The decision to start a company is often driven by passion or necessity, but the location in which you open can also have a big impact on your success. Some states are better suited for entrepreneurs than others, but what should you be looking for?
There are several key factors to consider when choosing a location. Ideally, your location is already prime with a high concentration of potential customers, with easy transportation access and close to suppliers and other businesses. Another important factor is the availability of skilled labor. This includes both qualified workers and highly educated professionals who work in related fields. Tax rates and regulations also vary by state, another key consideration.
Considering the above factors, here are four states to consider opening a business in!
Utah. There are several reasons why Utah is such a great place for entrepreneurs. Utah has one of the lowest costs of living in the United States and offers several tax incentives for new businesses. Utah also has a strong entrepreneurial community, with a large pool of talented workers. Based in Lehi, Utah, Bergland Insurance has taken advantage of all these factors since 2006 and has won several awards for their exceptional knowledge and skill in the insurance industry.
California: The state has one of the best economies in the world, which means that businesses can thrive. The state offers great tax incentives for new businesses, along with more venture capital investments than in other state. Furthermore, the state offers excellent education, healthcare, infrastructure, and other resources for entrepreneurs like Abrams Insurance. who have taken all these benefits and created a company that offers one-on-one service combined with cutting edge strategies in the insurance industry.
New York: Looking to launch a tech company? This state has one of the highest rates of broadband Internet in the country. The state has one of the highest concentrations of venture capitalists in the United States and offers tax incentives for entrepreneurs. Plus, New York is home to both Fortune 500 companies and technology entrepreneurs like Kayenta, which offers treasury management software that actively and accurately manage exposures and capital.
Arizona: In Arizona, there are no income taxes, and the sales tax rate is only 4%. Additionally, Arizona offers a $1 million personal property exemption, which means that you don’t need to pay any capital gains taxes when selling your company. The state also has a strong economy, with several industries that are successful, along with great tax incentives. Cruise America made a smart choice to make their headquarters in this state while providing nationwide RV rental services
These four states are excellent choices for brick-and-motor locations, but what about companies who are selling digital goods or services? The chosen state can still have a significant impact on its growth and success, as Musio knows very well! This company offers an efficient and lightweight software plugin that offers immediate access to a growing world of virtual instruments, and while their product is fully digital, they smartly chose California to launch in.
If you want to succeed, your business should live where the opportunities are. The location of your business has a huge impact on its success, so consider one of these four states before launching!