North Carolina is the best state for starting a business

The state of North Carolina has been named as the best state in the country to start a
new business in the 2017 ranking conducted by FitSmallBusiness.com. The strong
showing in the labor market and taxes drive an ideal environment for starting
business owners, making the state top the list.

According to FitSmallBusiness.com North Carolina has high rankings in corporate

and unemployment insurance taxes, as its labor market flourishes, as the state
grabbed the 6th place in location desirability all over the country.

In order to create this ranking, Fit Small Business analyzed data gathered from
Bureau of Labor Statistics, the Small Business Administration and the Missouri
Economic Research and Information Center.

The ranking chose seven categories which significantly influences the chances for
survival and success of an entrepreneur which is the following:

1. The access to capital such as venture capital and small business loans.

2. The rate of new entrepreneurs and the possibility of a business to survive.

The Startup activity which is a category that takes the rate of entrepreneurs and
survivability of business also ranked highly in North Carolina.

3. The taxes surrounding the business namely, corporate tax, individual income tax,
sales tax, unemployment insurance tax, and property tax.

North Carolina's 3 percent corporate tax rate is the lowest of any state levying a
corporate tax. This rate is set to be further reduced to 2.5 percent beginning the
year of 2019, according to the Tax Foundation. This is pursuant to the North
Carolina General Assembly's latest budget.

4. The cost of living in the area, including grocery expenses, housing, utilities,
transportation, and health expenses.

5. The location desirability and labor market.

6. The accessibility of healthcare, education, and physical safety

7. The cost of starting the business, including per capita income and rent for
commercial spaces.

Although the Information gathered from the Bureau of Economic Analysis shows
that North Carolina's 2016 per capita income of $42, 002 falls behind the national
average of $49,571.
The declaration of North Carlina as number one on the list of the best place for
starting a business indicates thriving business and a great sign for would-be
entrepreneurs. Through this more external job seeker will more likely be lured into
the state which will help the thriving economy of the place.

Through this study conducted by Fit Small Business the other states which were
also at the top ranking of the best state for starting a business are:

2. Utah
3. Texas
4. Indiana
5. Montana

Although North Carolina placecd at the top of the list, South Carolina on the other
hand, ranked at the bottom, placing at number 48 out of the 50 states which were
named on the list. The other states to rank at the bottom of the list are:

46. Louisiana
47. New Jersey
49. New Mexico
50. Rhode Island

Meanwhile, the City of Raleigh landed the spot as the best city in the state of North
Carolina to start a business. This was made possible because of the resources and
academic research triangle together with the presence of the major universities
within the city.

The educated population surrounding Raleigh together with its high-quality

research facilities helped in earning the top spot among all the cities statewide for
starting a business. The study also found that more than 40 percent of Raleigh over
25 holds were at least a four-year degree holder as compared to just over one-third
of the Americans nationally.

This study conducted by Fit Small Business, are conducted to help small business
owners make wiser decisions before starting a business.

Choosing the best stae to start a business plays an important part in defining the
success and failure.
The differences in tax environments, labor pools, cost of living and other economic
and social factors plays an important role in defining the success or failure of a
business. Thus, choosing the righ state to start one should be one of the primary
concern of business owners before they venture into this field.