{"id":13745,"date":"2024-10-30T03:47:10","date_gmt":"2024-10-30T03:47:10","guid":{"rendered":"https:\/\/imsfund.com\/?p=13745"},"modified":"2024-10-30T03:47:10","modified_gmt":"2024-10-30T03:47:10","slug":"these-are-the-best-states-to-start-a-small-business-study","status":"publish","type":"post","link":"https:\/\/imsfund.com\/index.php\/2024\/10\/30\/these-are-the-best-states-to-start-a-small-business-study\/","title":{"rendered":"These Are the Best States to Start a Small Business: Study"},"content":{"rendered":"


\n<\/p>\n

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For every one business that closed in Nevada last year, about 1.3 businesses opened.<\/p>\n

That ratio, of businesses opening to closing, makes Nevada the best state to open a small business<\/a>, according to a new study from AI software company MRPeasy<\/a>.<\/p>\n

“It is interesting to analyze the U.S. states with the highest and lowest rates of small business openings and closures since the ratio reveals economic trends and growth,” MRPeasy director of business development Mike Lurye stated.<\/p>\n

The study drew from U.S. Small Business Administration Office of Advocacy<\/a> data for 2023 to find the number of business openings and closings in each state during the year, calculate the ratio between them, and rank each state in a list. It defined a small business as a company with less than 500 employees.<\/p>\n

Related: <\/b>1 in 5 Small and Medium-Sized Businesses Could Be Out of Cash By Christmas, According to a New Report<\/a><\/p>\n

Louisiana, meanwhile, was at the bottom of the list as the worst state to start a small business. It was the only state with a negative ratio of business openings to closures, meaning that more businesses shut down than started in Louisiana last year.<\/p>\n

Small businesses are likely to fail: U.S. Bureau of Labor Statistics data shows<\/a> that 65% fail within the first decade. Over 60 million<\/a> Americans are employed by small businesses, per U.S. Chamber of Commerce data, and there are more than 33 million small businesses<\/a> in the U.S. One in five small businesses<\/a> indicate that they only have one to five months of cash reserves on hand for emergencies, according to a recent study.<\/p>\n

Here are the best and worst states to open a small business, based on the balance between business openings and closings last year.<\/p>\n

Related:<\/b> Household Incomes Are Up For the First Time in 4 Years. Here’s Which States Have the Highest Gains.<\/a><\/p>\n

\"\"Las Vegas, Nevada. Photo Credit: Getty Images<\/i><\/sup><\/p>\n

The Best States<\/h2>\n

1. Nevada<\/h2>\n

Small business openings: 18,296<\/p>\n

Small business closings: 8,012<\/p>\n

Ratio: 1.284<\/p>\n

2. Washington<\/h2>\n

Small business openings: 29,963<\/p>\n

Small business closings: 13,419<\/p>\n

Ratio: 1.233<\/p>\n

3. Vermont<\/h2>\n

Small business openings: 4,037<\/p>\n

Small business closings: 2,133<\/p>\n

Ratio: 0.893<\/p>\n

4. New Jersey<\/h2>\n

Small business openings: 45,577<\/p>\n

Small business closings: 24,347<\/p>\n

Ratio: 0.872<\/p>\n

5. Tennessee<\/h2>\n

Small business openings: 25,753<\/p>\n

Small business closings: 14,543<\/p>\n

Ratio: 0.771<\/p>\n

6. Maine<\/h2>\n

Small business openings: 7,379<\/p>\n

Small business closings: 4,310<\/p>\n

Ratio: 0.712<\/p>\n

7. South Carolina<\/h2>\n

Small business openings: 20,872<\/p>\n

Small business closings: 12,344<\/p>\n

Ratio: 0.691<\/p>\n

8. Idaho<\/h2>\n

Small business openings: 11,426<\/p>\n

Small business closings: 6,765<\/p>\n

Ratio: 0.689<\/p>\n

9. Connecticut<\/h2>\n

Small business openings: 15,892<\/p>\n

Small business closings: 9,598<\/p>\n

Ratio: 0.656<\/p>\n

10. Rhode Island<\/h2>\n

Small business openings: 6,343<\/p>\n

Small business closings: 3,836<\/p>\n

Ratio: 0.654<\/p>\n

The Lowest-Ranked States<\/h2>\n

1. Louisiana<\/h2>\n

Small business openings: 11,189<\/p>\n

Small business closings: 11,998<\/p>\n

Ratio: -0.067<\/p>\n

2. Oregon<\/h2>\n

Small business openings: 17,483<\/p>\n

Small business closings: 14,795<\/p>\n

Ratio: 0.182<\/p>\n

3. Missouri<\/h2>\n

Small business openings: 28,137<\/p>\n

Small business closings: 23,579<\/p>\n

Ratio: 0.193<\/p>\n

4. Montana<\/h2>\n

Small business openings: 6,585<\/p>\n

Small business closings: 5,439<\/p>\n

Ratio: 0.211<\/p>\n

5. Minnesota<\/h2>\n

Small business openings: 17,084<\/p>\n

Small business closings: 13,879<\/p>\n

Ratio: 0.231<\/p>\n

6. North Dakota<\/h2>\n

Small business openings: 2,892<\/p>\n

Small business closings: 2,317<\/p>\n

Ratio: 0.248<\/p>\n

7. New Mexico<\/h2>\n

Small business openings: 6,786<\/p>\n

Small business closings: 5,352<\/p>\n

Ratio: 0.268<\/p>\n

8. Virginia<\/h2>\n

Small business openings: 32,318<\/p>\n

Small business closings: 25,336<\/p>\n

Ratio: 0.276<\/p>\n

9. Nebraska<\/h2>\n

Small business openings: 6,997<\/p>\n

Small business closings: 5,485<\/p>\n

Ratio: 0.276<\/p>\n

10. Iowa<\/h2>\n

Small business openings: 9,177<\/p>\n

Small business closings: 7,138<\/p>\n

Ratio: 0.286<\/p>\n<\/p><\/div>\n


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For every one business that closed in Nevada last year, about 1.3 businesses opened. That ratio, of businesses opening to closing, makes Nevada the best state to open a small business, according to a new study from AI software company MRPeasy. “It is interesting to analyze the U.S. states with the highest and lowest rates […]<\/p>\n","protected":false},"author":5,"featured_media":13746,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"fifu_image_url":"https:\/\/assets.entrepreneur.com\/content\/3x2\/2000\/1730231842-Nevada-GettyImages-142832982.jpg?format=pjeg&auto=webp","fifu_image_alt":"","footnotes":""},"categories":[9],"tags":[],"class_list":["post-13745","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/13745","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/comments?post=13745"}],"version-history":[{"count":1,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/13745\/revisions"}],"predecessor-version":[{"id":13747,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/13745\/revisions\/13747"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media\/13746"}],"wp:attachment":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media?parent=13745"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/categories?post=13745"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/tags?post=13745"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}