorable government policies continue to draw business startups to the Golden State in the hopes of capitalizing on the area’s rich resources.
A wealth of institutes of higher education make this state a haven for businesses seeking educated workers. This highly capable workforce combined with a top amount of new entrepreneurs contribute to Virginia being one of the top states to start a new business. Most impressive is the state’s number of new launches compared to the number of businesses that fold each year, giving Virginia the highest enterprise survival rate in the country.
Small but mighty is the motto for the business climate in The First State. Boasting the nation’s fifth highest-per-capita GDP, this state exemplifies the virtues of hard work and the entrepreneurial spirit. A favorable business tax climate in Delaware makes the area a fertile breeding ground of new ventures.
Featuring multiple metropolitan areas and bustling economic centers, Texas is able to leverage its large and diverse population to grow business startups in a myriad of industries. A healthy energy sector and low cost of living are just a few of the leading factors contributing to the explosive economic landscape of the Lonestar State.
An aggressive state government set out to attract new business opportunities has helped catapult Wyoming to the top of the list of best places to begin a new venture. With no corporate income tax, individual income tax, or gross receipts tax, Wyoming is an attractive place to launch a business.
When examining the various factors involved in choosing the ideal spot to start a new venture, it is crucial to examine tax rates, workforce credentials, state support, and more. With a little research and planning, rising business leaders can hone in on the best fit for their needs.
If you are planning on starting your own business and have some questions, check out this website to get advice from professionals who have succeeded with their own businesses.
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Matthew King is the owner of the Startup Forums, Alkries LLC, and co-owner at TR King Insurance Marketing. Partner at Independent Life Insurance Agent Association, Medicare Training 101, and Final Expense 101. When he's not creating content about running successful businesses here. He's most likely developing processes, diving into SEO, or gaming with his friends and wife.
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