If venturing into entrepreneurship was on your list of New Year’s resolutions this year, you may be wondering how to set yourself up for maximum success.
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You may have already checked off some of the basic items on your list: you’ve come up with a business idea, started market research and received critical feedback.
But you should also think about what could go wrong and do it in advance.
Related: The Complete 12-Step Guide to Starting a Business
Something as simple as where getting your venture off the ground could mean the difference between it succeeding — or failing.
According to the US Small Business Administration, the location of your business is “one of the most important decisions you’ll make,” as it affects your taxes, legal requirements, income and more.
Wallethub compared 50 states across 27 key startup success metrics to determine the best place to start and grow your next big idea. Here’s what was found:
|
Overall standings: 1 |
State: Utah |
Overall standings: 59.91 |
Business environment: 7 |
Access to resources: 1 |
Business expenses: 32 |
| 2 | Florida | 59.21 | 1 | 14 | 24 |
| 3 | Texas | 56.85 | 3 | 12 | 31 |
| 4 | Colorado | 56.14 | 4 | 7 | 35 |
| 5 | Idaho | 55.88 | 9 | 21 | 10 |
| 6 | Georgia | 55.37 | 5 | 26 | 19 |
| 7 | Arizona | 53.79 | 6 | 22 | 30 |
| 8 | Nevada | 53.54 | 12 | 11 | 26 |
| 9 | Oklahoma | 53.12 | 28 | 19 | 1 |
| 10 | California | 52.97 | 2 | 2 | 49 |
| 11 | North Carolina | 52.90 | 11 | 17 | 20 |
| 12 | Montana | 52.86 | 15 | 28 | 7 |
| 13 | Maine | 51.73 | 10 | 41 | 18 |
| 14 | Kentucky | 50.68 | 24 | 36 | 4 |
| 15 | Washington | 50.60 | 13 | 3 | 41 |
| 16 | South Carolina | 49.99 | 18 | 35 | 17 |
| 17 | Tennessee | 49.90 | 14 | 40 | 21 |
| 18 | South Dakota | 49.70 | 34 | 25 | 5 |
| 19 | Massachusetts | 49.42 | 17 | 4 | 44 |
| 20 | Mississippi | 49.37 | 43 | 30 | 2 |
| 21 | Michigan | 49.32 | 36 | 24 | 6 |
| 22 | Hawaii | 48.95 | 8 | 15 | 43 |
| 23 | Indiana | 47.75 | 29 | 42 | 11 |
| 24 | Arkansas | 47.65 | 25 | 49 | 9 |
| 25 | Nebraska | 46.92 | 32 | 39 | 16 |
| 26 | Illinois | 46.89 | 39 | 6 | 37 |
| 27 | Iowa | 46.84 | 31 | 27 | 23 |
| 28 | Alabama | 46.51 | 38 | 47 | 8 |
| 29 | Louisiana | 46.29 | 40 | 43 | 12 |
| 30 | New Mexico | 46.12 | 33 | 46 | 14 |
| 31 | New York | 46.10 | 19 | 5 | 47 |
| 32 | Oregon | 46.03 | 16 | 18 | 40 |
| 33 | Vermont | 45.79 | 35 | 23 | 29 |
| 34 | Delaware | 45.48 | 23 | 9 | 42 |
| 35 | Ohio | 45.21 | 45 | 37 | 13 |
| 36 | Kansas | 44.68 | 44 | 44 | 15 |
| 37 | Wisconsin | 44.43 | 46 | 31 | 22 |
| 38 | Minnesota | 44.17 | 27 | 32 | 33 |
| 39 | New Hampshire | 43.71 | 21 | 38 | 39 |
| 40 | Missouri | 43.69 | 48 | 34 | 25 |
| 41 | Maryland | 43.65 | 20 | 10 | 48 |
| 42 | Virginia | 43.38 | 26 | 29 | 38 |
| 43 | North Dakota | 43.34 | 37 | 45 | 27 |
| 44 | Pennsylvania | 42.84 | 42 | 20 | 34 |
| 45 | Wyoming | 42.66 | 41 | 48 | 28 |
| 46 | Rhode Island | 42.03 | 47 | 16 | 36 |
| 47 | New Jersey | 41.63 | 22 | 13 | 50 |
| 48 | West Virginia | 40.56 | 50 | 50 | 3 |
| 49 | Connecticut | 39.97 | 49 | 8 | 46 |
| 50 | Alaska | 39.44 | 30 | 33 | 45 |