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If you’re planning on launching a startup, finding the right location can be crucial to your success.
Therefore, you might want to consider moving to a state that has the best prospects for your business goals.
So, let’s take a look at the very best states for starting a business.
Indiana is known for its business-friendly environment, low cost of living, and low flat tax rate.
The state also has an above-average survival rate for new businesses. That may be partially due to the fact that, according to the Small Business Association, Indiana saw approximately $13.1 million in total funding for small businesses in 2022.
Indiana has a low unemployment rate, too, so finding hard-working employees is easier compared to many other states.
If you’re looking for low costs, funding opportunities, and high employee retention, you’ll want to consider moving to Indiana.
Colorado has a high startup density, but that’s a good thing. It shows that the state attracts successful entrepreneurs.
And Colorado’s business formation fees are some of the lowest in the country. For instance, it only costs $50 to register a Limited Liability Company.
Colorado also has an above-average survival rate for new businesses.
The state of North Dakota’s corporate tax rate is only 4.31%.
Furthermore, North Dakota has the lowest personal income tax rate in the nation, at just 2.1%.
Therefore, in recent years, the state has become an attractive location for new business owners to set up their companies.
Another thing that makes North Dakota so attractive for startups is that it has the highest funding per business, on average, in the entire country.
Tips for a Smooth Interstate Move
If you’re considering moving to one of the above states, or another state, to begin your new business, you’ll have lots to do in the run-up to the move.
So, the more prepared for an interstate move you are, the better.
In addition to finding business premises and taking care of all of your other business requirements, you’ll need to update your address with organizations you’re registered with, pack your belongings, and hire a moving company.
You can always hire a truck and handle the move yourself. But with potentially long distances to drive and so much else to take care of, it could be beneficial to hire one of the best interstate moving companies.
The key to a smooth move is organization. Plan your move and all of the things you need to do as early as possible to make the process run as smoothly as possible.
Should you move to start a business?
There are plenty of other states that you could consider moving to besides the three listed above. So, make sure you research different states thoroughly, both from the point of view of setting up a business and living there before you make the move.
While you can undoubtedly reap benefits like low taxes and high funding in some states, which can help your startup to be successful, and you can find locations that are most suited to the type of business you plan to launch, you also need to ensure you’ll be happy living in your new location.
If you make your move solely about your business, you could become unhappy in your new location and less focused on your business.
So, take both your personal needs and business goals into consideration to determine whether you should move to somewhere like Indiana, Colorado, or North Dakota to launch your startup.