Ohio, Pennsylvania Among Best States to Start a Business
YOUNGSTOWN, Ohio – Among the best states to start a small business, Ohio and Pennsylvania rank sixth and seventh, respectively, according to a study by Forbes Advisor.
Analyzing 18 key metrics across five categories, the study sought to find where the best conditions can be found for a startup business to succeed in 2024.
Ohio has seen a net 13% increase in the number of small businesses over the past year, with a business survival rate of 76%, the study found.
In determining the rankings, the study considered the business costs, including income taxes, corporate taxes, property taxes, formation fees, minimum wage and number of natural disasters. Also considered was the business climate, including total growth in small businesses since 2020, business survival rate and number of businesses per small business administration location.
The study also looked at average funding available, the state’s economic situation and the workforce.
Ohio ranked third for financial accessibility and economy and fourth for business costs. Pennsylvania ranked first in financial accessibility.
The five best states ranking ahead of Ohio and Pennsylvania were North Dakota, Indiana, Arkansas, South Dakota and North Carolina. Vermont ranked last, just below New York.
Some other takeaways:
- California led with the highest business survival rate of 81.5%, while Washington had the lowest rate at just below 60%.
- Registering a new business in Kentucky costs only $40, the lowest in the country, while Massachusetts has the highest fee of $500.
- In Massachusetts 46.65% of the population has a degree, followed by Colorado with more than 45%.
Pictured at top: Photo by Tim Mossholder. (Pexels.com)
Published by The Business Journal, Youngstown, Ohio.
