Florida, other red states rank best for starting businesses

TALLAHASSEE, Fla. – WalletHub ranked Florida the third best state to start a business and the fourth best for small business for 2024.

The outlet said it compared 50 states with 25 indicators, including length of work week, engaged worker share, growth in number of small businesses, startups per capita, five-year business survival rate and more.

For starting a business, red states rounded out the top four: Utah, Georgia, Florida and Idaho. Nevada took fifth, followed by Arizona, Colorado, Texas, North Carolina and Tennessee.

For growth of small businesses, Idaho ranked first, followed by Utah, Nevada, Florida and Delaware.

“Starting a business is a difficult and risky process, but where you live can highly influence your chances of success,” said Cassandra Happe, an analyst for WalletHub. “Before establishing a business in any location, make sure to do research to ensure it’s an ideal place for your customer base, has enough labor and supplier availability, and suits your needs when it comes to financing.”

Albeit Florida’s high ranking in those categories, the state fared worse in categories like “accessible financing” at 45th and “access to resources” at 25th.

Florida also gained second place for business environment, where Georgia took first.

WalletHub previously in 2023 ranked Florida as one of the least patriotic states.

And ahead of the new year, WalletHub placed Florida cities at the top for celebrating New Year’s Eve, with Orlando unseating New York City.