North Dakota 8th worst state to start a business

Photo by: WDAY Radio Staff
Photo by: WDAY Radio Staff

(Fargo, ND) -- With around 20% of new businesses failing within one year and inflation making entrepreneurship even more difficult, WalletHub Tuesday released its report on 2023’s Best & Worst States to Start a Business, and its not sunshine and rainbows for North Dakota.

The Personal Finance website ranks the peace garden state 8th worst for starting a business.

27 key indicators of startup success were considered in the study, including everything from financing accessibility to the percentage of residents who are fully vaccinated against COVID-19 to office-space affordability.

Some key problem areas for North Dakota included:

  • 47th – Avg. Growth in Number of Small Businesses
  • 32nd – Labor Costs
  • 49th – Availability of Human Capital
  • 33rd – Cost of Living
  • 38th – Percentage of Residents Who Are Fully Vaccinated Against COVID-19

The best overall state for starting a business, according to WalletHub, is Utah. The worst? Alaska.

Click here to view the full study.