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COLUMBUS, Ohio (WCMH) – A recent study ranked Ohio as the best state in the country to start a business.
The study, conducted by Forbes Advisor, examined 18 metrics across five categories (cost of doing business, business environment, financial access, economy, and workforce) to find the best states to start a business in 2024. I analyzed it. Enter your score out of 100.
Ohio ranks in the top 10 as the 6th easiest state to start a business in the nation with a score of 81. Last year, the number of small businesses in Ohio increased by 13%, and businesses are surviving. According to research, the rate is 76%.
The number one best state to start a business is North Dakota with a score of 100. Barriers to entry for new businesses are relatively low, with the state’s business survival rate of 77% and a $135 start-up fee.
According to the study, the second best state for starting a business is Indiana, with a score of 98. The state also maintains a strong business survival rate of 77%, and the average funding available to small businesses in Indiana is $24,502.
In third place is Arkansas with a score of 93. At $45, the state’s business formation fee is one of the lowest in the nation. The business survival rate in Arkansas is 78%.
According to the study, South Dakota is the fourth best state to start a business, with a score of 85. The state’s incorporation fee is set at $150, and the business survival rate is 74%. Financial support for small businesses in South Dakota was particularly strong, with an average of $32,477, according to the study.
In fifth place is North Carolina State with a score of 84. State formation fees are set at $125, and the business survival rate is 77%. In addition, the state provides an average of $22,019 in funding through grants and incentives.
Ohio State (81), Penn State (80), Alabama (75), Utah State (70) and South Carolina (69) rounded out the top 10. Vermont (0), New York (1), Washington (5), and New Mexico (12) The worst state to start a business in 2024 is Florida (15th), according to the study.
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