22 U.S. States Seeing an Explosion in New Small Business Startups

Starting a new business can be daunting. One of the most critical decisions is choosing the correct location. The right place can provide the infrastructure, resources, and market access you need to succeed. Many U.S. states are experiencing a surge in new business startups. Let’s explore 22 states that offer a promising environment for entrepreneurs:

North Dakota

North Dakota has been highly ranked for business startups in the last year and continues to demonstrate a business environment conducive to success. Many entrepreneurs have flocked to North Dakota to start their small businesses because the state offers low business startup fees, a healthy survival rate for new businesses that emerge in the state, and low costs of living. North Dakota also offers incentives and a skilled workforce to give entrepreneurs higher chances of finding success.

Texas

Many cities in Texas are experiencing a significant boom in small business startups, with Austin as one of the leaders. The state boasts a friendly business environment, does not levy state income taxes, and has a growing tech scene, which are some of the main reasons that draw entrepreneurs to the state. There are many skilled workers in the state, the regulatory environment is relaxed, there is high access to infrastructures that support businesses, and plenty of opportunities offer access to capital and investments, especially in Dallas and Austin.

Massachusetts

Biotech and edtech entrepreneurs are flocking to Massachusetts, leading to many startups emerging in the state. The state strongly focuses on research and development, with many top universities situated there, leading to a large availability of talent across different sectors. The business environment is supportive and very innovation-friendly, more so in areas like Cambridge and Boston, and different policies support business growth in the state. While the state’s cost of living and the tax environment are relatively high, many startups are emerging because of the potential here.

Indiana

Indiana is a highly favorable state for entrepreneurs because it offers a business-friendly environment with lower costs for emerging startups. Entrepreneurs are drawn to the state because it boasts a high survival rate for businesses and has a nurturing environment created by residents that supports business growth. The cost of living in Indiana is lower than the national average, and it has a substantial labor pool that is looking to contribute to emerging businesses.

Delaware

Delaware is known for its favorable business laws and the solid legal protection it offers businesses. This is one of the leading causes that attract many entrepreneurs to Delaware, creating an explosion of new startups in the state. Delaware does not levy sales taxes or impose taxes on a business’s total revenue, which appeals to entrepreneurs. Entrepreneurs’ fees to launch a startup in the state are also relatively low.

California

California is known for its tech hubs in Silicon Valley and the Bay Area. Top talent, investors, and industry leaders are commonly found across the state, which creates a healthy entrepreneurial spirit that is appealing to many entrepreneurs who want to launch their startups. The large networking and mentorship opportunities in the state and the events and conferences regularly held for both emerging and experienced entrepreneurs create an environment that supports entrepreneurial growth and success.

North Carolina

Entrepreneurs in technology, engineering, business, and healthcare looking to find a large pool of talent are likely to find it in North Carolina, thanks to the number of high-quality educational institutions in the state. Charging low corporate income tax and offering affordable living costs has attracted many entrepreneurs to North Carolina, where they can enjoy an ecosystem of collaboration, research, and strong entrepreneurial activity that is perfect for anyone looking to launch a small business startup.

Tennessee

Many thriving industries in Tennessee provide many opportunities to entrepreneurs looking to launch a successful small business startup. The state boasts a strong and diverse economy with opportunities across different industries, from healthcare and manufacturing to entertainment and tourism, giving entrepreneurs many industries to find success. The state does not levy personal income tax. Combined with the low cost of living, it presents an ideal environment for entrepreneurs looking to minimize costs to build a thriving business. Tennessee also offers a robust infrastructure and connection to neighboring states, making business management easier regarding logistics, shipments, etc.

Arkansas

With one of the lower business formation fees of only $45, Arkansas allows emerging entrepreneurs to launch their businesses with lower financial burdens. The state has a high business survival rate, and the average cost of launching a business or startup is quite affordable. Arkansas also offers various grants and programs to emerging businesses to highlight the state’s strong support for entrepreneurial growth.

New York

New York boasts a robust and diverse economy, a diverse talent pool, and many networking opportunities, all of which have led many entrepreneurs to success. There is a lot of potential to access capital in the state, especially in the finance and tech industries, and the competitive business climate can create an environment that encourages success. While the state’s taxes and cost of living are pretty high, many entrepreneurs are drawn to the state because of the many opportunities, resources, and infrastructure.

