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In a WalletHub assessment of the best and worst states in which to start a business, Maine came in at No. 31, sandwiched between Tennessee (No. 30) and New York (No. 32).
The study looked at all 50 states across 25 key indicators of startup success — including business environment, access to resources and business costs — to determine the most fertile grounds in which to launch and grow an enterprise.
Factors used to gauge the business environment include average work-week length, startups per capita and five-year business survival rates.
According to U.S. Bureau of Labor Statistics data cited by WalletHub, about a fifth of all startups typically don’t survive past year one of operation, and nearly half never make it to their fifth anniversary.
Maine’s No. 31 ranking was based in part on its No. 22 position for business costs, No. 40 in access to resources and No. 30 for business environment.
Texas leads the pack at No. 1 overall, while Hawaii is last overall and in access to resources.
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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.
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