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Why Nevada Ranks Top 10 for Starting a Business
WalletHub ranks Nevada top 10 for starting a business. Here’s why
Nevada’s high ranking is due to its strong business environment and access to resources, despite higher costs.
Entrepreneurship in Nevada
Entrepreneurs often wonder about the best places to start a business and what it’s like to undertake such a venture in Nevada.
About WalletHub’s Rankings
WalletHub, a reputable financial website, offers insight. They ranked states using data from federal agencies and national organizations. They used three factors: business environment, access to resources, and business costs, to determine the friendliness of each state to new businesses.
Nevada’s Ranking
Nevada secured a top 10 position in WalletHub’s best states to start a business, surpassing states like California and Arizona but falling short of Idaho. Below, we delve into why Nevada ranked as it did and how it compares with other states for new-business-friendliness.
Is Nevada a Good State to Start a Business?
Nevada’s ranking at No. 9 nationally places it among the best states to establish a business.
Pros of Starting a Business in Nevada
Nevada performed well in all WalletHub’s categories. It secured No. 7 in business environment, No. 14 in resource access, and No. 28 in business costs.
Highlights of Nevada’s Business Environment
The business environment and access to resources, factors that boosted Nevada’s score, were influenced by the average work week length, engaged workers share, average business revenue growth, entrepreneurship, and human capital availability.
Cons of Starting a Business in Nevada
While Nevada ranked fairly well in all categories, its weakest was business costs, predominantly determined by office-space affordability and labor costs.
Top States for Business Starts
Here are WalletHub’s top 10 best states for starting a business:
- Florida
- Utah
- Texas
- Oklahoma
- Idaho
- Mississippi
- Georgia
- Indiana
- Nevada
- California
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