Whether you are looking to start a For-Profit, LLC, or Sole Proprietorship, you’ll be on the hunt for the best location to begin your business. However, before you start to seek out a location for your business, you need to know what you’ll be doing. Do you feel a tug to start a business, but you’re not sure exactly what genre you should pursue? Check out the free “Business Ideas Generator” from TRUiC to gain a few ideas in preparation for a fulfilling career as an entrepreneur.
So, what are the best US states to start a new business in?
Did you know that approximately 20% of new business fail within the first year of opening, and 50% will come to an untimely end within the first five years? One of the reasons for this is the large pull that a business’ location has on their profits and success. As we’re sure you know, starting an ice business in the Antarctic wouldn’t necessarily be the best career move. As is the case for any start-up, finding the location will set the tone for your business’ earnings, reputation, and popularity.
The Lone Star State, which now holds the title of the first four-time winner of CNBC’s “America’s Top States for Busines,”, has an economy of $1.887 trillion, making it the number one state for starting a new business. Need proof? AT&T, American Airlines, and Dell, Inc. are all proud to be based in the great state of Texas and have been raking in the profits for many years.
There is no shortage of talent and beautiful cultures welcoming new business in Texas. Whether you’re catching international business flights in Houston or Dallas, servicing the beachgoers near Galveston, or contributing to “Keeping Austin Weird” with your artsy talents, you’ll be sure to find the best location for your start-up. Texas is known for embracing new businesses quickly, which will ensure your new company has a place to feel at home.
Utah comes in at seventh place for the best business environment and second place when it comes to its ease of resource accessibility. Only ranking one step lower than Texas, Utah is known to have the highest growth in small business and could be the perfect place for your business to thrive. Are you looking to start a new business venture while also attempting to keep the cost low? In Utah, the cost of doing business is an entire 2.2% lower than the national average.
Are you searching for a more extensive customer base? Wells Fargo ranked Utah as the third fastest-growing state in all of the US just two years ago. On the hunt for a low cost of living to save money to better fund your mission? Utah has precisely what you’re looking for at an overall cost of living 35% lower than California. With nearly 300,000 small businesses that makeup 99.3% of all of Utah’s local companies, your own start-up would fit right.
If you’re looking for reliable infrastructure, low taxes, and competitive labor, Georgia has you covered. Georgia comes in at third place for ease of business start-up as well as the potential for new businesses to grow. At only ninth place for the best economic state in the US, Georgia is a prime location for your new business to thrive.
Similar to Texas, Georgia is crawling with talent and diversity, with minority companies being known as the fastest-growing subset of businesses in Georgia. Other benefits? Atlanta, Georgia’s capital, provides free classes centered around entrepreneurial work, and there’s always room for more innovation, creations, and groundbreaking discoveries. On top of this, Atlanta holds the world’s most high traffic airport, Hartsfield-Jackson International, within its city-limits and provides quick and efficient business travel resources.
Okay, so I know “where,” but what about “how?”
Now that you have a slight grasp of “where” you’d like to start your business, what should you do now? What should you know before starting a business? Are you indeed ready to be an entrepreneur? What are the benefits of starting your own business, and what type of business should you start? All of these questions and more just like them are answered for you in this article by TRUiC. You’ll also find additional resources to guide you as you discover your new entrepreneurial career path and how to start a business in any state you may be located in. Whether you find yourself in Mississippi, Oregon, South Carolina, Nebraska, or any other state within the US, there is always room for your ideas, business, and innovations to grow and thrive.