3 Great US States To Start Your Home Business
Every business owner wants their business to be successful for as long as possible, and there are various measures to ensure that their enterprises keep running smoothly. However, most don’t realize that where you operate your business can also determine its profitability and lifespan. As the small business space gets more saturated, with 5.4 million applications filed in 2021 alone, you must strongly consider where you plan on starting your business. Here are some of the best states across the US to help you make a smart choice.
1. Texas
Texas, popularly known as The Lone Star State, has become the hub for many emerging businesses due to its business-friendly climate. This state has seen rapid economic growth in the past couple of years, and many budding and current entrepreneurs are flocking there to start their businesses. Texas is the second most populous state and has a robust labor market filled with a skilled and qualified workforce. It also has one of the highest survival rates for growing businesses, as there are lower risks of natural disasters, and the state has some of the best infrastructures to support business growth.
2. Utah
As a business owner, whether potential or current, you are most likely aware of the importance of funding your business. Access to funding is one of the best reasons to move your business or start one in Utah. Asides from that, it has an actively growing population, a strong economy, and a regulatory environment. With more access to business capital, Utah should rank high on your list of potential states to start a business. The state is known for supporting small businesses, and its personal and income tax rates are fairly lower than in other states. Labor is relatively more expensive in Utah compared to other states, but this state also boasts some of the highest consumer spending rates and has a small business survival rate of 50%.
Tennessee
In recent years, Tennessee has become a hotspot for many businesses due to its competitive tax rates, increasing manufacturing factories, and low housing costs. It also has many urban areas like Memphis and Nashville, which are great locations for business owners. Nashville, for example, has developed a reputation for being one of the best hubs for business owners. It also embraces creativity and diversity. If you love working in public or need a change in your workspace, you can check out some of the best cafes in Nashville that offer solid amenities to help you relax and work in their environment. Tennessee also has a regulatory and tax environment to support entrepreneurs and some of the country's most highly-qualified workspaces.
Identifying the best place to start a business can go a long way in determining how well your venture will thrive. Are you ready to take that leap of faith to start your business somewhere new? With these suggestions, you will be better positioned to decide your business and future. Ensure you continue to conduct more thorough research to help you make the right choice.
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