Indiana Named Second Best State to Start a Business in 2024
So, you're dreaming of ditching the office or factory life and becoming your own boss. The allure of unlimited income, flexible hours, and building something from the ground up is intoxicating. But before you jump ship and dive headfirst into entrepreneurship, let's crack open the reality bottle, shall we? Because, friends, like any double-edged sword, starting your own business comes with a hefty dose of 'pros and cons.'
Canva: Boss
Pros: Independence Day Every Day
- Be The Boss Of YOU: Forget TPS reports and micromanagement. You call the shots, set the vision, and be your own boss.
- What Makes You Happy: Ditch the fluorescent lights and cubicles and go chase your dream. Build a business around something you truly love, and watch your workdays turn into adventures.I haven't figured out how to make a living by snuggling with my dogs just yet.
- Starting at the Top: No salary caps here! Your hustle and smarts determine your income ceiling. Plus, you have been automatically promoted to the CEO.
Canva: Boss
Cons: Reality Bites (Sometimes Hard)
- The Hustle is Real (and Relentless): Say goodbye to 9-to-5s. Building a successful business demands 24/7 dedication, endless to-do lists, and the constant hustle to make ends meet (and hopefully exceed them).
- Financial Feast or Famine: Feast on the thrill of a big deal, then choke on the dust of a slow month. Welcome to the roller coaster of entrepreneurial finances. Prepare for feast or famine, and learn to adjust your budget.
- Putting The I in Team: No hallway chats or office parties here. The entrepreneurial journey can be lonely at times. Build a strong support network, find your tribe, and learn to embrace the "solopreneur" spirit.
Are You in the Right State?
My fellow Hoosiers, this could be the year to really go after that dream of being your own boss. Forbes has put together a list of the best states to start a business this year. I was shocked and excited to see that they ranked Indiana as the second-best state to start a business in 2024.
Here's What the Researchers at Forbes Said About Indiana:
Indiana ranks second in 2024 as a highly favorable state for starting a business. Its business-friendly environment is highlighted by a modest formation fee of $100, lowering the barrier to entry for new companies. The state also maintains a solid business survival rate of 77%, reflecting a stable and nurturing environment for business growth. Additionally, the average funding available for a small business in Indiana is notable, standing at $24,502, which signifies a supportive financial environment for entrepreneurs. All these factors contribute to Indiana's impressive scaled score of 98 out of 100, making it an excellent choice for business ventures.
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LOOK: States With the Most New Small Businesses Per Capita
To find the top 20 states with the most new small businesses per capita, Simply Business analyzed the Census Bureau’s Business Formation Statistics from August 2020 to July 2021.
Gallery Credit: Eliza Siegel
KEEP READING: 40 Real Indiana Towns with Quirky, Weird, and Funny Names
Outside the major cities, the Hoosier state is full of tiny little towns you've probably passed through on your way to one of those cities. Most of them are likely 100 to 150 years old, or older, and have been around far longer than the large metropolitan areas such as Indianapolis, Fort Wayne, South Bend, and Evansville. Typically, they were started by early settlers who found their way to the state and decided to make it home. Eventually, others would join them, and a community was formed. Over time, as the surrounding areas grew, most of them were folded into those areas and governed by the nearest city or county's governing body officially making them "unincorporated," meaning they did not have their own formally organized municipal government.
A scroll through Wikipedia's long list of unincorporated communities in Indiana shows several of them have names that by today's standards would be considered weird, quirky, or just downright right funny. These are my 40 favorities.
Gallery Credit: Ryan O'Bryan