Businesses that are considering opening a new branch or that are just starting out must take every aspect into consideration prior to determining where the best place to do business is. Among the considerations are clientele, low overhead, product laws, and incentives from the state. All states are not business friendly, but, there are a few that stand out as the best states to start a business.
The best eight states to start a business begin with Wyoming, South Dakota, and Nevada. The common thread for these states is that none of them charges their citizens income tax. The unemployment rate for Wyoming and South Dakota are much smaller than compared to other states, but, Nevada’s unemployment rate is higher than some states that are considered less business friendly.
Alaska, Florida, and Washington are next on the list. The unemployment numbers are slightly higher than the previously mentioned states, but, they share the fact that none of them charges their citizens income tax. Good employees may be easier to find in these areas due to this fact. Businesses that decide to open in these areas have a high success rate because of the welcoming attitude they have towards business owners.
The last two of the best eight states to start a business are New Hampshire and Montana. New Hampshire charges interest and dividends to residents and Montana charges an income tax. Both states have a lower unemployment rate than others that made it higher on the list. Both states are business friendly and provide an atmosphere that benefits the business, the citizens, and the government.
Prior to making a decision on where to start a new business, concentrate on areas that will benefit everyone. Some states are driving businesses away with stricter tax laws, few to no incentives, and ever changing laws regarding products and the ability to manufacture or sell certain products. The decision is a difficult one, however, the above mentioned states gives potential business owners and new starts a place to begin their search. Whether it is a small business venture or a huge corporate venture, businesses need to be placed where it is most advantageous to survival.