Starting a small business is a big decision, and the success of your venture depends on many factors. One of the most important is the state you choose to set up shop in. Each year, Thumbtack ranks the top 50 states based on how they treat entrepreneurs, according to a survey of small business owners. This year's survey was the most impressive and interesting to date, with more than 7,500 participating small business owners.
Overall, Alaska scored A+ in six of the eight categories. Exceptions may have to do with its remote location and small population. Michigan scored an A+ for overall friendliness, and factors related to hiring and starting a business scored well. Maine performed really well, with an A+ for hiring facility and an A for overall friendliness.
Alabama scored A and A in five of the eight categories, but low ratings for ease of starting a business (D+), training and networking (F), and government websites (F) hurt their overall rankings. Idaho earned very good grades overall, with the exception of ease of hiring (C-) and training and networking (F). Surprisingly, Montana earned an A+ for its tax code. How often do you expect that? However, the ease of hiring was only a C+.
Ohio performed mediocre, with many B's and one C+ for tax code. The capital, Columbus, earned an A+. Washington ended up with a C+, due to five D's and one F in individual categories. Colorado Springs earned an A+, while Denver got a C+.
Connecticut's Hartford earned a C+. New York will cost you dearly to start a business, but there is a positive side because high risk comes with great reward. Nebraska consistently ranks in the top 10 states for small businesses due to its relaxed regulatory environment and economic properties. When deciding which state is best for your small business, consider factors such as ease of starting a business, tax code, hiring facility, training and networking programs, government websites, licenses, regulatory standards, economic properties, risk of natural disasters, and infrastructure.
It's also important to look at individual cities within each state to get an accurate picture of what it would be like to start a business there.
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