Survey: Texas is the best state for launching a business

While research has found that 49% of millennials would prefer to launch their own business than work under a manager, new data from WalletHub found that Texas is the best state in America to do so.

Photo: Teddie Bridget Proctor via Flickr

While research has found that 49% of millennials would prefer to launch their own business than work under a manager, new data from WalletHub found that Texas is the best state in America to do so.

The company took a look at 50 states in terms of three different factors: “access to resources,” “business environment” and “business costs.” Then, the company analyzed them in terms of 25 other factors before giving each one a “total score” out of 100 for the ranking.

The top 15 best states to launch a business

These are the best of the bunch.

1) Texas (total score: 64.40)

2) Utah (total score: 63.41)

3) Georgia (total score: 60.21)

4) Montana (total score: 58.90)

5) Oklahoma (total score: 58.67)

6) Florida (total score: 58.09)

7) North Dakota (total score: 57.94)

8) California (total score: 57.61)

9) Arizona (total score: 55.58)

10) Colorado (total score: 55.43)

11) Nevada (total score: 53.44)

12) North Carolina (total score: 53.26)

13) Washington (total score: 52.55)

14) Idaho (total score: 52.19)

15) Michigan (total score: 51.86)

As for the end of the list, Hawaii came in last place (#50) as the worst state to get a business off the ground with a total score of 37.16.

How different states compare to each other

The comparisons show different states’ strengths and weaknesses when it comes to establishing businesses.

Jane Burnett|is a reporter for Ladders and can be reached at jburnett@theladders.com.