With economic growth still sluggish, prospective entrepreneurs are in a tough spot. Fortunately, many parts of the country still offer a very supportive environment for small businesses. Here are five states that present great opportunities for those looking to start an enterprise of their own.
The Lone Star State has aggressively courted new businesses through subsidies and other incentives. The state’s central location and well-maintained infrastructure make it ideal for a variety of business from IT startups to retail shops. Texas also has a wide variety of competing credit card processing companies, resulting in lower fees for business owners.
Colorado’s government offers a great deal of resources, assistance, and information for prospective entrepreneurs. A testament to Colorado’s favorable business climate is the fact that small businesses comprise 98% of all businesses in the state. In addition, Colorado’s status as the most physically fit state in the nation means that health insurance expenses for employers are likely to remain low. Colorado’s geography and climate make it a perfect site for small businesses participating in or servicing the burgeoning solar, wind, and hydroelectric power industries.
Virginia offers a rare combination of a high living standard and a low cost of living. There is also a high potential for growth and considerable innovation taking place in the scientific and technical fields. Merchant accounts are free of restrictive regulations, contributing to Virginia’s positive business environment.
In spite of the lackluster business atmosphere of the New England area, New Hampshire is gaining ground as a very welcoming area for entrepreneurs. Entrepreneurs in the Granite State flourish under the generally laissez-faire approach to business and enjoy the simplicity of obtaining merchant accounts. Agriculture and production of industrial components form a large part of New Hampshire’s economy; small businesses servicing these industries are likely to have a bright future.
This Pacific Northwest state boasts a low corporate tax rate and an abundance of skilled, educated workers. Oregon’s Entrepreneurial Development Loan Fund provides startup funding for small businesses. In addition, Oregon business owners enjoy very low credit card processing rates on average. Fishing and forestry are two of the most profitable industries in Oregon, although the technology and tourism sectors show considerable potential.
These states have plenty to offer in the way of low business taxes, educated workforces, high standards of living, and other incentives provided by the state governments. Every entrepreneur knows that location is the most important factor in a business’s success, but sometimes they neglect to look beyond the borders of their own state. Starting your small business in one of these states could provide a boost to help it prosper in these uncertain economic times.