NEW JERSEY – New Jersey is 2024’s 7th worst state to start a business, according to a study done by WalletHub.
With around 20% of new businesses failing within one year and inflation making entrepreneurship even more difficult, the personal-finance website WalletHub Tuesday released its report on 2024’s Best & Worst States to Start a Business to showcase the most fertile grounds for planting and growing new ventures.
WalletHub compared the 50 U.S. states across 25 key indicators of startup success.
The data set ranges from financing accessibility to labor costs to office-space affordability.
Starting a Business in New Jersey (1=Best; 25=Avg.):
- Overall Rank for New Jersey: 44th
- 39th – Avg. Growth in Number of Small Businesses
- 45th – Office-Space Affordability
- 49th – Labor Costs
- 32nd – Avg. Length of Work Week (in Hours)
- 43rd – Cost of Living
- 35th – Industry Variety
Source: WalletHub
Here are the top 5 best states to start a business:
- Utah
- Georgia
- Florida
- Idaho
- Nevada
Here are the top 5 worst states to start a business:
- Rhode Island
- Connecticut
- Alaska
- Maryland
- West Virginia
For the full report, click here.
