Money Makers - Best States to Start a Business in 2024

 A new study finds a record 5.5 million new businesses were formed last year and Minnesota is the No. 38 best state to start a business in 2024.

 

In a decade of changes in how Americans work, an unprecedented number of entrepreneurs are using remote work and AI capabilities to launch companies from their laptop. Less beholden to any particular location, business owners have new factors to consider when deciding where to set up their business.

 

Simplify LLC today released a study on the Best States to Start a Business after analyzing data from the Census Bureau, Bureau of Economic Analysis, and Federation of Tax Administrators from 2021 to 2023

 

Seven factors were analyzed in all 50 states and D.C.

 

A few key findings in Minnesota show the corporate tax rate is 9.8% (Ranks No. 51 in U.S.), new businesses grew by 22.2% (No. 8), inflation increased by 17.7% (No. 24), and the state lost 1,555 educated workers (No. 28).

 

Key National Findings

 

·       Wyoming No. 1 Best State: Despite having the smallest population in the U.S., ranks No. 1 in new business growth (39.2%) and corporate taxes (0%), and No. 13 in job growth (11.8%).

 

·       Illinois No. 1 Worst State: Ranked No. 50 with a high corporate tax rate of 9.5% and No. 49 losing 53,778 workers to net migration. 

 

·       10 Best States: Wyoming, Texas, South Dakota, Florida, Missouri, Tennessee, Delaware, Kansas, North Carolina, and Nevada.

 

Visit the complete study for more information.