Worst States For Startups
Don’t Start A Business in These 3 New England States, According to New Report
Thinking of starting a business? Well, location can make or break you.
Worst States For Startups
About one-fifth of all startups typically don’t survive past year one of operation, according to the U.S. Bureau of Labor Statistics. Nearly half never make it to their fifth anniversary.
There are plenty of other reasons that startups fail, with a “bad location” being among the most common.
“Starting a business is a difficult and risky process, but where you live can highly influence your chances of success. Before establishing a business in any location, make sure to do research to ensure it’s an ideal place for your customer base, has enough labor and supplier availability, and suits your needs when it comes to financing,” said Cassandra Happe, a Wallet Hub analyst. “Utah is the best state for starting a business because businesses have greater access to loans than in any other state. Utah has the largest annual employment growth in the country, at nearly 2.5%. Having ready access to capital and being in a state where business is booming can mean the difference between a startup thriving and dying during its first few years.”
Choosing the right state for a business is crucial to its success.
So what does a state need? Access to cash, skilled workers and affordable office space, to name a few. These attributes can help new ventures not only take off but also thrive.
WalletHub.com did a recent study to find out the best and worst states in which to start a business.
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.
It didn’t turn out well for New England.
In fact, three New England states landed in the bottom 10.
