Colorado comes in 13th in an online ranking of the best states in which to start a business.
Colorado fared well in the analysis for its labor market and access to capital, but less well in other criteria evaluated by FitSmallBusiness.com, a website that provides advice, information and other resources to small businesses.
Using public data from such sources as the Kauffman Foundation, U.S. Bureau of Labor Statistics and U.S. Small Business Administration, FitSmallBusiness.com ranked states in seven categories that affect small business survival and success. Those categories were access to capital, cost of living, cost of starting a business, labor market, quality of life, startup activity and tax climate.
Colorado ranked first for its labor market and seventh for access to capital, but 16th for taxes, 26th for quality of life, 31st for startup activity, 32nd for cost of living and 39th for cost of starting a business.
North Carolina placed first overall in the ranking after coming in among the top 20 states for taxes, startup activity, labor market and cost of living. Utah placed second overall with the top ranking for access to capital. Texas placed third, following by Indiana and Montana. Missouri, Michigan, New Hampshire, Washington and Massachusetts rounded out the top 10.
FitSmallBusiness.com also picked what it rated as the best cities in its top 10 states to start a business: Raleigh, Salt Lake City, Austin, Bluffton, Billings, Creve Coeur, Auburn Hills, Manchester, Redmond and Cambridge.
Mississippi offers the lowest cost of living and starting a business, but came in 28th overall.
Rhode Island came in last, ranking among the bottom 10 states for startup activity, taxes, cost of living and cost of starting a business. New Mexico placed 49th, followed by South Carolina, New Jersey and Louisiana. New York, Alaska, Maryland, Connecticut and California rounded out the bottom top.