Report: Texas Named Best State To Start A Business
Great news if you're looking to start a new business and live in the Lone Star State! When you decide to take the plunge and start your own business, it can be terrifying. There are many decisions that have to be made, and a bad decision could ruin your business. About a fifth of new businesses don't survive the first year and half of them don't make it to their fifth anniversary, according to the U.S. Bureau of Labor Statistics. There are plenty of factors that could affect a business' success, and one of them could be the state you open the business in. Some states more than others help new business to get their feet off the ground with various incentives.
The personal-finance website WalletHub decided to look at all 50 states to see which states give the best assistance to potential new business owners. The website looked at 26 indicators including the average growth in the number of small businesses, accessible financing, labor costs, availability of human capital, average work week, office space price, total spending on incentives as percentage of GDP and more.
Texas came out on top of the list as the best place to start a business. Texas had the fourth highest average growth in the number of businesses. Here's how Texas did in the report:
Starting a Business in Texas (1=Best; 25=Avg.):
- 4th – Avg. Growth in Number of Small Businesses
- 30th – Labor Costs
- 4th – Avg. Length of Work Week (in Hours)
- 20th – Cost of Living
- 13th – Industry Variety