Starting a Small Business? Colorado Is the Place to Do So

Many of us are tired of bosses and want to be our own boss. The thought of not having to answer to anyone, being able to do what you want, and doing something you are passionate about as you run your own business. It isn't cheap to run a business, but many have a dream of running their own small business. There are many factors when it comes to being successful in owning and running a business, and location is one of the biggest factors. When it comes to starting a small business, is Colorado a good state to do so, and which states are the best and worst places for starting small businesses?

The Best and Worst States For Small Businesses

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If you want to have a successful small business, you have to make sure you have something customers want, a good location, advertising, and a good plan helps as well. A recent study released by lancesuretynbonds.com ranked the best and worst states to start a small business. They used categories such as tax rate, LLC filing fee, small business density, business applications per 100 thousand people, business application growth, and search volume per 100 thousand people to help with the rankings. Using these criteria, it was determined that Wyoming is the best state to currently start a small business, with Florida being the second-best state. The worst state to start a small business is Massachusetts, with Minnesota being the second worst. Where does Colorado fall on the list?

Is Colorado a Good State to Start a Small Business?

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If you are starting a small business, Colorado is one of the best states to do so, ranking as the third best state in the country. Colorado is 22nd in tax rate, 4th in LLC Filing fee, 6th in small business density, 5th in business applications per 100 thousand people, 9th in business application growth, 5th in search volume per 100 thousand people. Things working for Colorado are the affordability, with the filing fee being only $50, and there has been a major rise in business applications since 2020 in the Centennial State.

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