State ranks in the top 10 for starting a business.
A new study from WalletHub, ranked the best states in the U.S. to start a business in, and Florida took a spot in the top 10.
The sunshine state claimed the No. 6 overall spot, performing well in terms of business environment, access to resources, and business costs. Florida also ranked well for average growth rate of the number of small businesses in the state.
On the flip side, there were areas where Florida ranked among the worst in the country. For example, the state came in at No. 46 for accessible financing.
WalletHub compared the quality of business-friendliness of all 50 states, using metrics such as average length of work week (in hours), human-capital availability, and office-space affordability. Each metric was graded on a 100-point scale, with 100 meaning the most favorable for a new business, according to the site.
WalletHub also consulted a panel of experts for insights on starting a small business and how national and state economic policies can affect the process. Brandon Scott Cohen,
Senior Lecturer at the College of Business and Innovation at the University of Toledo, said state and federal government could help make starting a business more appealing to new entrepreneurs by eliminating payroll tax for five years for new businesses or businesses that make under $1 million.