Thinking about starting a small business? LLC Geek‘s recent study on the best and worst states for small businesses in 2024 reveals some interesting insights.
Texas: Ranked second overall, Texas is an attractive state for entrepreneurs. It boasts a GDP growth of 7.7%, significant economic opportunities, and no income or corporate taxes. Over 4,000 new small businesses received SBA loans, and the state ranks third in research and development investment. With a working-age population of 66.1% and strong consumer spending growth, Texas offers a thriving environment for small businesses.
Colorado: Known for its highly educated workforce, Colorado excels with a high percentage of residents holding bachelor’s degrees. This educated population supports a robust job creation rate, making the state a prime location for new businesses.
South Dakota: Leading the list, South Dakota offers the lowest business costs and no income or corporate taxes. Its strong economy, low inflation, and high consumer spending growth contribute to a favorable business climate.
Minnesota: With a supportive business environment, Minnesota has high business survival rates and ample funding opportunities, making it a strong contender for small business owners.
Louisiana: Although ranked lower due to weaker economic prospects and higher business costs, Louisiana still provides a low cost of living and relatively low income tax rates, suggesting potential for small business improvement.