Study: Missouri ranks as #1 top state for millennial business owners
A recent study from Zippia, a resource and data site for job seekers, offers helpful information for aspiring millennial entrepreneurs. The study ranks states based on the likelihood of success for millennial business owners.
This list was built based on each state’s LLC fees and corporate tax, as well as the percentage of millennials living there with Bachelor’s Degrees. The study also accounted for states’ average student loan debt.
The study used data from LLC University to examine the most basic, financial costs of opening a business- LLC filing fee and the annual LLC fees. On average, the annual LLC fee is $91. However, this fee varies based on state.
The study considered the skills and knowledge that a college education offers, elements needed to thrive in a business. The percentage of millennials with a bachelor’s degree in each state was found through the American Community Survey.
While education offers a helpful base for business owners, student debt can prevent entrepreneurs from starting a business or can lead to issues in trying to stay afloat. The average student loan debt was examined through the Department of Education.
With an LLC fee of $50 and an annual LLC fee of a whopping $0, Missouri ranked as the top state for millennials to start their own business. 35.5 percent of millennials have a bachelor’s degree, and the average student debt loan is $33,310. So congrats, all you Missouri millennials. You’re in the right place to take a chance on that start-up you’ve been considering.
The study offers a full round-up of all 50 states, from best to worst. The top ten states are Colorado, New Mexico, Utah, Montana, Arizona, Wyoming, Hawaii, Idaho, and Mississippi. As for states you should avoid—sorry Alabama, Tennesse, and Nevada. These three states were ranked as the worst states for millennials to get their start.
Take a look at the full list.