Starting a business can be a daunting task, especially if you don’t have the right resources. It’s important to choose the right location, as this can have a major impact on the success of your venture. A recent survey has ranked Minnesota as one of the top states for launching a startup business.
The survey, conducted by WalletHub, assessed all 50 states and the District of Columbia on several factors, including the availability of resources and the cost of doing business. Minnesota ranked in the top five, with a score of 72.47 out of a possible 100.
One of the primary reasons Minnesota ranked so high is the availability of resources. The state has numerous incubators, accelerators and other programs designed to help small businesses succeed. This includes the Minnesota Small Business Development Center, which provides free consulting services to entrepreneurs and small business owners.
The cost of doing business in Minnesota is also relatively low compared to other states. According to the survey, Minnesota has the 6th cheapest business costs, due in part to its low corporate tax rate. This means entrepreneurs won’t have to worry about breaking the bank in order to get their business off the ground.
In addition, Minnesota is home to a number of major companies, such as Target and 3M, which provides entrepreneurs with a wealth of potential customers and partners. The state also has a strong network of investors, thanks to organizations like the Minnesota Angel Network and the Minnesota Venture Capital Association.
Finally, Minnesota has a well-educated population, which can be a major asset for entrepreneurs. According to the survey, the state has the 4th highest rate of college-educated adults in the country, which means there is a large pool of talented workers to draw from.
It’s easy to see why Minnesota is an attractive destination for entrepreneurs. With resources, low business costs, access to customers and partners, and a highly educated population, the state offers plenty of reasons to consider launching a startup business. It’s no surprise that it was ranked among the best states for entrepreneurs.