North Carolina Ranks High on Forbes List of Best Places to Start a Business
For many Americans, the dream of starting their own business ranks high, whether it’s to ditch an unsatisfying job or seeking an opportunity that offers more fulfillment and, hopefully, more income. While it can be a daunting task, a key component in success can be finding the right place to lay the groundwork for that new venture.
For budding entrepreneurs, North Carolina ranks high among states when it comes to finding a fertile environment for new business. Forbes Advisor recently placed North Carolina fifth on its list of top states in which to start a business in 2024, ranking behind only North Dakota, Indiana, South Dakota and Arkansas. The Forbes study analyzed 18 key metrics across five categories, taking into consideration factors that impact businesses and their ability to succeed, such as business costs, business climate, economy, workforce and financial accessibility in each state.
North Carolina Supports Small Business Growth and Success
According to Forbes, “North Carolina offers a blend of supportive business elements. The state’s formation fee is reasonably set at $125, striking a balance between accessibility and quality service. A significant advantage for entrepreneurs is the business survival rate of 77%, suggesting a nurturing and stable environment for startups. This rate reflects the resilience and potential for growth of businesses in the state.
“Financially, North Carolina is poised to aid small businesses, offering an average funding of $22,019 via grants and incentives. This level of support shows the state’s investment in fostering entrepreneurial ventures. The cost of living index here is 0.96, aligning closely with the national average and ensuring affordability for business owners and workers alike. With 65% of its population in the working-age category, North Carolina provides a large labor pool. The state’s scaled score of 84 out of 100 reflects these combined advantages, making it a practical and promising location for new businesses.”
Why Move When You’re Already in the Right Place
Maybe we’re biased, but if you already live in North Carolina there’s no reason to even consider a move to the Dakotas, Indiana or Arkansas. According to Forbes, you’re already in the right place.
