Here’s what you should know before opening a business

CW39

Courtesy: Getty Images

HOUSTON (CW39) It’s no secret that many businesses have struggled due to the pandemic, but there may be a light at the end of the tunnel for entrepreneurs.

Swyft Filings, an online business incorporation and compliance provider that helps entrepreneurs, released a New Business Index (NBI), which is state-by-state analysis that ranks the best environment for starting a new business for every state in the U.S.

Texas ranked #1 for starting a new business, followed by Oklahoma, Virginia, Ohio, Michigan. The worst states for starting a business include Idaho, Oregon, Rhode Island, Hawaii, and Nevada.

The retail industry is also growing in almost every state. This could be explained by the rise of online shopping, but this theory requires more research.

Don’t underestimate the cost of living. The five states ranked lowest on the state-by-state analysis, all were in the top 15 most expensive states to live. Three of those states (Oregon, Hawaii, along with D.C.) were in the top five for highest cost of living. It’s clear that the cost of living significantly impacts a state’s business environment.

Taxes aren’t everything. Five of the top 10 states in the analysis earned a B or better for their business tax rates. However, the other five (Oklahoma, Iowa, Mississippi, Michigan, and Virginia) had impressive stats in other areas despite somewhat higher taxes.

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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