Which states are best for small and entrepreneurial business?
Which are worse?
As a small business owner, I can tell you many companies either:
- Become stagnant or shrink
- Leave a state for a business-friendly state
- Go out of business
- Cut jobs or don’t hire
Why? Because some states have job killing and wage lowering excessive taxes and regulations.
My advertising agency is in California. Over 30 of my clients once in California are now in another state.
The Small Business & Entrepreneurship Council (SBE Council) released its 21st annual study on business friendly states.
Using a variety of metrics – including tax burden, regulatory measures, and employer/employee mandates – they came up with the following list for the top give states for business:
- South Dakota
And these states were listed as the worst for doing business:
- New York
- New Jersey
What do the top 5 states for business friendliness have in common?
Predominately conservative ran states with a very low tax burden along with a welcoming regulatory climate.
The bottom five states are run by liberal democrats, and have massive taxes – both on sales and income – along with heavy regulatory burdens and massive employer/employee mandates.
Let me know what you think. Email me at [email protected]