1. North Dakota
North Dakota has maintained its top spot since 2023 and will continue to be the best state to start a business in 2024. Its business environment is particularly welcoming, and with a set-up fee of just $135, the barrier to entry for new businesses is relatively low. For entrepreneurs concerned about start-up costs, this fee is an important consideration. The state's business survival rate remains at a healthy 77%, reflecting a supportive and resilient environment where businesses are more likely to thrive.
The state's attractiveness is further enhanced by its cost of living index of 0.94, which is lower than the national average, and by the fact that a significant proportion of the population (64%) is within working age range. These factors, along with a perfect score of 100, highlight North Dakota's overall suitability for new business, combining economic viability and a robust labor market. In addition to providing financial incentives, states provide a solid foundation for workforce development and ensure that businesses have access to a skilled and capable workforce.
Indiana ranks as the #2 most favorable state for starting a business in 2024. Its business-friendly environment is highlighted by a modest $100 incorporation fee, lowering the barrier to entry for new companies. Additionally, the state maintains a solid business survival rate of 77%, reflecting a stable and nurturing environment for business growth. Additionally, the average funding available to small businesses in Indiana is notable at $24,502, indicating a supportive financial environment for entrepreneurs.
Indiana's economic attractiveness goes beyond business statistics. The state boasts a cost of living index of 0.91, significantly below the national average, making it an economically attractive location for both business owners and their employees. The state's demographic profile further enhances its attractiveness, with 64% of the population being of working age, indicating a significant workforce. All these factors have contributed to Indiana's impressive score of 98 out of 100, making it an excellent choice for your business venture.
Arkansas is a very favorable state to start a business, characterized by several notable factors. The state offers an extremely low startup fee of just $45, one of the lowest in the nation, reducing the initial capital burden for new businesses. Arkansas' business survival rate is 78%, indicating an environment conducive to sustaining and nurturing new businesses.
We support small businesses as well, providing an average of $23,463 in funding to small businesses through grants and other programs, reflecting our commitment to entrepreneurial growth. The state also boasts a cost-effective living environment, with her cost of living index of 0.89, lower than many other states. This economic efficiency extends to both companies and employees. Combined with the fact that 64% of the workforce is of working age, Arkansas provides fertile ground for new businesses while maintaining a balance between affordability and a ready workforce. The rating score of 93 out of 100 is further proof of these qualities.
4. South Dakota
South Dakota presents a compelling case for entrepreneurs, combining several key characteristics to help foster business growth and success. The state incorporation fee is set at $150, which strikes a balance between affordability and access to a variety of business services. What's notable about South Dakota's business environment is that the survival rate is 74%. This indicates a supportive atmosphere for sustaining and developing new business.
Financial support for small businesses in South Dakota is particularly strong, with an average of $32,477 available per business, indicating a healthy investment in business growth through grants and other programs. . The state's cost of living index is 0.92, which is lower than the national average, indicating economic benefits for both businesses and employees. Additionally, 62% of South Dakota's population is of working age, providing a reliable workforce. With a score of 85 out of 100, South Dakota offers a balanced mix of affordability, business support, and workforce readiness, making it a great place to start a new business. Masu.
5. North Carolina
North Carolina offers a combination of elements to support your business. The state's incorporation fee is reasonably priced at $125 and strikes a balance between ease of access and quality service. A big advantage for entrepreneurs is the business survival rate of 77%, suggesting a nurturing and stable environment for startups. This rate reflects the resiliency and growth potential of businesses in the state.
Financially, North Carolina is ready to help small businesses, providing an average of $22,019 in funding through grants and incentives. This level of support demonstrates the state's investment in entrepreneurial development. The cost of living index here is 0.96, which is roughly in line with the national average, ensuring affordability for both business owners and workers. With 65% of the population of working age, North Carolina provides a large workforce. The state's score of 84 out of 100 reflects the combined results of these benefits, making it a practical and promising location for new businesses.