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Business Economy

These Are the Best and Worst States to Start a Business in 2023

If diving into entrepreneurship was on your list of New Year’s resolutions this year, you might be wondering how to position yourself for maximum success.

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Maybe you’ve already checked some of the essentials off your list: You’ve come up with a business idea, started market research and gotten critical feedback.

But you should also consider what could go wrong and get ahead of it.

Related: The Complete, 12-Step Guide to Starting a Business

Something as simple as where you launch your venture could mean the difference between if it flourishes — or fails.

According to the U.S. Small Business Administration, your business location is “one of the most important decisions you’ll make,” as it impacts your taxes, legal requirements, revenue and more.

Wallethub compared the 50 states across 27 key indicators of startup success to zero in on the best place to start and grow your next big idea. Here’s what it found:

Overall Rank:

1

State:

Utah

Total Rank:

59.91

Business Environment:

7

Access to Resources:

1

Business Costs:

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

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