By Daniel Stefanski |
The Grand Canyon State is one of the best in the country for starting a business.
According to a recently released report from WalletHub, Arizona ranked sixth in the nation for entrepreneurs looking to start a business. The 2024 Best & Worst States to Start a Business report had Utah as the number-one ranked state in the country and Rhode Island as the last-ranked. Two of Arizona’s other neighbors, Nevada and Colorado, came in at fifth and seventh, respectively.
Cassandra Happe, a WalletHub Analyst, said, “Starting a business is a difficult and risky process, but where you live can highly influence your chances of success. Before establishing a business in any location, make sure to do research to ensure it’s an ideal place for your customer base, has enough labor and supplier availability, and suits your needs when it comes to financing.”
Happe pointed to Utah’s great “access to loans” and “largest annual employment growth in the country” as two major indicators for its first place showing in the report.
The report factored average growth in number of small businesses, labor costs, availability of human capital, average length of work week (in hours), and cost of living. Arizona ranked sixth and seventh in small business growth and human capital, respectively; yet fell to twenty-fifth in both labor costs and work week hours, and twenty-seventh in cost of living.
In a separate WalletHub study, Best Large Cities to Start a Business, Scottsdale and Phoenix appeared in the top-30, at twenty-seventh and twenty-eighth, respectively. Three east valley cities, Gilbert, Chandler, and Mesa, clocked in at thirty-first, thirty-fifth, and thirty-eighth, respectively. Glendale and Tucson were noted at forty-sixth and fifty-first, respectively.
WalletHub gave several tips to men and women contemplating a business start-up. Those suggestions were as follows:
- Thoroughly Research Your Market
- Create a Solid Business Plan
- Focus on a Unique Value Proposition
- Choose a City that Fits Your Needs Well
- Manage Finances Wisely
Daniel Stefanski is a reporter for AZ Free News. You can send him news tips using this link.
