Out of the 50 states in the US, which states encourage business growth? Finding out the ideal location for your business is as important as starting a new business itself. Let’s see which states boast a business-friendly environment.
We live in times where the country’s economy is still stagnant and unemployment is at its peak. More and more people are coming under the line of poverty because there aren’t enough job opportunities in the market today. Those who have jobs, for them companies don’t guarantee job-security and can fire them when they think that the employee has become a liability. In such drastic times, the best way to survive is to start-up your own business and be your own boss. It’s rightly said that self employment is the best form of employment and if you are thinking about starting your own business, then this article on best states to start a business will surely help you out.
While choosing the ideal location to start a business venture, you just cannot concentrate on one aspect and make a decision. You have to think about various other things like population growth, infrastructure and the big picture of life. Starting your business in areas where there are less taxes is a decent way of saving more money and having a stable life. In addition to all these factors it is essential that you understand all the important points about the venture you are going to start.
Best Places to Start a Business
If you have the skills, the plan, capital, a never-dying attitude and lots of patience, you can definitely be a successful entrepreneur. It is good to know that you are working for yourself and no one else and you will be the sole bearer of profits and losses. People who want to start their own business have to think about a lot of things. It starts from the main business idea, capital, workforce and ends at the location. The location should also be given some serious consideration, as it is one of the main driving factors of your business.
Why is South Dakota on #1 spot? There are many reasons; first the state doesn’t tax personal income, corporate incomes and capital gains of individuals. South Dakota is a great place to start an industry because there is less crime and the energy costs are also pretty low. People who want to start-up their small business should definitely give South Dakota a try as it is an ideal place for flourishing business and trade.
There’s no doubt that the capital is a wise option for business people. Washington is one of the most advanced states in the US and offers a highly productive manufacturing sector with great wages. The state of Washington also charges very less taxes from its business people which makes the investment cost for the business very low.
This state is the ultimate destination for thrill seeking people and professional gamblers. Nevada is one of the most high profile states in the country which has a very low start-up fee. The state government doesn’t charge personal and business taxes. This means that your hard-earned money is yours.
The best part about Wyoming is that the state has a fantastic support system for people who want to start their own business. Energy costs are cheap in Wyoming and electric utility and gas costs are the lowest in the entire country. Business owners don’t have to pay personal income, capital gains and corporate income. The state has a great friendly environment and there’s lots of space to start-up your own business.
There was a time when Texas was known for its ranches and horses but the rapid industrial growth has helped the state of Texas become the perfect place for people who want to start their business. The biggest advantage that Texas offers business owners is the low cost of labor which is profitable for any business man. Texas is also one of the main states for exports and imports in the US which means there’s no shortage of raw materials for any kind of business.
Virginia is a great state to start your own business venture. The literacy rate of Virginia is high and it is one of the few states in the US with high income households. In the northern part of the state branches of almost every top IT company in the world can be found and this state also has very minimum tax rates which makes it a great place to live and work.
So these were some of the best states to start a business in the US, the importance of location while laying the foundation of your business venture is extremely important. It is good to have a great plan, but it is also necessary that the plan has been executed at the right place.