The future is bright for the business. The global economy is steadily recovering from the financial crisis, and the emergence of digital technologies has made it easier for small businesses to grow into large enterprises. With more than five billion new users joining the internet every month, there’s no better time than now to start a business or expand your existing one. Here are three states where businesses are growing:
Florida is home to over 70 Fortune 500 companies, including Disney, Boeing, Carnival Cruise Lines, and Hertz. Florida has the third-highest concentration of business establishments in the United States, with over nine hundred thousand businesses operating within its borders. The Department of Economic Opportunity (DEO) is a significant player in this network as it provides funding for local small businesses through programs like the Small Business Development Centers (SBDCs). One such program is Team Volusia, which hopes to bring even more industry to the acclaimed Daytona region.
Utah’s economy is robust, its tax burden is low, and its quality of life is high. Utah’s economic sectors include energy, healthcare, manufacturing, tourism, and small businesses. The state’s large number of small companies reflects its entrepreneur-friendly business environment.
Idaho’s business climate is favorable for small businesses, with a diversified economy that includes manufacturing, agriculture, and energy production. Like Florida, the Idaho SBDC provides free consulting services to small businesses. The state also has a one-stop shop for information on business development opportunities at the Idaho Department of Commerce’s Office of Economic Development.
Several factors impact the growth of a business. Firstly, a company has to look for growth opportunities. It has to identify markets where demand for its products/services is high and where the order is expected to increase. In certain states, business is likely to grow in the coming years. These states have favorable socio-economic conditions, such as a large population, a well-developed technology infrastructure, and an educated workforce.