Illinois ranked among top states for entrepreneurs in US – NBC Chicago
A recently published study shows that California and Texas are the top two states for entrepreneurs to start small businesses, but Illinois also performed very well, finishing in the top five.
The ranking was compiled by Looka, a company that provides logo design and other services to small businesses. The list places Illinois at No. 4, praising the state for its median household income and being a good testing ground for businesses with five or fewer employees.
California and Texas held the fort at No. 1 and 2, respectively, while New Jersey finished third and Georgia finished fifth.
To compile its ranking, Looka analyzed six different metrics to arrive at a total score. These metrics included a state’s median household income, its rating for businesses with fewer than five employees, its business survival rate, its annual cost of living, the average annual small business payroll, and its business survival rate. entrepreneurs.
Illinois finished 36th in the latest metric, but finished fifth in the performance of its companies with fewer than five employees and its annual payroll rankings for small businesses.
The state ended in 17e in the median household income, and 21st in the survival rate of small businesses.
Indiana was ranked No. 26, largely based on its cost of living, and Wisconsin was ranked No. 27.
Rhode Island, West Virginia and Delaware were ranked among the three worst states for entrepreneurs.
Data was collected from a variety of sources, including the US Census Bureau, American Community Survey, and World Population Review 2022.