New Jersey
Is New Jersey Is Not A Good State For New Businesses Owners?
Local Small Businesses are the heart of any community. They are owned by the people who live in that town and region, so they are invest in the success of their neighbors and friends.
However, in the aftermath of the COVID-19 pandemic, starting a small business or expanding a business has become more challenging in the last few years. Whether you want to blame Inflation or Government Regulations, many small business owners are unable to do all they can for their community
The website Simplify LLC compiled metrics from the Census Bureau, Federation of Tax Administrators, and Bureau of Economic Analysis to make a list of the best states to start a business.
What Does The Latest Research Say About New Jersey?
Last year 5.5 Million new businesses were started and one in nearly five working adults is a new business owner. That is approximately 110,000 new businesses per state in the USA.
Despite many New Jersey residents being proud to live here, The Garden State ranks as the 8th Worst State to start a business in 2024. The state of New Jersey has the fourth-worst Maximum Corporate Tax Rate (9%) and ranks as the fourth-worst Business Performance.
Frustrated New Jersey Woman
New Jersey saw new business growth at 1.8 percent last year, the ninth worst in the United States. The Garden State also lost 18,232 Educated Workers, which is the seventh worst total in America. Maybe that is one of the reasons why more people are moving out of New Jersey than any other state.
Here are the rankings of the Top Ten States To Start a Business:
1. Wyoming
2. Texas
3. South Dakota
4. Florida
5. Missouri
6. Tennessee
7. Delaware
8. Kansas
9. South Carolina
10. Nevada
Yes, your eyes do not deceive you, New Jersey’s neighbor Delaware is on this list of the best states to start a business. I wonder how many people are moving out of the Garden State to go to “The First State” and then start a new business. Or maybe it is just because New Jersey is one of the most expensive states to live in.
Despite all of this negative news about The Garden State, we have compiled a list of reasons why you SHOULDN’T move out of New Jersey: