Minnesota is ranked the 15th best US state to start and run a business, Forbes reports. Not only this, but there are plenty of other accolades Minnesota has gained – it’s one of the top ranked states for economic opportunity, as well as five year business survival. So, from the sounds of it, Minnesota has a lot to offer business owners! Let’s delve into this some more.
In Minnesota, you have pretty much everything you need to start a business, with plenty of assistance to help you to get off the ground. One of the biggest appeals of branching out here is that there are fewer business taxes for you to pay – including inventories, internet access, utilities and personal property. There are also plenty of resources for businesses to take advantage of, as well as all the support you need on hand. This can depend on what type of business you register as and the structure you choose though.
In Minnesota, there’s a plethora of accountants, for example, there to help you with finances. When it comes to it, they can assist you in setting up and managing your Minnesota employee identification number and payroll, which you will need if you employ people. Having an accountant on hand to work with, whom you can easily meet up with in person, makes running a business that much smoother as you can communicate seamlessly. Remember though, before committing to an accountant be sure to ask plenty of questions.
Connections and Variety
Centrally located in the north of the US, bordering Canada, Minnesota can access other major cities within a matter of hours. It is also connected to other parts of the country by the Mississippi River, so if you want to get into trade, then this is something that could be beneficial to you. The state is also vast, with different areas offering different benefits. For example, the Northwest is great for agriculture and the Northeast is well known for mining. Therefore, you have plenty of different options for you to consider when it comes to deciding what type of business you want to set up.
Quality of Life
Not only is Minnesota fantastic for business, but it is also generally a nice place to live. It has a great number of awards for lifestyle – such as ‘least stressed state’, which is impressive considering so many business owners flock here! It’s a place that promotes inclusivity, is affordable to live in, and offers great healthcare. With 6 national parks, as well as 500 golf courses, and more than 100 live theaters, there is plenty to get you out and about enjoying what Minnesota has to offer. Work-life balance is something that is incredibly important when you’ve got an all-consuming job, which most startups demand. So, if you’re in a state that can offer you the best quality of life, you’re giving yourself and your business the best chance to succeed.
With so many benefits, what’s stopping you from setting up your business in Minnesota?