North Carolina is one of the best places to start a business in the United States. With its favorable legal and regulatory climate, low business costs, and skilled talent, it's no wonder why so many entrepreneurs are choosing to set up shop in the Tar Heel State. The state has been ranked as one of the top five destinations for businesses by Forbes, and a recent study by NerdWallet ranked the 100 largest U. S.
cities from best to worst for small businesses using nine metropolitan and state metrics. These metrics included the tax climate, the business survival rate, the proportion of residents with at least a bachelor's degree, and housing rates. At the other end of the spectrum, the West Coast offers some of the worst locations, with four of the 10 lowest in California. But North Carolina stands out as one of the best places to start a business.
Ted Zoller, director of the Center for Business Studies at the Kenan-Flagler School of Business at the University of North Carolina, points to Research Triangle Park as one of the reasons why. Created in 1959, Research Triangle Park is one of the country's leading high-tech research and development centers. Wilmington also ranked second in a previous NerdWallet study of the best places to start a business in the country. The national survey focused specifically on 183 metropolitan areas with a large population and was based on U.
Census data covering 121,462 businesses in 115 North Carolina communities. The survey ranked communities based on two key metrics: business climate and local economic health. Business climate accounted for 65% of the overall score and included factors such as average annual income of companies, percentage of companies with paid employees, and number of companies per 100 people. Local economic health accounted for 35% of the total score and covered factors such as median annual income, median annual housing costs, and unemployment rate. Even though business taxes in North Carolina may be slightly higher than other states, they are still lower than most neighboring states. North Carolina also offers specific, performance-based incentive programs that help businesses reduce their tax burden and overall business costs. The city of Morrisville is located in Research Triangle Park and is home to many high-tech companies.
Aberdeen bills itself as a “small, picturesque railway town steeped in history” and is famous for its Aberdeen Carolina & Western Railway – North Carolina's largest private regional freight railway. North Carolina's mountain and beach communities are also a powerful draw for tourists. This shows that a consistent balance across the board can be a better place to start a small business in some cases. If you manage these challenges and take advantage of North Carolina opportunities such as low cost of doing business, then this state can be a great place to start and manage your business.