A new study finds a record number of small business are opening and Wisconsin is the No. 23 best state to start a small business, according to Lendio, a free online loan marketplace for small business owners.
A record 10 million small businesses opened in the last two years, with annual revenue reaching $13.3 trillion, according to the Small Business Administration. However, only 48.9% will survive five years. Wisconsin fared slightly better than average with 50.8% of small businesses surviving at least five years.
Lendio’s study used the most recent data from the Bureau of Labor Statistics, Census Bureau, and Small Business Administration from 2016–2023 and determined its rankings by analyzing factors including tax rates, startup survival rates, cost of living, educated worker migration, loans, funding, consumer spending, and incentive programs.
