New Jersey Ranked Second Worst State To Start A Business

Most people dream of escaping the rat race and grueling 9-5 days that go along with being a paid employee. The dream is to start your own business, become successful, and work on your own terms and times. The problem is that a majority of close up within a year of inception, and nearly half don’t make it their fifth anniversary, according to statistics from the US Bureau of Labor Statistics.

One of the most common explanations given by entrepreneurs for the failure of their business is location. Regardless of how good a business may be, its location can be the ultimate decider in whether it succeeds or not. As such, the state a business is opened in is of paramount importance.

A study by WalletHub compared all 50 US states across 26 metrics in 3 key dimensions – business environment, access to resources, and business costs – to determine which are the best and worst states to start a business in.

New Jersey has been doing badly in these sort of rankings for many years, and the 2019 ranking is no different. The Garden State was ranked the 49th best state, or second worst, in which to set up shop. Out of a total possible score of 100, New Jersey received just 36.42 points. Only Rhode Island ranked lower, with a 35.29 score. The report comes as little surprise to New Jersey resident whose dreams of working for themselves are often dashed by the prohibitive taxes and regulations levied upon every area of our lives.

The #1-ranked state in which to open a new business in 2019 is Texas, with an overall score of 61.05. The complete list can be seen here, along with its methodology.    

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3 COMMENTS

  1. Hashem runs the schedule of every person’s life and runs every country in the world.

    I.e. you can brainwash your mind into “thinking” you run your business but in truth and reality it’s time to face reality and not live in denial and realize that everything in the entire world is run by Hashem. “Hakol biyedei shomayim chutz m’yiras shomayim….”

    If you want to make more money or get a raise from your boss at work then turn directly to Hashem for help and more parnassa and not to your temporary physical boss at your job

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