Americans are eager to become their own bosses in 2024, but some states provide better conditions than others to start a new venture. Even a recent survey found that 71% of Forbes Advisor readers would relocate to start their business.
That’s why Forbes Advisor analyzed 18 key metrics across five categories (business costs, business climate, financial accessibility, economy, and workforce) to find the best states to start a business in 2024.
The new study from Forbes Advisor revealed that North Dakota ranks #1 for the best place to start a business, while New Vermont ranks last for entrepreneurs looking to launch their startups.
See our state-by-state analysis and full methodology here: https://www.forbes.com/advisor/business/best-states-to-start-a-business/
Highlights from our report:
- North Dakota ranks as the best state to start a business. With a combination of low taxes, a reasonable cost of living, and a high percentage of the working-age population, Indiana provides ideal conditions for new businesses to succeed.
- Vermont ranks as the worst state to start a business. A high cost of living, high tax rates, and a relatively low business survival rate (at 75%) make Vermont a less-than-ideal place to start a business.
- California has the highest business survival rate across the nation at 82%. While Washington State has the lowest survival rate at just 59%.
- For businesses looking to hire degree-level workers — Massachusetts and Colorado provide the best workforce, with more than 45% of residents having a college education.