Starting a business is never easy, but Texas ranks as number one in the country to do just that.
According to U.S. Bureau of Labor Statistics data, about a fifth of all startups typically don’t survive past year one of operation, and nearly half never make it to their fifth anniversary. But startups fail for different reasons, a “bad location” among the most common. Choosing the right state for a business is therefore crucial to its success. A state that provides the ideal conditions for business creation — access to cash, skilled workers and affordable office space, for instance — can help new ventures not only take off but also thrive.
In this study, WalletHub compared the 50 states across 26 key indicators of startup success to determine the most fertile grounds in which to launch and grow an enterprise. Read on for our findings, business insight from a panel of experts and a full description of our methodology.
The personal finance website WalletHub compared the 50 states across 26 metrics to see which state is the best to start a business.
The top states to start a business are Texas, Utah and Georgia and the worst are New Hampshire, New Jersey and Rhode Island. Oklahoma is 5th, Lousiana is 15th, and Arkansas is 31st.