You don’t have to look hard to find a state ranking from an organization you’ve never heard of. We usually pass them by. But, when it says New Jersey is one of the best states in the country to start a business, we read on.
That’s the case with a set of rankings from Looka, a logo design company based in Toronto.
We’re not sure why it did, but it attempted to determine the best state to start a business with six categories:
- Number of companies with fewer than five employees (likely startups);
- Survival rate for new businesses;
- Percentage of new businesses;
- Affordable cost of living;
- Payroll for smaller businesses;
- Median household income overall.
Based on that, New Jersey came in third nationally — a result that seemed to surprise the authors of an article that appeared in Inc. They wrote:
“Were you expecting to see this state in the Top 5? I certainly wasn’t. New Jersey has a high annual income, ranking second behind California, and ranked eighth overall in businesses with less than five employees. It also ranks seventh in payroll for small businesses.
“You may not think of this state as an entrepreneurship center, but maybe you should.”
There you have it.
By the way: Here are the Top 5 states:
- New Jersey