Was North Dakota Named One Of The Worst Places To Start A Business??
Getting a business off the ground is full of challenges: Getting a business loan, finding a location, getting whatever inventory you may need, staffing, and so many other things go into it.
The past few years have been especially difficult for business owners. Social distancing, chip shortages, shipping delays, illness, layoffs, and restaffing have all taken quite the a toll.
Making Matters More Difficult
You might be surprised to learn that in some states, it's harder to start a business than in others. A study was done by Wallethub, and it found which states are the best and worst for starting a business.
They looked at things like labor costs, the average growth in small businesses, business costs, the business environment, the percentage of residents who are vaccinated for COVID-19, and availability of human capital.
The BEST State To Start A Business
If you're thinking about moving and/or expanding your business, you might want to go to Utah. According to the source, Utah is the best state, overall, to start a business. Does this surprise you?
Florida, Texas, and Colorado also came in at the top of the list.
So, where does North Dakota fall? -- At the bottom of the list, unfortunately. North Dakota is the 8th WORST state to start a business, according to the source.
As a matter of fact North Dakota is also in the top 5 for states with the lowest growth in the number of small businesses.
On a better note, North Dakota came in the top 5 for accessible financing.
The Absolute WORST State
The state that comes in dead-last for businesses to start and thrive is none other than Alaska. Connecticut, West Virginia, and New Jersey were also at the very bottom of the list.
There You Have It
Hopefully this article has helped you figure out where to go to start your business, and where to avoid. Of course, this is not to discourage anyone from starting a business in North Dakota. Follow your dreams, and make it happen!
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