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New York Ranked One of The Worst States to Start a Business

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According to a study, New York is ranked one of the worst states to start a business. 

Many people including myself would love to work for themselves and start a business. Starting a business is never easy. According to statistics, about a fifth of all startups typically don’t survive past year one of operation.

A “bad location” is among the most common reasons for startup failures. Therefore, choosing the right state to start a business is crucial to its success.

A state that provides the ideal conditions for business creation: Access to cash, human capital and affordable office space, for example, can help new ventures not only take off but also thrive.

The analysts at Wallethub conducted a study to determine 2017’s Best and Worst States to Start a Business.

WalletHub’s analysts compared the 50 U.S. states across 20 key indicators of startup success. The data set ranges from financing accessibility to availability of human capital to office-space affordability.

According to the study, New York is ranked the 12th worst state to start a business.

Here’s the breakdown:

Starting a Business in New York:

  • 49th – Office-Space Affordability
  • 36th – Labor Costs
  • 20th – Availability of Human Capital
  • 26th –  Avg. Length of Work Week (in Hours)
  • 49th – Cost of Living
  • 27th – Industry Variety

 

 
Bonus Video: SmittyCam
 

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