Press Release: New Study Reveals Best States for Starting a Business

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LOS ANGELES, CA November 2019 — A new study from Seek Capital reveals the Best States to Start a Business, ranking all 50 states based on a detailed research methodology that considered 21 factors. 

The best states for business generally have a combo of increasing working-age population, booming economies, high levels of startup activity and a favorable business tax climate,” said Andrew DePietro, writer and lead researcher at Seek Capital, who conducted the study. “The best states didn’t need to hit all these areas — for instance, California’s business tax climate is rough — but they were better-than-average across a majority of factors. The worst states tended to suffer from declining populations, middling GDP growth, muted startup activity and unfavorable taxes.

According to the study, the 10 best states for starting a business are:

  1.  Utah
  2. Florida
  3. Texas
  4. Colorado
  5. California
  6. North Carolina
  7. Idaho
  8. Oklahoma
  9. Georgia
  10. Wyoming

On the other end of the spectrum, the 10 worst states for starting a business are: 

  1. Rhode Island
  2. Connecticut
  3. New Jersey
  4. Maine
  5. Alabama
  6. Maryland
  7. New Hampshire
  8. Arkansas
  9. Louisiana
  10. Pennsylvania

Seek Capital analyzed 21 factors in the study including: five-year growth of working-age population, labor force participation rate, unemployment rate, business tax rates, venture capital deal flow, cost of living, labor costs per hour, one-year and five-year survival rates and more. The study utilized data from sources such as the Bureau of Labor Statistics, the Kauffman Indicators of Entrepreneurship, the Tax Foundation and more. 

The complete study, including methodology details, can be found here: https://www.seekcapital.com/blog/best-states-to-start-business/

About Seek Capital

Seek Capital is the leader in startup business funding and small business loans. Launched in 2015, Seek Capital has helped solve the challenge of early-stage business owners obtaining capital to launch or grow their small business.

The company has grown by combining the Seek Capital proprietary lender matching platform, Capital Seeker®, with its dedication to providing a hands-on, consultative approach to each client. By utilizing Capital Seeker®, the company is able to provide real-time underwriting decisions allowing business owners to instantly know their funding options.

To date, the company has matched over 20,000 successful applications across the United States. Seek Capital has an A rating with the Better Business Bureau, is a consistent Top 3 rated or Winner of LendingTree’s Lender Award and was Ranked #44 by Glassdoor Best Place to Work 2017. For more information, visit www.SeekCapital.com.

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