Washington

Washington offers a thriving economy for emerging startup businesses looking to find success, especially in the tech sector. The state is home to some of the biggest tech companies, like Microsoft and Amazon, contributing to a thriving tech business environment. There is good access to capital, especially within the tech sector, and the state boasts a business-friendly regulatory environment that can benefit entrepreneurs in tech and innovation.

Colorado

Denver and Boulder in Colorado have displayed an intense startup scene, with many entrepreneurs finding great success in these cities. Growing access to capital, a thriving entrepreneurial and innovation-friendly climate, and a favorable tax climate in different parts of the state have provided the foundation for entrepreneurs to launch a successful startup. The regulations in the state are also business-friendly, and the growing tech scene has enabled a thriving space for startups in the tech sector to emerge.

Nevada

The various tax benefits and low costs of living found in the state of Nevada have helped to create a thriving market for small business markets to emerge in the state. Many entrepreneurs are moving to Nevada because of the business-friendly environment, initiatives to diversify the economy, the regulations that make business operations run smoothly, and the growing infrastructure and resources available, especially in cities like Las Vegas and Reno.

Georgia

The startup community in Georgia, particularly in larger cities like Atlanta, has seen significant success in their business operations thanks to the large access to venture capital available in the state. The diverse economy and the growing tech sector, along with a range of startup incubators, accelerators, and other resources easily accessible in the state, have helped create a business-friendly ecosystem that has enabled many businesses to thrive and continues to attract new startups to emerge in the state. The low business fees and average taxes also make it much easier for entrepreneurs to afford to start a business in Georgia.

Florida

Florida’s diverse economy gives entrepreneurs working across various sectors higher chances of finding success. The state also has a high population that offers the perfect customer base for all sectors. Florida also has a strong talent pool and offers tax-friendly policies that encourage entrepreneurs to set up offices in the state.

Utah

Utah has emerged as a thriving state, particularly for entrepreneurs, which has led to a startup boom. This has been driven by factors like the strong economy, business-friendly regulations, the educated and high-skilled workforce, and a diverse set of thriving industries. Additionally, the fees to set up a business in the state are highly affordable, which appeals to emerging entrepreneurs.

Wyoming

Wyoming’s business-friendly tax policies, such as the lack of corporate income tax, personal income tax, and franchise tax, coupled with privacy protections and a straightforward regulatory environment, have created a highly appealing ecosystem to business owners. This has also attracted many entrepreneurs from out-of-state to set up their startups in Wyoming.

Oregon

Oregon boasts a favorable business climate that has helped it to be highly ranked as an excellent state for startups and emerging businesses. Startups in the tech and manufacturing sectors have a high chance of finding major success in the state. There is a growing focus on sustainability and innovation in the city, leading to significant potential for startups and small businesses to find resources that enable them to launch a successful business plan.

Michigan

Many entrepreneurs in Michigan consider the state to offer an excellent business climate that supports entrepreneurial goals and helps them find success. The abundant and talented workforce makes it easy for entrepreneurs to find the resources they require to build success, and the low living costs help create an environment that enables businesses to have higher chances for success.

Minnesota

Local Minnesota communities have helped to create a supportive business climate for entrepreneurs. Minnesota also offers a strong workforce, high-quality infrastructure resources, and business-friendly regulations, which has attracted many entrepreneurs to the state to launch their business ideas, helping the entrepreneurial environment in the state grow over the years.

Pennsylvania

The diverse economy in Pennsylvania, along with the highly experienced and skilled workforce and the business-tax-friendly climate, has helped to enable the state to create a robust business environment that gives entrepreneurs better potential for success in their business plans. Many public and private companies have found success in the state. With the rich history of entrepreneurship and substantial success of various industries, entrepreneurs working on startups across different sectors can see high success in Pennsylvania.

Rhode Island

As a relatively small state, Rhode Island has shown significant potential in helping entrepreneurs achieve their goals of launching a successful small business startup. Areas like the Quonset Business Park and the Wexford Innovation District have played vital roles where startups have seen the highest success in the state. The existence of the Rhode Island Small Business Development Center has also significantly helped small businesses grow by providing them with services and expertise that help entrepreneurs realize their business goals.

Quotes are not sourced from all markets and may be delayed up to 20 minutes. Information is provided ‘as is’ and solely for informational purposes, not for trading purposes or advice.Disclaimer

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