Indiana ranks as the eighth best state nationwide and first in the Midwest to start a new business, according to a new study.
A report by the British merchant services firm Paymentsense found California, Texas, New York, Massachusetts and North Carolina were the best states nationwide to start a business in.
"Boasting a huge population of 39.5 million, high rates of employment, and a 52.8% chance of business survival, it’s no wonder so many go to Silicon Valley and wider California seeking the all-American dream," Paymentsense said in the report. "And, while there are no guarantees your start-up idea is going to reach the heights of Apple, you may as well give it a go. Failure isn’t frowned upon in California among its the ambitious business community makes it the top state to start a business."
The study crunched data that included population, employment rate, average wages, average cost of living, and the five-year enterprise survival rate.
Indiana placed just behind Connecticut – which has the highest per capita income nationwide – and ahead of the other 11 U.S. Census-designated Midwestern states. The Hoosier state has a population of 6.69 million, 3.89 million jobs, average income of $45,150 per person, and a 53.7% business survival rate over five years.
Illinois placed ninth in the study with a population of 12.7 million, 7.8 million jobs, average income of $54,203 and a business survival rate of 51.2%.
Paymentsense also determined the United States was the best country in the world to start a new business in, placing it ahead of Belgium, Ireland, Canada and France.
For more information, visit paymentsense.com.