Florida Named A Best State To Start A Business In 2024
If your vision for this year is to finally pursue that business idea you’ve dreamed about, here is a boost you might need to get started. WalletHub recently reported on the best states to start a business in 2024 and Florida ranked very high.
“A state that provides the ideal conditions for business creation — access to cash, skilled workers and affordable office space, for instance — can help new ventures not only take off but also thrive,” WalletHub explained.
To determine which states are best to start a business this year, WalletHub dug deep into analyzing specific data. All 50 states were measured in 25 different relevant categories. Environment, resources, and business costs were among them. From there, total scores in each area was added together to create a final grade for each state. This then allowed for an official ranking to be compiled, based on total scores.
Florida Ranked Third Overall
Coming in only behind Georgia (#2) and Utah (#1), Florida rounds out the top three states to start a business in 2024. The Sunshine State scored particularly high in business environment category. Here, we ranked as the second best overall. This is translating to significant growth numbers in small businesses throughout the state.
WalletHub also points out that Florida has a 4% gross domestic product growth rate. This too is one of the highest in the country. “Florida also has more entrepreneurs and startup firms relative to its population than most other states,” they continue.
Select Florida recently stated that Florida was the second best state in the country for overall business in 2023. In addition, aviation, life sciences, financial and professional services were among the top industries in the state.
Many great small business ideas came out of the pandemic. Whether it was home cooked goods that evolved into a restaurant or construction services, many workers found their niche by pursuing passions with their time.