The Garden State ranks low on the list of states to start a new business in, according to one website.

We've seen a bunch of businesses come and go here at the Jersey Shore.  Starting a business is never easy.  Some businesses soar, while others, unfortunately, don't make it.  It requires risky investments, finding trustworthy people to work with you, patience, and a lot of determination.

As if all the above weren't enough to worry about, external factors like the Covid-19 pandemic play a role in whether or not a business succeeds.  Many small businesses were hurt due to the forced closures from the shutdown.

Photo by Khachik Simonian on Unsplash
Photo by Khachik Simonian on Unsplash
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WalletHub has a series of studies on its website, including lists of the best and worst places of each year.  In January, they shared 2023's Best & Worst States to Start a Business.

The website based its rankings on business environments (length of work week, growth in the number of small businesses, five-year business survival rate, etc), access to resources (financing availability, the share of college-educated population, human-capital availability, etc), and business costs (cost of living, corporate taxes, office space availability, etc), on a scale from 1-50, with 1 being the best, and 50 being the worst.

Let's start off with the positives.  WalletHub ranked Utah as the best state to start a new business in.  Florida, Texas, Colorado, and Idaho trailed behind it.

Photo by Joshua Rodriguez on Unsplash
Photo by Joshua Rodriguez on Unsplash
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And now, the bad part...

New Jersey ranked number 47 on the list, making it 4th worst state to start a business in.  Our business environment had an average score, and our access to resources was above average.  As you can imagine, we tanked in the business costs area.

Take a look at the map below:

Source: WalletHub

Would you let this deter you from starting a business in New Jersey?

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