Wednesday, April 3, 2013

The Top 5 Worst Places to Own A Business.

Owning a business is challenging enough. But, if you own a business in one of these states- consider yourself at more of a disadvantage.

#1- Hawaii. This is one state that over-regulates and over-taxes all types of businesses. It is hard to make and keep a profit here.

#2-Oregon. The state is great when it comes to tax advantages. However, there is a huge disadvantage in pricing when it comes to healthcare for employees, which makes it harder to find and keep good employees.

#3- Pennsylvania. This state has excessive regulations and penalizes business owners who make a profit. A business owner will have to double his or her profit margin just to get by in this state.

#4- Massachusetts. The Family Leave law in this state isn't kind to business owners but great for employees.

#5- Michigan. One CEO went on record to state, " Michigan has ridiculous amount of red tape to start a business. Getting licensed as a builder. process, training, testing is so rigorous and time consuming its ridiculous. Plus the penalties for not following the rules are stricter than drug dealer conviction." In my research, I've also come across poor attitudes to entrepreneurs looking at Michigan.

The truth is a great idea will succeed no matter where the business exists. However, how much of the profit you get to keep (or even grow as a company) will depend on what state you operate that business in.

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