A simple maxim can summarize one thing that businesses and real estate have in common: location, location, location! As the saying influences the market for homeowners, buyers, and sellers, it also has an enormous impact on businesses, especially startups ready to get off the ground.
As more and more people start their entrepreneurial journey, trying out a digital nomad’s lifestyle or making sure the startup is ready to launch, diving into the effects of the business’s location is quintessential. Naturally, the data highlights its importance, too: the Small Business Administration’s analysis of the situation concluded that startups have clear advantages in the right environment, city, and state.
If you’re planning on relocating to a better place and don’t know where you should go, you’re in luck, as we’ve got you covered with our list of the best US states for startups. We’ve put it together by analyzing essential factors such as business and living expenses, quality and availability of labor force, taxes, and a startup-friendly environment.
Is it a surprise that Texas takes the number one spot? Even if you’ve been in the business for just a couple of months, you know that the Lone Star State is a leader when it comes to having a welcoming atmosphere for small businesses, startups, and entrepreneurs. What makes the state an ideal choice? First of all, there are no corporate taxes, the workforce is full of highly-educated and motivated people, the tech, energy, and medical industries are booming, and the cost of living is affordable. An ideal place for your business could be Houston, San Antonio, and most definitely Austin.
2. North Carolina
North Carolina, the holy land for tech and research businesses, lands on the second spot on our list, for all the right reasons. Thanks to the combination of low property and corporate taxes with a well-educated and trained workforce, the Tar Heel State is ideal for startups, offering many advantages to small business owners and entrepreneurs. Employers have an easy time finding the most suitable candidates for various jobs, as North Carolina has a high number of colleges and universities. Plus, the state has a favorable tax climate and low living expenses, ranking high on lists that analyze business survival rates.
Utah has become a haven for small businesses, startups, and entrepreneurs, thanks to a combination of various advantages: a developed hub of helpful experts, low corporate taxes, a high-quality labor force, and one of the highest percentages of small business loans in the US. The Beehive State has a booming tech and research-related industry, perfect for startups and small businesses. If you want to pick a city, you won’t regret moving to Salt Lake City or Provo.
4. New Hampshire
The state’s startup-friendly environment, paired with no state sales tax and many government funding options, makes it an ideal choice for business people. Plus, the Granite State ranks favorably regarding life-quality, living and business expenses, and well-educated workforce. And we can’t forget that residents here enjoy an above-average personal income, which means they have more money to spend and, thus, support growing companies.
Launching a startup and making sure it gets off the ground smoothly is not an easy task. Picking out the best possible place for your business is a must, a challenge you need to tackle. When you’ve decided on the state, you can pack your bags and relocate. When it comes to relocating your business, you need an experienced moving company. The pros will make sure everything is fine with the complicated relocation process so that you can focus all your energy on your business.