Few career goals can be as fulfilling as starting your own business. Among the top reasons entrepreneurs strike out on their own: To follow their passions, build something of value from the ground up, increase their earning potential, and create their own job security. It's a popular choice, according to freelance writer and former accountant Mary Girsch-Bock, who recently wrote in an article for The Motley Fool that there were 3.2 million new business applications during the first three-quarters of 2020 alone. "But where you start your business can be just as important as the type of business you start," Girsch-Bock concluded. To that end, she examined six factors that determine how hospitable a particular location may be to new businesses: Taxes, consumer spending, rate of entrepreneurship, business survival rate, labor costs, and the weather. The slideshow above illustrates the 10 best states in the U.S. for starting a new business in 2022, based on those six criteria evaluated by The Motley Fool. The publication gave each state a 1-10 score on each of the criteria listed above to create an average score, with 10 being the highest possible score. See also: |
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Elana Ashanti Jefferson
Elana Ashanti Jefferson serves as ALM's PropertyCasualty360 Group Chief Editor. She is a veteran journalist and communications professional. Reach her by sending an e-mail to [email protected].
