Best States to Have a Business: When it comes to owning a company or a small business, there are always several factors in play that will determine what state will favor your enterprise the most. Taxes, environmental regulations, available work force, growth prospects and economic climate are just some of the things that must be taken into account. Hence, although you might already have seen our list of the 7 most profitable businesses you could start, you might want to take a look at the following list of the best states to have a business as well.
The variation within the United States is extraordinary in terms of favorable conditions for business owners, and thus, choosing the wrong state can seriously influence your chances of joining the ranks of the most profitable small businesses in the country. In order to help you determine which is the best place for you to open shop, more than 500 American CEOs were surveyed by chiefexecutive.net regarding their views on the most favorable states to have a business.
As mentioned above, taxes and regulations vary according to each state, but so does the attitude of employees towards upper management. According to the CEOs questioned, this affects the quality of the workforce available, as do other factors, such as public healthcare and education, housing and the overall cost of living. Taking all these factors into account, the CEOs constructed an interesting ranking. So let’s find out which are the ten best states to have a business.
10) Georgia
Georgia is ranked 10th in our list of best states to have a business. The state stands out on a national scale due to its good living conditions, which several CEOs consider important for customer-related reasons. Also, since the passing of important legislature which reformed worker’s comp and cut costs for businesses, Georgia improved its position relative to 2013.
9) Louisiana
A growing state GDP and unemployment rates below the national average are just two of the reasons why Louisiana is ranked 9th. By reducing its tax burden on the business community, this state has made itself an increasingly attractive location.
8) Nevada
Nevada ranks 8th in our list of best states to have a business. The living environment might not be the best in Nevada, however infrastructure and a relatively low tax burden have made this state increasingly business-friendly. The construction of a superhighway connecting Phoenix and Nevada, along with the investments made by large firms such as Apple Inc (NASDAQ:AAPL) have surely been beneficial.
7) Arizona
Innovation has come to Arizona, thanks to the sapphire plant Apple Inc has built in Mesa. In addition, the Innovation Challenge is a great incentive, as it awards the winners with a savvy $250,000 bonus for start-ups. The only down-side seems to be the living quality, which CEOs viewed as restrictive and exclusive.
Continue through the next pages to see the six best states to have a business.
6) Indiana
Thanks to having one of the largest Biotechnology industries in the country, and a strong government leadership, Indiana ranks 6th on our list. The healthy business environment, along with a balanced state budget and good living conditions, are all positive trends.
5) South Carolina
CEOs view South Carolina as very friendly towards business, mainly due to the relatively low tax burden and investments made in infrastructure. This has attracted foreign companies such as BMW and Michelin, and has seen the aerospace industry grow at a rapid pace.
4) North Carolina
Employing over 62,000 people in over 2,500 locations, North Carolina has a growing and highly diverse biotech industry. Apart from offering employers a highly qualified workforce, a new tax-reform package is underway, which is praised by CEOs as one of the best in the country.
3) Tennessee
CEOs praised Tennessee for creating a positive environment for manufacturing, as well as technology. A very low tax burden compared to the national average is especially important for business, as it allows for greater flexibility and reduced costs.
2) Florida
Huge tax cuts have turned Florida into the second best state to have a business. Exemptions on machinery taxes are especially important, while in terms of living conditions the housing boom is a great indicator of Florida’s growing economy.
1) Texas
Texas takes the prize as the most business-friendly state in the US. An abundance of high-tech workers and a stellar performance in terms of taxes and regulations, makes it extremely easy for companies to do business in Texas. As business continues to boom, it seems this year’s winner will continue to favor the business community for years to come.
