Yahoo Finance 10 Best States for Small Business Owners
Entrepreneurs have lots of things to consider when thinking about where to open their businesses. As many owners will tell you, some states offer much better environments than others for those launching small businesses.
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Here’s a look at some of the best states for small business owners.
North Dakota
North Dakota might be the best state for launching your small business this year. According to Forbes, “Its strong business climate, low cost of entry and funding opportunities make it an optimal location for new ventures.”
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North Dakota also offers a low cost of living and a business survival rate of 77%. You’ll be in good company if you start your small business in North Dakota.
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Indiana
Experience Hoosier hospitality for yourself. Indiana offers a business-friendly environment with a modest formation fee for a small business of $100. There are a couple of other good reasons to start your small business in Indiana – good funding is available and the Tax Foundation said it’s one of the best states regarding the business tax climate.
You also may have seen where some cities in Indiana offer very affordable housing. Overall, Indiana may be a good choice if you want to start your small business in the Midwest.
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Arkansas
With a business formation fee of $45, one of the lowest in the nation, Arkansas offers a financially sound way to start your small business. You also have a good chance of staying in business – Arkansas has a business survival rate of 78%.
The state also offers grants and other funding opportunities for small businesses because of commitment to helping entrepreneurs. You’ll also find affordable living and great housing deals in Arkansas.
South Dakota
North Dakota doesn’t make the list of best business tax climates, but South Dakota is near the top of the list. According to Forbes, “South Dakota demonstrates a well-balanced mix of affordability, business support and workforce readiness, making it a favorable location for new business ventures.”
Speaking of affordability, South Dakota’s cost of living is below the national average. You’ll also find good financial support opportunities to launch your business here.
North Carolina
The Tar Heel State is among the best places to launch your small business. According to PODS, North Carolina offers job opportunities and plenty of outdoor activities, which means it should be easier to find dedicated workers to help start your business.
Not only will you find a good cost of living in North Carolina, but it offers a very good tax climate for businesses. That may be why the state has a 77% business survival rate – reflecting a nurturing environment for startups and their leaders.
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Ohio
If you’re a fan of amusement parks, sports, and Midwestern living, perhaps Ohio is the right choice for starting your small business. Forbes said it’s one of the best states to do so – thanks to its supportive business climate and good financial accessibility.
Pennsylvania
You’ll find a strong overall business environment in Pennsylvania – along with a business-friendly tax environment. Add on a low cost of living, an educated workforce and good transportation options, and you have a good mix for starting your small business.
Alabama
If you’re looking to start your business in the South, Alabama might offer just what you’re seeking. According to the Alabama Political Reporter, “Alabamians and business owners have long been aware of our state’s distinct advantages — a highly skilled workforce coupled with a business-friendly environment defined by low taxes and minimal regulations.”
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Utah
Head west to find another state that’s among the best for small businesses. According to Management Library, Utah is also among the best for business financing. In addition, it ranks among the states with the best business tax climates. You’ll likely find a supportive, affordable business environment for you and your team.
South Carolina
Let’s round out the list with South Carolina – a state with a tax base that’s designed to support economic growth and entrepreneurs. You also may not realize it – but South Carolina is a great location within driving distance of a great deal of the population.
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