The market has always been competitive for small businesses, and 2024 is no exception.
Here are five updates small-business owners should know:
1. When considering starting a small business, some states present greater advantages than others.
A recent WalletHub report listed the best and worst states to start a business based on factors including market environment, access to resources and business costs. Utah was found to be the best state to start a business, followed by Georgia.
On the other hand, Rhode Island was found to be the worst state to start a business, followed by Connecticut.
The 10 best and worst states to start a business can be found here.
2. Twenty-two states raised the minimum wage Jan. 1.
Twelve of the states in the WalletHub ranking increased minimum wage due to inflation updates, as costs increase for workers and employees nationwide. Thirty-eight cities and counties will also increase their minimum wages. A list of all the states that raised wages and their new minimum wage can be found here.
3. Residents of some states are more interested in starting a small business than others.
A recent report from business information site The Small Business Blog analyzed search data from Google Keyword Planner for more than 100 terms related to the phrases "side hustle" and "small business," then found the average number of times these phrases were searched for each state per 100,000 residents.
A significantly higher number of residents in Utah were looking into starting a small business compared to residents in Mississippi, who were least frequently researching terms related to forming a business.
4. Labor costs vary by states.
Another recent report from WalletHub compiled the states with the highest and lowest labor costs based on metrics including cost of living, startups per capita accessibility of financing.
Mississippi was found to have the lowest labor costs, followed by West Virginia.
On the other end of the spectrum, Maryland had the highest cost of labor, followed by New Jersey.
A detailed list can be found here.
5. When choosing an employer, there are five things healthcare workers prioritize most.
A recent report from healthcare talent firm Adfire Health surveyed nurses across 30 specialties on what they value most when looking for a new role. Salary topped the list, followed by work environment, schedule flexibility, workload and location.