(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.