New York One of the 10 Worst States to Start a Small Business
A recent has ranked New York as one of the worst states to start a small business.
Starting a business is never easy. According to the U.S. Bureau of Labor Statistics data, 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.
Wallethub did the dirty work and compared the 50 states, to determine the best and worst states to start a small business.
To determine the most fertile grounds for planting and growing new ventures the 50 U.S. states across 26 key indicators of startup success. The data set ranges from financing accessibility to the availability of human capital to office-space affordability.
Starting a Small Business in New York:
- 15th – Avg. Growth in Number of Small Businesses
- 47th – Office-Space Affordability
- 36th – Labor Costs
- 29th – Avg. Length of Work Week (in Hours)
- 50th – Cost of Living
- 26th – Industry Variety
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