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Most expensive states to start a business

  • Most expensive states to start a business

    One of the most stressful things a person can do is start a new business, in part because there are so many moving parts and costs that are hard to predict. While equity distribution, staff size, product pricing and investment can all drive prospective business owners up a wall, one of the most important choices to make is where to set up shop.

    While averages are heavily variant across different fields, studies show the cumulative costs of starting a business typically average about $30,000. Around 543,000 new businesses are opened every month, and if that trend is to continue, hundreds of thousands of future business owners will have to make the pivotal decision of where to plant their flags. 

    Stacker referenced data from WalletHub in order to rank the best states for beginning a new business. The rankings are aggregated from the states’ corporate taxes, their respective costs of living and the affordability of office space (listed by average price per square foot).

    Read on to see where you may want to start your next business.

    RELATED: Click here to see successful entrepreneurs who built companies after hitting 40.

  • #50. Oklahoma

    Office space affordability: $14.57 per SF (rank: #14/50)
    Corporate taxes rank: #9/50
    Cost of living rank: #3/50


     

  • #49. Mississippi

    Office space affordability: $14.06 per SF (rank: #12/50)
    Corporate taxes rank: #11/50
    Cost of living rank: #1/50


     

  • #48. Michigan

    Office space affordability: $15.07 per SF (rank: #19/50)
    Corporate taxes rank: #8/50
    Cost of living rank: #4/50


     

  • #47. West Virginia

    Office space affordability: $15.54 per SF (rank: #23/50)
    Corporate taxes rank: #17/50
    Cost of living rank: #23/50


     

  • #46. Kentucky

    Office space affordability: $14.61 per SF (rank: #15/50)
    Corporate taxes rank: #27/50
    Cost of living rank: #16/50


     

  • #45. South Dakota

    Office space affordability: $12.76 per SF (rank: #3/50)
    Corporate taxes rank: #1/50
    Cost of living rank: #27/50


     

  • #44. Idaho

    Office space affordability: $13.61 per SF (rank: #9/50)
    Corporate taxes rank: #25/50
    Cost of living rank: #13/50


     

  • #43. Montana

    Office space affordability: $13.18 per SF (rank: #4/50)
    Corporate taxes rank: #12/50
    Cost of living rank: #31/50


     

  • #42. Alabama

    Office space affordability: $14.77 per SF (rank: #18/50)
    Corporate taxes rank: #22/50
    Cost of living rank: #8/50


     

  • #41. Nebraska

    Office space affordability: $13.83 per SF (rank: #10/50)
    Corporate taxes rank: #28/50
    Cost of living rank: #15/50


     

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