What do you need to succeed in business? It may depend on where you settle – and we’re not just talking about the right corner either.
“The truth is, tax laws, cost of living, and median household income can all play a role in how your business performs over the long term,” says Lookedan AI-powered graphic design company that recently released an analysis of the best states for entrepreneurs.
These factors were combined with data on how often companies are successful and the percentage of new companies in each state to come up with the rankings.
Here is an overview of the best states to start a business.
California can be an expensive place to live, but it’s also where small businesses are most likely to survive, Looka says. We previously rated two California metros among the “10 Best Cities for Women Entrepreneurs.”
Everything is bigger in Texas, except apparently the cost of living and personal income tax. If you’re looking for a more specific area to earn your first dollar, Austin and McAllen are two of the top picks in the country.
3. New Jersey
New Jersey’s high median household income puts it at the top of this list, despite the state’s high tax rates. Its median household income is second only to California on this list, Looka notes.
The rest of the top 10
Here are the remaining states in the top 10 best states to start a business, according to Looka’s analysis:
- New York
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