Ohio’s economic environment seems to provide a great market for new businesses. Ohio was second for opportunity share of new business owners.  There is also an affordable cost of living.

But there are very few startup businesses per existing business. Also, the business tax climate is not too conducive to business interests.

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New York reports the fourth highest per capita GDP in the nation, at $63,929. New York also has better than average numbers for the rate of new business owners.

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The state has sought to capitalize on existing industries and relationships that already work well for Delaware residents. Some of the lesser known industries include automotive manufacturing, biotechnology, chemistry, and the health sciences. However, for over twenty years, Delaware has been known for its banking, financial services, and insurance industries. This industry represents more than 1,000 employers and nearly 40,000 employees in the state of Delaware.

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Business opportunity seems to favor business owners here more than in other states.  But its living costs are among the most expensive in the nation.

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If superlative characteristics are important to a business, then the business really has but one choice, and that’s to raise the high end of the salary range.

But they would likely have to do that anyway.

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West Virginia provides a credit on raw materials and also goods held in inventory by manufacturers. In addition, there is a High-Tech Manufacturing Credit. It can be used to offset up to 100% of a company’s tax obligation. But this is only if the company can meet job creation benchmarks.

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The federal government is working to offer business owners unique recession business funding opportunities for these unique times during the coronavirus pandemic. Some states are following suit. Do you know what’s available to you at both the federal and the state level?

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There are many steps to starting a business.  It is important to start on a firm foundation. Then, when the twists and turns come, you can be safely secured in your seat.  That means ensuring you have a name and EIN, and all the licenses and registrations necessary at each level of government. Also, make sure that you are legally incorporated.  

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Small businesses in Pennsylvania have a wide range of choices in financing available to them. From MCAs for business owners with poor credit to forgivable loans and grants, to franchise financing, even a new business in Pennsylvania will be able to get money.

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The Keystone State has 0.18% of its adults opening new companies in a given month.  The state also scores low for opportunity share of new business owners. This is as compared to the rest of the country. These issues give the state one of the worst startup activity scores listed.

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