*Motivational speaker and author Tony Robbins made headlines when he left California behind in favor of Florida, in part, to escape the high state income tax. According to his article in Entrepreneur, the tax savings of moving from California to Florida will help pay off his entire multi-million dollar home in roughly six years.
Escaping high taxes is just one reason entrepreneurs and business owners jump ship and flock to income tax-free states. But thriving infrastructures, business support and industry growth are also reasons. From Utah to Florida, here are just five of America’s top states for business owners and how they measure up.
The Beehive state of Utah got its nickname as the industry and pioneer of thrift and perseverance. It’s a fitting symbol of one of the country’s best places for business and frequently tops the list. Utah ranks highly for both infrastructure and the cost of doing business, as well as access to capital. But unlike other states on the list, Utah is also a pioneer of safety, making WalletHubs list of 10 safest states.
More than 800,000 small businesses call North Carolina home and Raleigh enjoys a supportive start-up scene. After a sluggish economic restart after the recession, North Carolina saw their gross domestic product grow by two percent. It’s true entrepreneurs don’t enjoy the same ease in accessing capital like in other states, but North Carolina does boast low taxes and low unemployment insurance tax that helps offset the cons to relocating your business. In addition, the state has attracted more than $2.7 billion in foreign direct investments that’s further fueled its growth.
Atlanta has emerged as an industry giant with corporations like Home Depot and Coca-Cola calling the city its home headquarters. The city is also home to the world’s busiest airport, and home to major technology hubs like the Atlanta Tech Village, and built a robust technology infrastructure and support resources for business owners. However, Atlanta isn’t the only city in the state of Georgia with a reputation for a thriving business center. According to Nerdwallet, Alpharetta houses nearly 9,000 businesses averaging over $6.9 million in revenue per business each year.
Texans enjoy a relatively low cost of living and no state individual or corporate income taxes, making it an attractive hub for entrepreneurs. Texas also gives business owner ample options for setting up shop. Whereas many states only feature one or two large cities for business owners, Texas is home to 20 of the country’s biggest cities including Dallas and Houston. Meanwhile, the quickly growing city of Austin continues to lure businesses to the area with an educated population and major festivals including SXSW.
Florida’s sunshine climate and high numbers of startups per capita keeps this state ranking on the “best of” lists for business owners. The state also offers a pro-business tax structure with tax exemptions and no state personal income tax. Florida Opportunity Fund offers services in marketing, leadership development and business management tools. Its proximity to plenty of relatively affordable oceanfront property also makes Florida attractive to business owners looking for a balanced quality of life.