Bernard Montana, Negosentro | There are many Midwestern states that make a great place to start a new business. State and local governments often offer grants to help new businesses get going. A strong work ethic makes it easy to find good employees, and the booming economy allows people to have plenty of money to buy your product. Most communities have program set up to mentor new business owners. Some even have incubators allowing new businesses to be surrounded by support while they are experiencing their first growing pains. As a general rule, states in the Midwest have tax structures supporting businesses. If you are considering starting a company in the Midwest, then consider these states. Each is unique, so take time to consider the possibilities of opening your business in different ones.
Minnesota
Over 48 percent of the people living in Minnesota have a two-year college degree or higher making it easy for new companies to find talented employees. People are very connected here making it a great place to network. Most new companies start around the Twin Cities, so people find many things to do. Small businesses often thrive here with the University of Minnesota offering a lot of help to new business owners. Minnesota universities also make it easy for new businesses to tap into the latest technology. Additionally, the state of Minnesota makes it easy to get your business license.
Wisconsin
Other new businesses find that Wisconsin is a great place to get started. The state has several business accelerator and incubator programs. The University of Wisconsin operates several small business development centers across the state. It also has business-friendly tax policies. While many of the best places to live while starting a business are located around Madison, other businesses find that they can hugely successful in Wisconsin’s small towns. This state also boasts a very skilled workforce so new businesses can easily find employees to hire that already have needed skills. Wisconsin is not only great to start a business but it is a great place to live in. Small business owners will not have a hard time finding the best places to live in Wisconsin.
Michigan
Michigan has many programs to support those interested in opening a new business including funding from the 21st Century Job Fund and other funding sources. In addition to funding, many communities have mixed-use zoning allowing business owners to live on the same property where they work. The state has been very proactive in providing leadership to new businesses including fair laws regarding pay. Michigan has an educated workforce with about 40 percent of the population holding a college degree. There is also a spirit across the state of wanting to see new businesses succeed with people being extremely open to innovative ideas. Many communities have innovative programs to help new businesses move to their town.
Iowa
Iowa rounds out the list of best places in the Midwest to start a business. Forbes Magazine has named Cedar Rapids, Iowa, one of the top five cities in the nation for starting a business, and NerdWallet has named Ankeny, Iowa, in their top five. The Iowa Economic Development Authority has many innovative programs to help start-up businesses with the community colleges running several incubator programs. Businesses find the tax structure very favorable. Many experienced business owners are willing to mentor people wanting to start a business with connections being made through the local chambers of commerce. The low cost of living helps people have more money to invest in their new business.
The Midwest is a great place to start a new business. Most governments have very friendly tax structures while giving funding to new businesses. Many states have incubators helping businesses have the space to get started. These states also have people who are willing to serve as mentors.
