Housing affordability and public transit access are key components of small business success, according to a Thumbtack report.
From making enough money, attracting customers, retaining customers, and keeping up with the economy, small business owners have many concerns in their day-to-day lives. To help put small business professionals in the best position for success, Thumbtack compiled a list of the best US locations to start a small business in its 2019 Small Business Friendliness Survey.
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The report surveyed more than 5,000 local small business owners in 49 US states and 44 cities, taking into account licensing requirements, tax regulations, and labor and hiring regulations. Considering these factors, the report determined the top 10 states that have the most state and local government support for small business entrepreneurs.
"Small business owners are active, involved members of their communities and local economies," Kellyn Blossom, head of public policy at Thumbtack, said in a press release. "Our survey shows the economic impact of health care, housing, and transportation are top of mind for them."
The opportunity for small business success relies greatly on housing affordability and public transit availability, the report found. Many small business owners have difficulty establishing and maintaining their businesses because of proximity, as most businesses are established closer to the clients they serve. More than 30% of these professionals said they travel between 30 minutes to an hour to get to the office, according to the report.
Small businesses also struggle with rising health insurance costs, with only 79% of small business owners currently holding health insurance, the report found.
Government policy is crucial to tangible change for small businesses, and these professionals are aware of that reality, the report found. Some 86% of small business owners are registered to vote, with almost all (96%) planning on voting in the 2020 election.
The report identified the following 10 states as the best locations for starting a small business:
For more, check out How to succeed as an entrepreneur: 5 ways on TechRepublic.
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