Wyoming Is 2023’s 6th Worst State to Start a Business
Starting a business is never easy. According to U.S. Bureau of Labor Statistics data, about a fifth of all startups typically don’t survive past year one of operation, and nearly half never make it to their fifth anniversary. Staying afloat is difficult even under normal conditions, and even more so when dealing with a global pandemic, the highest inflation in decades, and labor shortages.
Outside of the current difficult economic conditions, there are plenty of other reasons that startups fail, with a “bad location” among the most common, and WalletHub did a study on 2023's best and worst states to start a business and Wyoming ranked...
In this study, WalletHub compared the 50 states across 27 key indicators of startup success to determine the most fertile grounds in which to launch and grow an enterprise.
Starting a Business in Wyoming (1=Best; 25=Avg.):
- 17th – Avg. Growth in the Number of Small Businesses
- 32nd – Office-Space Affordability
- 31st – Labor Costs
- 32nd – Cost of Living
- 50th – Percentage of Residents Who Are Fully Vaccinated Against COVID-19
We are also tied with North Dakota in coming in second for having the longest average of work week, and also the 47th with having the least accessible financing.
Our neighbor, Colorado ranked the 4th best state to start a business, with a ranking of 4 for business environment, 7 for access to resources, and 35 for business cost.
Read the full report HERE.