If diving into entrepreneurship was on your list of New Year’s resolutions this year, you might be wondering how to position yourself for maximum success.
Morsa Images | Getty Images Maybe you’ve already checked some of the essentials off your list: You’ve come up with a business idea, started market research and gotten critical feedback.
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 as where you launch your venture could mean the difference between if it flourishes — or fails.
According to the U.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.
Wallethub compared the 50 states across 27 key indicators of startup success to zero in on the best place to start and grow your next 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 |
