These Are the Best and Worst States to Start a Business in 2023The place you launch your next venture could be the difference between its success and failure.
ByAmanda Breen•
If diving intoentrepreneurshipwas on your list ofNew Year's resolutionsthis year, you might be wondering how to position yourself for maximum success.
Maybe you've already checked some of the essentials off your list: You've come up with abusiness idea, started market research and gotten criticalfeedback.
But you should also consider what could go wrong and get ahead of it.
Related:The Complete, 12-Step Guide to Starting a Business
Something as simple aswhereyou launch your venture could mean the difference between if it flourishes — or fails.
According to theU.S. Small Business Administration, your business location is "one of the most important decisions you'll make," as it impacts your taxes, legal requirements, revenue and more.
Wallethubcompared the 50 states across 27 key indicators of startup success to zero in on the best place to start and grow yournext big idea. Here's what it found:
Overall Rank: 1 |
State: Utah |
Total Rank: 59.91 |
Business Environment: 7 |
Access to Resources: 1 |
Business Costs: 32 |
| 2 | Florida | 59.21 | 1 | 14 | 24 |
| 3 | Texas | 56.85 | 3 | 12 | 31 |
| 4 | Colorado | 56.14 | 4 | 7 | 35 |
| 5 | Idaho | 55.88 | 9 | 21 | 10 |
| 6 | Georgia | 55.37 | 5 | 26 | 19 |
| 7 | Arizona | 53.79 | 6 | 22 | 30 |
| 8 | Nevada | 53.54 | 12 | 11 | 26 |
| 9 | Oklahoma | 53.12 | 28 | 19 | 1 |
| 10 | California | 52.97 | 2 | 2 | 49 |
| 11 | North Carolina | 52.90 | 11 | 17 | 20 |
| 12 | Montana | 52.86 | 15 | 28 | 7 |
| 13 | Maine | 51.73 | 10 | 41 | 18 |
| 14 | Kentucky | 50.68 | 24 | 36 | 4 |
| 15 | Washington | 50.60 | 13 | 3 | 41 |
| 16 | South Carolina | 49.99 | 18 | 35 | 17 |
| 17 | Tennessee | 49.90 | 14 | 40 | 21 |
| 18 | South Dakota | 49.70 | 34 | 25 | 5 |
| 19 | Massachusetts | 49.42 | 17 | 4 | 44 |
| 20 | Mississippi | 49.37 | 43 | 30 | 2 |
| 21 | Michigan | 49.32 | 36 | 24 | 6 |
| 22 | Hawaii | 48.95 | 8 | 15 | 43 |
| 23 | Indiana | 47.75 | 29 | 42 | 11 |
| 24 | Arkansas | 47.65 | 25 | 49 | 9 |
| 25 | Nebraska | 46.92 | 32 | 39 | 16 |
| 26 | Illinois | 46.89 | 39 | 6 | 37 |
| 27 | Iowa | 46.84 | 31 | 27 | 23 |
| 28 | Alabama | 46.51 | 38 | 47 | 8 |
| 29 | Louisiana | 46.29 | 40 | 43 | 12 |
| 30 | New Mexico | 46.12 | 33 | 46 | 14 |
| 31 | New York | 46.10 | 19 | 5 | 47 |
| 32 | Oregon | 46.03 | 16 | 18 | 40 |
| 33 | Vermont | 45.79 | 35 | 23 | 29 |
| 34 | Delaware | 45.48 | 23 | 9 | 42 |
| 35 | Ohio | 45.21 | 45 | 37 | 13 |
| 36 | Kansas | 44.68 | 44 | 44 | 15 |
| 37 | Wisconsin | 44.43 | 46 | 31 | 22 |
| 38 | Minnesota | 44.17 | 27 | 32 | 33 |
| 39 | New Hampshire | 43.71 | 21 | 38 | 39 |
| 40 | Missouri | 43.69 | 48 | 34 | 25 |
| 41 | Maryland | 43.65 | 20 | 10 | 48 |
| 42 | Virginia | 43.38 | 26 | 29 | 38 |
| 43 | North Dakota | 43.34 | 37 | 45 | 27 |
| 44 | Pennsylvania | 42.84 | 42 | 20 | 34 |
| 45 | Wyoming | 42.66 | 41 | 48 | 28 |
| 46 | Rhode Island | 42.03 | 47 | 16 | 36 |
| 47 | New Jersey | 41.63 | 22 | 13 | 50 |
| 48 | West Virginia | 40.56 | 50 | 50 | 3 |
| 49 | Connecticut | 39.97 | 49 | 8 | 46 |
| 50 | Alaska | 39.44 | 30 | 33 | 45 |
