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Best States to Start a Business Report Ranks Ours Low

WalletHub Report Shows Best States to Start a Business.

Wisconsin, Minnesota, and Iowa rank in the middle.

WalletHub, a credit score reporting company, reviewed economic indicators for 50 states using U.S. Bureau of Labor and statistics data on Business Employment Dynamics. Wisconsin, Minnesota, and Iowa were just  … meh (in the middle).

 

Here’s what we found interesting .

Mediocre (vs. Strength) to Weakness Ranking

Here’s how Wisconsin, Minnesota, and Iowa ranked for Best States to Start a Business:

Rank State Total Score Business Environment Access to Resources Business Cost
27 Iowa 46.84 31 27 23
37 Wisconsin 44.43 46 31 22
38 Minnesota 44.17 27 32 33
TOP STATE Utah Florida Utah Oklahoma

Top Factors in the Rankings

WalletHub defined business environment, access to resources, and business costs as follows.

  • Business environment: hours worked per week, engaged workers, growth of existing businesses, startups, variety, job growth and # residents vaccinated.
  • Access to Resources: availability of financing, workforce, higher education and population growth.
  • Business Costs: costs of space, labor, insurance, taxes, and cost of living.

READ MORE >>

Top Factors to Being the Best State

National and state’s strategies for creating new businesses impact how many companies launch successfully. Often, reports look at policies, corporate taxes, tax breaks, and types of industry startups. WalletHub asked several experts their thoughts on the effectiveness of these programs. READ MORE >>

 

From the U.S. Bureau of Labor data (1994-2015)

  • There are more companies less than one year old, but there are fewer jobs created.
    # of companies: 
    Jobs: 4.1 million to just over 3 million.
  • The odds of making it as an entrepreneur are the same. In both 1994 and 2015 (latest data):
    80% chance of making it to one year,
    69% to years two and three,
    55%-50% to year five,
    then it drops about 3% every year after that. 
  • You’re far more likely to make it in healthcare and social assistance (40.5%) these days than construction (25%). Both industries, however are down from around an 80% success rate.

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