Please do not leave this page until complete. This can take a few moments.
No fooling: Maine is the top state in the Northeast in which to start a small business, says Motley Fool.
The state ranked No. 24 among all 50 and the District of Columbia in a Jan. 19 analysis by Blueprint, a small-business-focused website run by the well-known financial publisher. While Maine’s score of 4.81 on a 10-point scale is only mediocre nationwide, it’s higher than any in the region — just edging New York, which came in at 4.76.
The analysis rated each state on six factors: tax climate, consumer spending, growth rate of new entrepreneurs, business survival rate over five years, labor costs and climate change impact. Publicly sourced data was normalized on the scale and weighted, with the greatest multipliers going to the tax climate, consumer spending and business survival criteria.
Like Maine's overall grade, the state's scores for most of the criteria were mediocre. But Maine excelled when it came to business survival rate, receiving a 7.40, and labor costs, at 7.17.
In the overall scoring, Pennsylvania ranked No. 27 and Massachusetts was No. 30, but no other Northeastern state placed higher than No. 40. D.C. ranked worst in the report, at No. 51, with an overall score of 1.8. Motley Fool deemed the best state for starting a small business to be Montana, which received a 7.39.
During the first three quarters of 2020, Americans filed paperwork to start 3.2 million small businesses, according to census data. However, a survey in December found that one in four small businesses across the U.S. would have to close by June if the economy doesn't improve.
“Outside factors such as geographic location, tax burden and access to resources can all help determine whether your business is a success,” the Blueprint study's author, Mary Girsch-Bock, wrote in her report. “There’s no perfect place for all businesses, but there are a lot of good places to start your business.”
For more information and the complete rankings, click here.
The Giving Guide helps nonprofits have the opportunity to showcase and differentiate their organizations so that businesses better understand how they can contribute to a nonprofit’s mission and work.
Learn MoreWork for ME is a workforce development tool to help Maine’s employers target Maine’s emerging workforce. Work for ME highlights each industry, its impact on Maine’s economy, the jobs available to entry-level workers, the training and education needed to get a career started.
Learn MoreFew people are adequately prepared for all the tasks involved in planning and providing care for aging family members. SeniorSmart provides an essential road map for navigating the process. This resource guide explores the myriad of care options and offers essential information on topics ranging from self-care to legal and financial preparedness.
Learn moreThe Giving Guide helps nonprofits have the opportunity to showcase and differentiate their organizations so that businesses better understand how they can contribute to a nonprofit’s mission and work.
Work for ME is a workforce development tool to help Maine’s employers target Maine’s emerging workforce. Work for ME highlights each industry, its impact on Maine’s economy, the jobs available to entry-level workers, the training and education needed to get a career started.
Few people are adequately prepared for all the tasks involved in planning and providing care for aging family members. SeniorSmart provides an essential road map for navigating the process. This resource guide explores the myriad of care options and offers essential information on topics ranging from self-care to legal and financial preparedness.
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
This website uses cookies to ensure you get the best experience on our website. Our privacy policy
To ensure the best experience on our website, articles cannot be read without allowing cookies. Please allow cookies to continue reading. Our privacy policy
0 Comments