Colorado is the best state to start a business, according to an analysis released June 4 by business financing company SMB Compass. West Virginia was rated the worst state.
The company compared all 50 states in 20 different metrics across five key indicators of business viability: business cost, workforce, business environment, infrastructure, and economy. Each state was ranked on a scale of 0-100, with 100 representing the highest possible score.
Here are the 10 states that were found to be the best for those looking to start a business along with their respective scores out of 100:
- Colorado: 56.54
- Texas: 54.32
- Alaska: 53.30
- Massachusetts: 52.47
- Washington: 52.37
- South Dakota: 52.27
- Florida: 53.24
- Vermont: 51.97
- Oregon: 51.70
- Utah: 51.64
Here are the 10 states that were found to be the worst for those looking to start a business along with their respective scores out of 100:
- West Virginia: 33.03
- Louisiana: 33.06
- Mississippi: 33.93
- New Mexico: 35.47
- Arkansas: 35.80
- Alabama: 36.83
- Hawaii: 37.54
- South Carolina: 39.17
- Kentucky: 39.89
- Oklahoma: 39.91