If you've always wanted to start your own business, where you live is an important factor in how easy or difficult your endeavor is likely to be. Some cities and states are very friendly to small businesses while others have burdensome regulations and high taxes.
The good news for Colorado residents is that our state has been ranked in the Top 10 best places to start a small business. In today's post, we'll discuss why Colorado was 5th in the rankings, which were compiled by a website called Thumbtack.
Small-business owners around the country were asked to answer 36 questions about the business climate in their area. Any given area needed a minimum number of survey responses to be considered (50 for states and 30 for cities). Then, these states and cities were graded on a variety of factors related to starting and operating a small business.
This year, Colorado received A grades in the following areas:
- Overall (business) friendliness
- Ease of starting a business
- Training and networking programs
The only B grade received was for "Employment, labor and hiring." Colorado was given C grades for:
- Ease of hiring
- Health and safety
- Tax code
Impressively, it looks as though Colorado's grades did not drop any lower than a C in any of the categories listed. Some other states in the top 10 received A grades in some categories and F grades in others.
Colorado is a great place to start a business. That doesn't mean that starting a business here is necessarily easy, however. It still takes considerable planning and access to capital. In order to help your business get off to a good start, you may want seek assistance from an experienced business law attorney.