Starting a business requires careful consideration of various factors, including business environment, access to resources, and costs.
This article presents a list of the 10 best states to start a business in 2023, based on a recent study that evaluated and ranked states according to their favorable conditions for new businesses.
Which are the best states to start a business in the U.S. in 2023?
10 Best States to Start a Business in 2023:
- Utah: With a score of 59.91, Utah takes the top spot as the best state to start a business. It excels in access to resources and has the shortest average workweek.
- Florida: Close behind, Florida secures the second position with a score of 59.21, offering the best business environment for startups.
- Texas: Ranking third, Texas earns a score of 56.85, providing favorable conditions for new businesses.
- Colorado: With a score of 56.14, Colorado comes in fourth, offering attractive opportunities for entrepreneurs.
- Idaho: Scoring 55.88, Idaho completes the top five states for starting a business and has experienced significant growth in the number of small businesses.
- Georgia: Achieving a score of 55.37, Georgia ranks sixth among the best states for entrepreneurs.
- Arizona: With a score of 53.79, Arizona secures the seventh position, providing favorable conditions for new businesses.
- Nevada: Ranking eighth, Nevada earns a score of 53.54, offering promising prospects for entrepreneurs.
- Oklahoma: With a score of 53.12, Oklahoma takes the ninth spot and is recognized for its favorable business costs.
- California: Despite being known for its high costs, California still makes the top 10 list with a score of 52.97, highlighting the state’s potential for entrepreneurship.
Best States for Business Costs:
- Oklahoma: Offering the best overall business costs.
- Mississippi: Providing low labor costs, half of Maryland’s.
- West Virginia: Offering favorable business costs.
Additionally, Iowa has the lowest office space rents, which are half the prices in California, Alaska, and New York, known for their expensive office rentals.
When considering starting a business in 2023, the top states to consider include Utah, Florida, Texas, Colorado, and Idaho. These states offer favorable business environments, access to resources, and growth opportunities.
Furthermore, factors such as overall business costs, labor costs, and office space rents should also be taken into account. By considering these factors, aspiring entrepreneurs can make informed decisions about where to establish and grow their businesses in the coming year.