Small businesses bolster an economy. Obviously big companies and corporations bring in billions of dollars and employ thousands of workers, but it is the small business which is supposed to be the engine which drives economic recovery. And economic recovery is what the entire world is in dire need of.
Since the financial crisis of 2008 and the subsequent global recessions which we have been dealing with, everyone is looking for ways to make money. People are working multiple jobs, trying to spend sparingly, saving and maybe even starting their own businesses.
Currently, banks can lend money from the government at very low rates. This should mean that getting credit to start-up a reasonable business should not be too difficult. And yet small businesses are finding it hard to get off the ground due to the unavailability of credit, even though Washington is encouraging banks to increase their lending. If against these odds, credit is obtained and a person’s dream of owning their own business is finally realized, there is absolutely no guarantee that it will survive.
Having your company go bankrupt is possibly one of the biggest knocks a person can take, both financially and emotionally. A person has the potential to lose absolutely everything when they become an entrepreneur. Because the stakes are so incredibly high, one needs to do an immense amount of research before opening their doors. Regardless of the nature of the business, location is paramount. Therefore, these are the 15 worst states to start a business in.
This New England state is the 6th smallest state in terms of area and is the 2nd least populated state in the United States. Its capital Montpelier is not even the most populated city in the state, this would be Burlington. In 2015 Vermont was the largest producer of maple syrup and in 2016 it was ranked as the safest state in the country.
Like Maine, Vermont has a long history of indigenous populations. These include the Abenaki and Mohawk peoples. Vermont became a republic during the American Revolution in 1777. It was the first republic to partially abolish slavery and it became the 14th state to join the U.S. after the initial thirteen.
Since 2006, Vermont has been steadily dropping in Forbes list which names the best states to do business in. It started at number 30 but has since made a short decline to number 42 in 2015. This state of affairs has only verified what an economist said in 2008. This was that the economy in Vermont is a stagnant one and that this should persist for at least the next 30 years. If the size of states is not taken into account, then Vermont ranks 50th in terms of GSP. The per-capita GSP ranking is somewhat better and was 34th in 2010.
The economy may be stagnant n Vermont, but the workforce is quite dependent on small businesses for employment. This state has small businesses which hire some of the most workers in the country. There is also still a workforce available were new businesses to settle and start-up there. But, starting a business in Vermont can be a very expensive venture due to the cost of living and the business tax climate.