How Hard is It to Start a Business in New York State?

Starting your own business can be one of the most exciting things you ever do, but it's going to be a tough road ahead. Many businesses simply don't make it. According to the U.S. Bureau of Labor Statistics, 20% of businesses don’t make it past the first two years and only 55% last five years.

Many factors can hurt your company, such as poor planning, lack of advertising, and poor customer service just  to name a few, But does the state you live in play a factor too? if so, how hard is it for a business to succeed in New York state?

Is New York a Tough State to Start a Business? 

The website WalletHub compared New York to other forty-nine states across 25 key indicators of startup success to determine the most fertile grounds in which to launch and grow an enterprise.

According to WalletHub, New York ranked only 38th in the country overall. While New York ranked 6th in access to resources, they were 49th when it came to business costs. New York state also struggled when it came to business environment, as they were 28th.

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Other eastern states fared even worse, as Vermont was 39th, Pennsylvania 43rd, New Jersey 44th, New Hampshire 45th, and Connecticut 49th. Rhode Island ranked dead last at 50th.

Is New York State a Good Place To Find a Job?

As the end of another year draws closer, some may be thinking of a career change in 2024. But it can be a very trying and difficult decision. Is changing jobs a wise idea at this point? Are there even that many good paying jobs available in New York state right now?

In order to determine the best states for jobs, the website WalletHub compared the 50 states across two key dimensions: Job Market and Economic Environment. The study then then evaluated the two dimensions using 34 relevant metrics, which are listed with their corresponding weights.

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Is New York a good state to find work?

According to WalletHub's numbers New York ranked slightly below the middle of the pack at 28th overall best state for jobs. However, New York's job market rank was only 34th, according to the study. Our economic environment score was a little better at 18th.

According to WalletHub, Vermont may be the place to go as they ranked 4th overall, with Massachusetts close behind at 9th. New Jersey was 16ht, Connecticut 32nd, and Pennsylvania all the way down at 46th.