With around 20% of new businesses failing within one year and inflation making entrepreneurship even more difficult, the personal-finance website WalletHub today released its report on 2024’s Best & Worst States to Start a Business to showcase the most fertile grounds for planting and growing new ventures. Maryland came in ranked as the “4th worst place to start a business”, with additional information on the state below.
WalletHub compared the 50 U.S. states across 25 key indicators of startup success. The data set ranges from financing accessibility to labor costs to office-space affordability. Starting a Business in Maryland (1=Best; 25=Avg.):
- Overall Rank for Maryland: 47th
- 27th – Avg. Growth in Number of Small Businesses
- 46th – Office-Space Affordability
- 50th – Labor Costs
- 45th – Availability of Human Capital
- 25th – Avg. Length of Work Week (in Hours)
- 44th – Cost of Living
- 49th – Industry Variety
For the full report, please visit:
https://wallethub.com/edu/best-states-to-start-a-business/36934