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2019-07-29 11:14:45
START A BUSINESS IN UTAH


2019’s Best & Worst States to Start a Business

 

 

Written By:  Adam McCann, Financial Writer

Published By: WalletHub 7-18-2109

STARTING A BUSINESS:

Starting a business is never easy. 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.

 

 

Main Findings

 
 
Overall Rank
(1=Best)
State Total Score ‘Business Environment’ Rank ‘Access to Resources’ Rank ‘Business Costs’ Rank
1 Texas 61.05 1 11 30
2 Utah 60.95 7 2 26
3 Georgia 58.12 5 17 13
4 North Dakota 57.68 2 19 32
5 Oklahoma 57.58 8 36 1
6 Florida 56.75 4 20 21
7 Arizona 54.39 9 12 29
8 California 54.30 3 3 46
9 Montana 53.71 11 30 8
10 Colorado 52.67 6 18 34
11 Idaho 52.10 12 44 7
12 Washington 52.00 13 1 43
13 Mississippi 51.39 28 26 2
14 North Carolina 50.86 24 10 22
15 Louisiana 50.36 15 37 17
16 Kansas 50.33 17 27 20
17 Minnesota 50.32 21 5 35
18 Michigan 50.19 31 23 6
19 Nebraska 50.09 25 21 9
20 Tennessee 49.11 16 42 19
21 Kentucky 49.00 26 40 5
22 South Dakota 48.57 38 33 4
23 Maine 48.56 18 45 14
24 Indiana 48.48 33 29 11
25 Nevada 47.85 14 47 28
26 Oregon 47.80 19 13 33
27 New Mexico 47.69 34 28 18
28 Alaska 47.06 10 16 45
29 Alabama 46.82 36 38 10
30 Wisconsin 46.61 29 31 24
31 Arkansas 46.60 32 43 12
32 Missouri 46.46 35 25 25
33 Wyoming 46.22 20 39 31
34 Ohio 46.05 42 35 16
35 Illinois 45.33 43 8 40
36 Massachusetts 45.11 27 7 42
37 Iowa 44.86 39 32 27
38 South Carolina 44.85 41 48 15
39 Virginia 43.51 22 34 38
40 Maryland 43.42 23 9 47
41 West Virginia 43.36 49 41 3
42 New York 42.25 37 6 49
43 Vermont 41.35 45 50 23
44 Delaware 40.66 40 14 44
45 Pennsylvania 40.18 47 22 37
46 Connecticut 39.31 48 4 48
47 Hawaii 38.05 30 49 41
48 New Hampshire 37.94 46 46 39
49 New Jersey 36.42 44 15 50
50 Rhode Island 35.29 50 24 36

 

Methodology

In order to determine the best and worst states to start a business, WalletHub compared the 50 states across three key dimensions: 1) Business Environment, 2) Access to Resources and 3) Business Costs.

We evaluated those dimensions using 26 relevant metrics, which are listed below with their corresponding weights. Each metric was graded on a 100-point scale, with a score of 100 representing the most favorable conditions for new-business creation.

Finally, we determined each state’s weighted average across all metrics to calculate its overall score and used the resulting scores to rank-order our sample.

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