Running your own business can be a daunting task. The start of it often seems so terrifying that many people give up even before they start. With all factors that can influence a business who can blame them from being so unsure?! Every business comes with a risk. It takes a lot of elements to blend in, in order for your business to succeed. The most common problem is the finances which must be taken into consideration even before you start thinking of creating something new. Then you need to have a good idea and think through the entire business concept. This is not an easy thing to do as you need to plan ahead for the next few years to come. If you want to increase the chances of success you need to make detailed analyses of the market and see where you stand. It is very important to make sure that there is a demand for the services or products you offer on the market you plan on promoting them. If you offer something that nobody wants to buy you are doomed to failure. Once you have all of this covered then you can pay attention to some other aspects of your business that can be crucial for the future development.
Business Location
One of the things that can have huge influence on your business is the location of your company and the area where you plan to operate. You have to be aware that different states or even different cities enforce different rules and laws which can either help your business grow or prevent it from ever taking off.
Experienced entrepreneurs have developed a perfect scheme and they know the recipe for a successful business. They pay great attention to the place they do business at, as they know how difficult it is to work in a place where your hands are tied with numerous laws, many that make no sense. So what is the best place to start a business?
According to a survey that was recently carried out across the United States, most of the 18,000 business owners that participated in this analysis said that they determine where to start a new business based on one very important factor – the business training opportunities that the city has to offer. This means that business owners believe it is beneficial for them to be trained on the business opportunities and limitations they have, before they invest in a new business. Some states and even cities have recognized this as an opportunity to attract more investments and to open new positions for the people that live there. Therefore they have created training seminars and classes where they educate potential investors on the local economic and policy rules allowing them to prepare for the future.
Licensing, Labor and Tax Regulations
Apart from the rules that apply, business owners are also concerned with the licensing, labor and tax regulations, as they play a vital role in the chances of success. If these rules are too complicated then they are not appealing for the business owners and it is unlikely that they will attract any investments.
This survey which has been ongoing for the past four years is conducted by Thumbtack and aims at providing relevant information to future business owners based on the experience of others. As part of the survey, the business owners were asked to answer to 36 questions ranging from labor rules to licensing rules and everything in between. Although the survey covered all 50 states, in the following list only the states with more than 50 positive responses and the cities with more than 30 were considered as business friendly places. Here is a list of those that were eligible.
- Texas – the best place for overall friendliness towards the business community with an A+ grade, and a B grade for the not so simple hiring process.
- New Hampshire – this city gets the highest grade for the simplicity of launching your own business, but a B- due to the environmental regulations.
- Utah – it gets the highest mark for the zoning regulations and a B for the process of launching a business.
- Louisiana – the highest grade is reserved for the employment, the hiring and the labor regulations, but a B is given for the zoning regulations.
- Colorado – the overall friendliness for starting a small business is marked with the highest grade but a C is given for the safety and health regulations.
- Idaho –praise for the networking and training programs but a C- for the process of hiring people.
- Tennessee – perfect due to the overall friendliness to small businesses but and F for the networking and training programs.
- Virginia – they have perfect health and safety regulations but are slightly behind with the networking and training programs.
- Georgia – number one when it comes to launching a new business but a C+ for the networking and training programs.
- Kansas – the best place to handle your tax code, but lousy for networking and training programs.
