Nevada named among 10 best states to start a business. What it means

By Carly Sauvageau, Reno Gazette Journal

Entrepreneurs may be looking for the best places to open their new business and curious how it is to start a moneymaking endeavor in Nevada.

WalletHub, a website focused on financial topics, can provide some guidance. The personal finance media company ranked states using data from federal agencies and national organizations, sorted into categories of business environment, access to resources and business costs to determine the most and least new business-friendly states.

Here’s a look at where Nevada ranked, why it ranked where it did and how Nevada compares to other states for new-business-friendliness.

Is Nevada a good state to start a business?

Nevada ranked No. 9 overall, placing it among the top states nationally for starting a business.

What are the pros of starting a business in Nevada?

Nevada ranked well in all three of WalletHub’s categories. The state was No. 9 nationally overall, earning the No. 7 spot in the business environment category, No. 14 in access to resources and No. 28 in business costs.

Its best categories, business environment and access to resources, were determined by the average length of the work week, share of engaged workers, growth of average business revenues, entrepreneurship and human-capital availability, among other things.

What is the downside of starting a business in Nevada?

Nevada ranked fairly well in all of WalletHub’s categories, its worst category was in business costs.

This category was determined mainly by office-space affordability and labor costs.

What state is #1 in business starts?

Here are the states that made WalletHub’s top 10 best states to start a business in.

1. Florida
2. Utah
3. Texas
4. Oklahoma
5. Idaho
6. Mississippi
7. Georgia
8. Indiana
9. Nevada
10. California

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