Where To Start Up in the US: The Best States to Start A Business In
Where you decide to start your business in the United States makes a big impact on the future of your business. Here are some of the best states to launch a startup in.
Sep 29, 2019
Are you an entrepreneur wanting to start a business in the United States? If you’re looking to launch a startup, you’re probably already aware that there’s tons of factors to consider when starting your business. One of the biggest factors: where to start-up.
Where you decide to start up and make your home base as a business can contribute to a lot – the culture of your business, the financing options that are available, the type of talent you’ll be attracting, and the quality of life you (and your employees) will be experiencing while living and working there.
We’ve put together some information on 6 of the best states to start a business in based on findings from various studies and polls. Read on to get inspired about where to start your business!
They say that everything's bigger in Texas, and there certainly are big opportunities for new businesses starting up in Texas. There are many things about Texas that make this southern state attractive to entrepreneurs. Austin in particular is especially enticing for small business owners to start a business.
Why Texas is great to start up in:
There is no corporate or personal income tax
Texas’s economy is worth $1.8 trillion which makes it the second biggest economy after California
Austin locals in particular are known to have a “support small business” mentality
A recent survey amongst CEOs ranked Texas as the #1 best state for business for the 15th year in a row
Many people associate Florida with retirement...but entrepreneurs should be associating the state with new business opportunities. With zero personal income tax and eternal summer, why not consider launching a startup in Florida?
Now, this state probably wasn’t on your radar at all before, but hear us out! According to Wallet Hub’s massive study, it turns out that there are some major perks if you start up in this midwestern state bordering Canada.
Why North Dakota is great to start up in:
The state is becoming increasingly tax friendly. Income taxes have been reduced to only 1.1 to 2.9%. Corporate tax rates are low as well.
Wallet Hub found that the state has the #1 highest average growth in number of small businesses as well as one of the states with the easiest access to financing
Fargo, the biggest city in the state, is becoming a major tech hub for the midwest, and is one of the regions that makes up the “Silicon Prairie”
A bunch of coworking spaces are popping up in and around Fargo to accommodate for this new wave of techies and entrepreneurs in North Dakota, like Prairie Den and Regus
The state has a low cost of living compared to other US states
This Western state has no shortage of natural beauty – unbelievable nation parks galore! What you may not realize, though, is the huge growth in tech jobs and startups in the state’s big cities. Could it be your turn to join the Silicon Slopes?
Why Utah is great to start up in:
Wallet Hub’s study ranked Utah as the #2 overall best state to start a business in, also citing it as the state with the second highest small business growth ranking as well as easily accessible business financing
Forbes also ranked Utah as the #2 best state for business, stating that it has a healthy labor supply and great growth prospects
Tech related jobs are growing quickly in Utah, especially in the area between Salt Lake City and Provo, which is nicknamed “Silicon Slopes” which also happens to be the name of a nonprofit that empowers the Utah startup scene
Business financing options are available such as the Utah Microloan Fund which grants small business loans up to $50,000 to qualifying businesses
Beautiful natural parks and outdoorsy culture are perfect for people who love being outdoors