The Best States to Start a Small Business in 2023
Are you looking to start a small business and wondering where to do it? A recent study by Lendio has ranked the best states for small businesses, and the results may surprise you.
Florida has taken the top spot, with Texas and North Carolina following closely behind. According to Lendio’s analysis, these states offer lower taxes, a thriving business community, and ample funding opportunities. This makes them ideal environments for small businesses to thrive and grow.
In 2023, a record-breaking 5.5 million new business applications were filed, highlighting the growing interest in entrepreneurship. Lendio’s rankings were based on 10 key metrics, including startup survival rates, access to financing, tax policies, and cost of living.
Other top states for small businesses include Colorado, South Carolina, Ohio, Georgia, Massachusetts, Utah, and Oklahoma. These states provide a supportive ecosystem for entrepreneurs to launch and expand their businesses.
What sets Texas apart as a great place to start a small business? Despite lower SBA loan approvals, Texans have access to alternative funding sources, making it easier for entrepreneurs to secure capital. Additionally, the state’s high business survival rate and influx of educated professionals make it an attractive location for startups.
Florida, on the other hand, boasts a low corporate tax rate and a growing consumer base, making it an ideal state for business owners. The state’s high startup survival rate and significant SBA loan dollars further solidify its position as a top destination for entrepreneurs.
Top 10 States for Small Businesses
Curious to see the full list? Here are the top 10 states to start a small business:
- Florida
- Texas
- North Carolina
- Colorado
- South Carolina
- Ohio
- Georgia
- Massachusetts
- Utah
- Oklahoma
Whether you’re an aspiring entrepreneur or a seasoned business owner, choosing the right location can significantly impact your success. Consider the factors that matter most to your business and explore the opportunities available in these top states for small businesses.