California is the best place to be if you're finally ready to quit your day-job and start your own business. That's in spite of a notoriously high cost of living, including one of the highest corporate tax rates in the country, according to reports.
But Looka points to California's still-high concentration of small businesses and startups with fewer than five employees, and one of the best survival rates for new businesses in the country. California also ranks first in terms of annual payroll for businesses with fewer than give employees."Those entrepreneurs are, on average, able to pay themselves and their team better," a Looka spokesperson tells CNBC Make It.
Right behind California is Texas, which boasts the fourth-highest concentration of businesses with fewer than five employees. The Lone Star State also offers the second-highest annual payroll for businesses with fewer than five employees, and a lower-than-average cost of living — helped by state's lack of personal income tax.
Rhode Island sits at the very bottom of the ranking, with the country's lowest number of new businesses and one of the worst survival rates for new businesses: just over in 2021. West Virginia sits in 49th place, finishing second-to-last in median household income and number of new businesses started between 2020 to 2021.Number of businesses with less than five employeesAnnual payroll for businesses with fewer than five employeesThe company relied on data from the U.S. Census Bureau, World Population Review 2022 and the Kauffman Foundation's Indicators of Entrepreneurship.
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