Everyone knows that starting a business is a challenge. However, some new business owners may be better off than others, depending on their location.
A study from WalletHub has ranked all of the states in terms of how good they are for starting a business. While Georgia did not come in first place, it came close.
What Makes One State Better Than Another For Opening A Business?
The study looked at three areas when making its ranking. The first was business environment. This area included metrics like average work week length, five-year survival rate and more. The next area was access to resources, which included metrics such as access to financing. The final area was business costs. Here, the study looked at metrics like cost of office space and labor.
Overall, the survey put Georgia in eighth place.
There Are No Guarantees
If you are opening a business, it is nice to know that the odds are in your favor, at least in comparison to most other states in the country. However, this does not change the fact that getting a business off the ground is fraught with challenges. This does not change the fact that about 20 percent of businesses end up closing down in less than a year's time, and even fewer make it to the five-year mark.
While there are no guarantees, creating a sound strategy can go a long way toward ensuring a business's longevity. This includes choosing the most appropriate business entity, creating strong policies and procedures, paying attention to tax issues, and making certain contracts are solid, among other things.