If you're considering starting a franchise or small business in the US, consider which states Forbes ranked on their list of Best States for Business. By measuring the following six factors, Forbes determines what states are great for business: business costs, labor supply, regulatory environment, current economic climate, growth prospects and quality of life. If you already live there or are open to moving, you may have just upped your chances for success!
For the third year in a row, Virginia has ranked number one on this list as a fantastic place for new or existing businesses. With the best regulatory environment, great incentive programs and a good tort atmosphere, Virginia is a good state to start your franchise investment in.
Another key factor, especially at a time when energy costs are at an all-time high, is that energy costs in Virginia are 30% below the national average. There is also a well educated work force due to a wealth of fine educational institutions and its proximity to Washington D.C.
Second places goes to Utah, having been beat out by Virginia by a very small margin! Washington comes in third place, and North Carolina is fourth on the list.
In fifth place is Georgia, moving up from number 15 on Forbes' list. Finishing in the top 10 of four out of the six categories that were factored into this list (economic climate, growth prospects, labor supply and regulatory environment), Georgia is up and coming in the world of business!
Georgia's education level is rising, with 28% of the population holding a college degree (that is similar to the national average). This may be due to a high influx of young professionals moving to Atlanta, with employment rates increasing at a rate double that of the national number. With strong job training and tax-credit programs, Georgia is on the path to economic development.
Keep these states in mind when exploring options for franchise locations. This could be the place for you!