According to a new study, New Jersey ranks the third best state for entrepreneurs.
Looka conducted a study of all 50 U.S states to determine which ones are the best for entrepreneurs. All 50 states are ranked based upon an aggregated score considering the following metrics: number of businesses with less than five employees, median household income by state, survival rate for businesses by state, cost of living in each state, annual payroll for businesses with less than five employees and percentage of new business in each state from 2020-2021
The study revealed that entrepreneurs in New Jersey appreciate the state’s high annual payroll for employees, making it among the top states in the country for entrepreneurs.
