So
you want to establish your very own company. Good idea, but you will benefit
from it only after putting in money, effort, and time. Before you take any step
ahead, understand that setting up a business is far from easy. The journey is going
to be difficult, but tackle the obstacles and you will be rewarded in the end.
When you run a company, you have so
much to deal with. Even a little help of some sort can go a long way ahead in achieving
your goals.
Your business offers you plenty of
advantages, and it also affects the economy of this country. But economical contribution
for every state is different. Some states perform better than others and might just
ensure the success of your business if you launch it there. Whether you are
establishing or growing your business, you should put these states into
consideration. We understand that moving is difficult, but there is always the
option of multiple setups. And do not forget that there are the states where the
government invests the most and offers several incentives for entrepreneurs.
So which states are regarded as the
best for businesses? A detailed study was conducted in this regard by the US
Chamber of Commerce. Every state was evaluated in six different aspects: international
trade, talent pipeline, infrastructure, entrepreneurship and business climate. The sixth aspect to be considered was growth
and economic performance. After all the analysis, Utah came out to be the best performing
state in terms of business growth and employment, and ranked third for economic
performance. Still, it was the only state that appeared in the top 10 list of
every category. Virginia, Maryland and Colorado did best in the category of entrepreneurship
and innovation. Let’s go state by state and
take a deeper look at the figures and results, starting with Utah.
1.
Utah
Utah is the only state which
occupies a slot in the top ten lists for all six categories. The Utah Science,
Technology and Research (USTAR) program launched by the University of Utah, helps
to transform all research done at university levels into commercial businesses.
This program has received funding worth $6 million in the past. The government also
collaborated with Weber State University and offered mentorship, courses and
affordable office locations to entrepreneurs.
2.
Maryland
The Maryland Entrepreneur Resource
list is a worth mentioning entrepreneurial incentive in this state; this
program offers several networking opportunities, allowing entrepreneurs to
reach out to skilled technical talent. Another program launched by the University
of Maryland Baltimore County, offers a year long support to female entrepreneurs
when they set up their companies.
3.
Colorado
Colorado, occupying the fourth slot
on the list for most businesses born, is home to many high-tech businesses.
Therefore, the state enjoys higher concentrations of STEM jobs than other
regions in the country. In the past two years, over 1,100 software developers,
840 engineering professionals and 675 scientific researchers have been added to
a workforce which is already staturated with brilliant, technical minds.
4.
Virginia
Talking about STEM jobs, we should also
bring up Virginia which is where most of these jobs are found. Ever since 1985,
this state has enjoyed being the hub of Centre for Innovative Technology, which
is aimed at promoting technological growth. Plus, it also provides initial funding
to entrepreneurs if their company offers a technological product or service.
5.
Massachusetts
Massachusetts is a state known the world
over because of the presence of some of the best research institutes such as
Massachusetts Institute of Technology (MIT) and the Harvard University. In the
year 2012, a bill was passed which allows the state to fund long term research
activities. Under this bill, the state also offers paid internships to newly established
companies and guides entrepreneurs about capital funding.
6.
Texas
Texas houses over 2.2 million small businesses,
which represent more than half of all the jobs in the private sector. Texas
also offers STEM jobs and has improved its existing workforce by 34,000 since the
year 2009. Most of this growth is concentrated in the IT field.
7.
Washington
Washington is the place for manufacturing
businesses. Several guidance programs are targeted at these companies and
funding is also provided under the Washington Economic Development
Finance Authority's Industrial Revenue Bond program. Washington also serves as headquarters of Microsoft,
the workforce of which represents a high percentage of STEM professionals. Most
of these individuals belong to engineering and science fields.
8.
Arizona
The proud organizer of the Innovative
Challenge, Arizona provides funds worth $3 million to the winners. The state
also encourages investments in the area, for which it offers tax credits in an
attempt to attract investors. The budget for this program has been set at $20
million till the year 2016. Arizona has also launched the Fast Grant program,
which funds entrepreneurs for hiring expert consultants and testing new products.
The primary objective is to aid start-ups in transforming their great,
innovative ideas into a money making machine.
9.
Georgia
Georgia showed notable performance
for venture capital. In the year 2012, 54 start-ups were funded according to
the National Venture Capital Association. The state also provides co-working
space at the Atlanta Tech Village, which often has businesses on the waiting
list as well. Other than this, Georgia organizes a program buy the name of Entrepreneur
Friendly Communities which teaches business owners tactics, resulting in growth
of their companies.
10.Florida
Florida has the greatest birth rate
for new businesses, but most of these companies do not target innovation. Despite,
this, state still has plenty of opportunities and incentives for small
businesses. Florida has also seen growth
of self-employed individuals at a rapid pace. Ever since the year 2002, proper
managers, personal finance advisors and other similar individuals have enjoyed
substantial growth.
So if you are expanding your
business, do think about opening a branch in any of the above states. You sure will
enjoy the reward this brings!
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