Best States to Start a Small Business
Starting a small business is a real challenge, especially when you’re going up against established organizations.
There are certain states within the US that are favorable for small business owners. Some have great conditions for starting a new business, others can increase the chance your business fails within a year of launching.
There are various factors to consider when deciding upon a state to start a business in, including access to resources, business costs, the business environment and more.
With this being said, what are some of the best states to start a small business in?
Massachusetts offers high access to capital, with lots of startup activity, a thriving labor market and a high quality of life. It is a great spot if you’re seeking investments, alongside being a well-educated area with a high volume of University graduates.
Boston, in particular, is without doubt one of the best entrepreneurial cities, an elite spot for venture capitalists and college-educated professionals.
Wyoming is perfectly suited to preferable taxes, cost of starting a business and cost of living. Tax relief is huge when you’re starting out. In Wyoming, you’ll also benefit from elite access to talent and public safety.
Cheyenne is a fantastic city for its affordable office space, the most populous city in Wyoming with the most educated professionals.
Nebraska boasts benefits like low cost of starting a business, decent access to capital and an active labor market. Its business-friendly, with high access to education and small business loans.
Omaha is a great spot to start a business. It has an impressive University for innovation and entrepreneurship, independent business accelerators and a considerable pool of talent. The city attracts an impressive clientele base, with lots of music and theater in the area.
With the lowest startup cost and impressive labor market, New Hampshire is renowned for a high quality of life and tax considerations, though its startup activity is relatively low.
But this creates an avenue for you to establish your own startup while capitalizing on benefits that extend beyond business considerations. Portsmouth is a particularly thriving spot, a vibrant community that hosts the U.S Small Business Administration office, charming tourist attractions, and local students.