Is Florida a Good Place to Start a Business?

Date: August 01, 2018

Florida is one of the best states to hang your shingle, according to a new national study of “Best States to Start a Business.”

The state ranks No. 6 overall. It ranked No. 25 for business costs.  

“Starting a business is never easy,” the study’s authors write. “According to U.S. Bureau of Labor Statistics data, about a fifth of all startups typically don’t survive past year one of operation, and nearly half never make it to their fifth anniversary. But startups fail for different reasons, a ‘bad location’ among the most common.”

According to the study, WalletHub ranked 50 states “across 25 key indicators of startup success to determine the most fertile grounds in which to launch and grow an enterprise.”

More broadly, the study examined three dimensions: business environment, access to resources and business costs.

Other metrics where the state had notable rankings include “least accessible financing,” ranking No. 46, and “highest average growth in number of small businesses,” ranking No. 3.

The top five overall states: Texas, Utah, Georgia, Montana, and Oklahoma. The bottom five were Pennsylvania, Vermont, Rhode Island, New Hampshire and Hawaii.

Read more about the study here:

Related Content: Small Business News | Economy | Florida

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