Being an entrepreneur and starting your own business has its pros and cons. After all, no one ever said launching and operating your own company is easy.
Despite the challenges, a record-breaking 5.5 million new business applications were filed in 2023, according to the Small Business Administration.
However, some states are better to start a small business in than others, according to a report from Lendio, an online financial lender for small business owners. The report, “Best States to Start a Small Business in 2024,” compared all 50 states across a range of metrics, including small business lending, corporate tax rates, cost of living, state-level incentives for business owners, and more.
Fortunately for those in Ohio, the Buckeye State is ranked sixth among the best states to start a small business in, according to the Lendio.
Ohio is one of six states with no corporate income tax rate – along with Nevada, South Dakota, Texas, Washington and Wyoming – which played a key factor in the state’s high ranking for small business owners, per Lendio. Ohio also has the eighth-lowest median housing costs at $204,100, according to the report.
“Ohio has no corporate income tax rate,” Lendio writes in its report. “Even with the state’s gross receipt tax rate, which is not strictly comparable to the corporate income tax rate, it’s still considered a low-tax state. Ohio is also among the top states that have small business loans approved per 100k residents. With very low housing costs and good local incentive programs for businesses, Ohio is a good place for small businesses to settle.”
The top 10 states to start a business in, according to Lendio, are:
1. Florida
2. Texas
3. North Carolina
4. Colorado
5. South Carolina
6. Ohio
7. Georgia
8. Massachusetts
9. Utah
10. Oklahoma
The full report from Lendio on the best states for small businesses can be found online.
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Publish date : 2024-09-05 02:36:00
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