NASHVILLE, Tenn. (WKRN) – Now could be a really good time to open your own business in Tennessee, according to a new Go Banking Rate study of the “The Best and Worst States to Start a Business.”
Tennessee is No. 25 on the list, primarily because of relatively low taxes, and a high opportunity share.
“Another huge benefit is Tennessee’s still has a favorable cost of living. It has been going up this year because the city has been growing and prosperity tends to increase cost of living but it’s still comparatively quite affordable compared to most stated in the country, which is definitely a good thing for business,” said Go Banking Rate Finance Writer, Andrew DePietro.
There are always risks when owning your own business, but the favorable circumstances seem to outweigh them here.
“Being number 25 might be in the middle of the 50 states but it still has more positive factors going for it than negative. If you want to start a business, it’s about focusing on the things you can control, like where you start it, what city makes sense, where there are talented employees, or highly over educated employees,” said DePietro.
Turns out the best place to open your own business is in South Dakota. The worst is Wisconsin.