About 20% of all startups fail after one year of operation, according to the U.S. Bureau of Labor Statistics. Furthermore, nearly half all new businesses never make it to their fifth anniversary.
With businesses, the market and the general public still reeling from the effects of the global pandemic, as well as the current and continuing inflation, it is now more difficult than ever. With these thoughts and statistics in mind, Wallethub recently discovered that the Beehive State is ranked the best to start a business.
The financial website compared all 50 states across key indicators of startup success in order to determine the best area to grow. Utah came in at number one overall with a total score of 59.91, with Florida following just behind in second place at 59.21.
Continuing the study, it was discovered that Utah ranked second in average growth in number of small businesses and 24th in office-space affordability. The state of Utah came in 30th for the cost of living, 23rd in industry variety and 21st in the percentage of residents that are fully vaccinated against COVID-19.
Utah also tied with South and North Dakota in first place in terms of accessible financing. These statistics were determined by comparing the states across business environment, access to resources and business costs.