Location, location, location applies to more than just the real estate industry. In fact, where you start your business is one of the most overlooked but important decisions when building your company.
Comparing all 50 states in terms of the business environment, access to resources, and business costs, WalletHub set out to find why certain states were more nurturing environments for startups than others. After taking into consideration 25 key factors, including average workweek length, startup survival rate, venture investment amount per capita, office-space affordability and others, WalletHub compiled a list of the best, and worst, states to start a business this year.
Related: The Best and Worst U.S. Cities to Launch a Business
The Wild West takes the lead, with Texas, Utah, Arizona and California all scoring a spot in the top 10. On the opposite end of the country (and list), New England had a rough go this year. Connecticut, New Hampshire, Maryland and Rhode Island all ranked as some of the worst states for entrepreneurs.
Move down the coast, however, and things start to look brighter (literally). The southeast was well represented, with Georgia and Florida snagging two of the top 10 spots.
Despite being one of the U.S.’s hottest travel destinations, Hawaii was titled the worst state for entrepreneurs in 2018. Though beaches and luau’s are nice, save them for vacation.
Here are the best states for startups in 2018, according to WalletHub:
- North Dakota
Here are the worst states to start a business in 2018, according to Wallethub:
49. New Hampshire
48. Rhode Island
46. West Virginia
45. New Jersey