Calling all entrepreneurs! Forming the next big startup is anything but an easy task, but what if you could make your chances of success higher? After all, it is said that 20 percent of businesses fail in their first year, 30 percent in the second, and 50 percent within five years. So is there a location that is the best state to launch a startup for entrepreneurs?
The team at Comparisun has conducted an analysis of business survival rates, business application growth, rate of new entrepreneurs, tax rates, education, labor costs and the cost of living to reveal the best state to launch a startup:
Top 10 U.S. states for startups (and their overall weighted score)
1. Texas – 77.77
2. Florida – 69.75
3. Ohio – 66.02
4. Colorado – 64.06
5. Arizona – 64.02
6. Utah – 63.89
7. California – 63.50
8. North Carolina – 63.50
9. Georgia – 62.66
10. Oklahoma – 62.54
Looking closer at Arizona, the research also reveals that the business survival rate stands at a high 49.10 percent.
At the bottom of the list is Rhode Island with an overall score of 38.06 and a business survival rate of 47.20 percent. New business application growth is in the minus at -29.07 percent. Just behind in positions 49 and 48 are Delaware and West Virginia.
Click here to see the full list of the 50 U.S. states and where they rank.