NJ ranks surprisingly well nationally with new small businesses despite high costs
Let's face it, small businesses are what truly make us who we are. Especially during the holiday seasons, they tend to offer more personalized gifts over big box chains.
Luckily for New Jersey, we have a ton of small businesses in most corners of our state. Not only that but many of them are located in some of our incredibly charming downtowns which is an added bonus.
Of course, there's the flip side of having a small business in the Great Garden State. Sure, the location and area we live in are arguably one of the best in the country, but it's also incredibly expensive.
In order for a small business to survive, it must cut through many layers of expenses. Now, this isn't to say other states have it better or worse, but New Jersey's not really known for its friendly business environment.
Despite that, New Jersey does rank surprisingly well nationally when it comes to new small businesses per capita. And fortunately for us, we also have a handful of programs specifically set up to help small businesses be successful.
With that said, New Jersey didn't land in the top 10 when it comes to new small businesses, but we did make it into the top 20. Again, a bit surprising considering how expensive the Great Garden State really is.
Here's a look at the top 20 states for the newest small businesses per capita. See where New Jersey ranked on the list, as well as the surprising state that came in at number one.
(Info based on Census Bureau’s Business Formation Statistics from August 2020 to July 2021).
LOOK: States With the Most New Small Businesses Per Capita
Gallery Credit: Eliza Siegel
So Wyoming is #1, while New Jersey is #13... and one key stat plays a role
It does seem a bit surprising at first that Wyoming took the number one spot for new small businesses per capita. But did you happen to notice one of the key statistics that helped make the difference?
Wyoming is among the most tax-friendly states in the entire nation, something the Great Garden State should strive to be. Hopefully, our elected officials take notice of this and work on correcting the tax burden when it comes to all of our small businesses.
Still, though, #13 isn't all that bad considering. Let's keep supporting our great local businesses and show them how valued they really are.
NJ's Route 22 circa 1984 — Do you recognize these businesses?
Gallery Credit: Joe Votruba