Have A New Business Idea? Don't Start It In New Jersey

Thanks to COVID-19, more than 200,000 businesses have closed up shop for good.

While it's true that the United States is slowly starting to bounce back from the financial and economic impacts brought on by the pandemic, that's not saying much for New Jersey. Us Jerseyans need to NOT rush out to act on what we deem as our "genius" new business idea. Why?

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According to a brand new study, New Jersey has ranked as the worst possible state for new businesses in 2021. Wallethub recently compared every state's likelihood that a new business would succeed and, needless to say, New Jersey didn't do too well. The dimensions analyzed within the survey are each state's business environment, access to resources, and average business costs.

In terms of metrics, the business environment category could earn a state up to a total of 50 points, while the other two categories had a maximum score of 25.

After tallying up each state's totals, New Jersey never broke through the top 20 in any area taken into consideration. In fact, in more than one metric, we fell into the top 10 WORST.

Starting a Business in New Jersey (1=Best; 25=Avg.):

41^st – Avg. Growth in Number of Small Businesses
45^th – Office-Space Affordability
49^th – Labor Costs
28^th – Avg. Length of Work Week (in Hours)
42^nd – Cost of Living
35^th – Industry Variety
23^rd – COVID-19 Positive Tests in the Past Week per Capita

Source: WalletHub

These statistics aren't necessarily meant to crush your small business dreams, however if you're trying weigh the risk versus the reward, right now, NJ's more of a risk. Do with that information what you will.

Source: Wallethub.com

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