ORLANDO, Fla. — With around 1 in 5 new businesses failing within the first year and inflation making things even more difficult, the personal finance website WalletHub today released its report on the Best & Worst States to Start a Business in 2025.
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WalletHub compared the 50 U.S. states across 25 key indicators of startup success. The data set ranges from financing accessibility to labor costs to office-space affordability.
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Starting a Business in Florida (1=Best; 25=Avg.):
- Overall Rank for Florida: 1st
- 4th – Avg. Growth in Number of Small Businesses
- 16th – Labor Costs
- 13th – Availability of Human Capital
- 21st – Avg. Length of Work Week (in Hours)
- 25th – Cost of Living
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WalletHub’s Assessment of Florida
There are plenty of good reasons why so many people start businesses in Florida, including the fact that it has the 11th-highest business revenue growth rate and the tenth-lowest corporate taxes.
Given the prevalence of retirees in Florida, you might assume the labor force is dwindling, but the opposite is true.
In fact, Florida’s working-age population (age 16-64) is growing faster than in all but six other states. Plus, Florida has the third-highest percentage of workers who say they are enthusiastic about and committed to their work.
You can check out the interactive map to see how all 50 states fared in the study:
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