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Tennessee ranks among the top 10 best states to start a business in 2024, according to WalletHub’s new rankings.
The state is experiencing an influx of new residents and new businesses, and several Tennessee cities rank high in the percentage of independent contractors. When starting a business, there are several factors to consider, including supplies and labor costs, availability of debt, and the overall business environment and competition.
Wallethub’s research focused on three key areas: business environment, access to resources, and business costs. Each of these categories was evaluated based on metrics such as employment growth, GDP growth, working-age population growth, and office space affordability.
Tennessee ranked 10th on the list, with an especially high score in the business environment category (7th place).
What is the best state to start a business?
Here’s a breakdown of the top 10 best places to start a business, according to WalletHub’s analysis.
- Utah (Score: 61.08)
- Georgia (Score: 60.22)
- Florida (Score: 60.17)
- Idaho (Score: 58.69)
- Nevada (Score: 56.68)
- Arizona (Score: 56.51)
- Colorado (Score: 56.44)
- Texas (Score: 56.19)
- North Carolina (Score: 54.86)
- Tennessee (Score: 53.32)
What is the worst state to start a business?
The following states had the lowest scores on the list of best places to start a business in 2024:
41. Missouri (Score: 43.06)
42. Hawaii (Score: 41.88)
43. Pennsylvania (Score: 40.55)
44. New Jersey (Score: 40.54)
45. New Hampshire (Score: 40.46)
46. West Virginia (Score: 38.25)
47. Maryland (Score: 36.52)
48. Alaska (Score: 35.61)
49. Connecticut (Score: 35.61)
50. Rhode Island (Score: 35.55)
See the rest of the list at wallethub.com.
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