Location is everything, especially when it comes to starting a business, and it turns out Florida is a pretty desirable location.
Florida recently ranked sixth on WalletHub
's list of the best states to start a business, trailing No. 1 champion Texas and followers Utah, Georgia, Montana and Oklahoma. For reference, Florida's "total score" was 58.09 to Texas' 64.40.
WalletHub's study also found Florida at No. 3 for average growth in the number of small businesses. However, Florida ranked No. 46 in accessible financing.
WalletHub, a website promoting financial success, conducted a study comparing all 50 states on a variety of ideal conditions known to be instrumental for startup success, including business environment, access to resources and business costs.
About one-fifth of startups don't make it past one year of operation, according to data
by the U.S. Bureau of Labor Statistics. Among the reasons why startups fail
: bad location or failed geographic expansion, poor marketing and lack of market need.
According to Fundera
, an online lending marketplace guiding entrepreneurs through financial options, the Florida market for startups is pretty hot. Florida has the second-highest density of startups in the U.S., and with nearly 21 million people
calling the Sunshine State home – that number was 19 million last summer – it's safe to say that people will continue to bet on their small business idea with paradise as a backdrop.
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