Starting a new business is difficult, but some states have been found to offer better opportunities for future business owners.A new study finds Texas has the ideal environment for entrepreneurs.
When someone wants to start a business, they have to choose the right state to do it in. A state that offers ideal conditions for starting a business, access to cash, skilled workers, and affordable office space can help new homeowners thrive in the market, according to WalletHub.
It’s Jane. 17, wallet center Released a report on the best and worst states to start a business in 2023. The findings show that Texas is the third-leading location for starting a business, behind Utah and Florida.
“According to the U.S. Census Bureau, the five states with the largest population growth from 2021 to 2022 are Texas, Florida, North Carolina, Georgia and Arizona,” said Jae Hyeung Kang, an associate professor at the University of Oakland. .”
In this report, WalletHub compared 27 key metrics of entrepreneurial success across the 50 U.S. states. The dataset ranges from financing accessibility to the percentage of residents fully vaccinated against COVID-19 to the affordability of office space.
“There’s no doubt that state tax and regulatory policies affect the creation of new businesses,” said Richard Leffer, a professor of financial practice at Washington University in St. Louis. “Lower tax rates, more favorable workplace rules, reduced licensing and licensing burdens are all examples of policies that are pro-entrepreneurship.”
Among key metrics, Texas ranks as follows:
- #4 for average hours worked per week
- 10th in Average Growth in Number of Small Businesses
- 10th in human capital availability
- The 13th place in the industry
- Ranked 14th in general cost of living
- No. 30 in general labor cost
- 31st in percentage of residents fully vaccinated against COVID-19
To view the full report, click here.
