In 2022, 5.5 million Americans started their own business, according to Insider. In the upcoming new year, more people are expected to become entrepreneurs. While many factors will determine which startups succeed, we’re focusing on the geographic factor that can either help or hinder your business’s growth. There are some ideal states to choose from when starting or relocating a business because some state laws make it easier than others. Several states have lifted restrictions for entrepreneurs.
The first state on the list is Connecticut because of its recent decision to legalize recreational cannabis. This is opening up opportunities in a growing industry. The law goes into effect in January 2023, allowing licensed retailers to sell marijuana products to adults 21 and older. If you’re interested, startup costs are inexpensive—a dispensary license costs between $500 to $75,000. A registration fee is $5000, and a renewal fee is $5000.
The next best place to start a business is in Missouri. In 2021, Missouri passed the “Right to Start Act.” The bill’s sole purpose is to make the state a better place for entrepreneurs. The law requires the state to award 5% of all state contracts to startups open for less than five years. The law also provides startup companies with several tax provisions.
Third is Colorado. Entrepreneurs in Colorado can apply for the Employee Ownership Tax Credit. The tax credit allows employee shareholding in exchange for a tax break.
The last best state to start a business is Florida. Beginning in 2020, Florida has reformed licensing requirements with the Occupational Freedom and Opportunity Act. This means barbers and cosmetologists who move to the state can continue to use their active out-of-state licenses. Home inspectors and electrical systems can continue to work in the state if they’ve had a permit for at least ten years.
Where you start or relocate, your business is just one thing to consider in the new year. Valuetainment’s CEO, Patrick Bet-David, can help launch your business to another level of success for 2023. Click here to register for this year’s business planning workshop.
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