Every year, Forbes Magazine releases its annual list of the best (and worst) states to do business in, factoring in a number of criteria. Here, Carole Argo breaks down the top 5.

1. THE BEST STATES
For Business
B Y C A R O L E A R G O

2. BACKGROUND
When you’re looking to break into a new
industry or open a new business, there is a
lot to consider.
You have to ensure that your business
plan, from top to bottom, is nearly
flawless. You have to ensure the industry
that you’re entering is ripe for new
business and that your product or service
will fill a gap and make positive change.
You have to make sure that your business
and the people who will be working within
it have everything figured out to make
your business dreams into a reality.

3. LOCATION
A perhaps vastly under noted piece of
building your own business isn’t even a
piece of the business itself–where you
wind up starting.
Every year, Forbes Magazine releases its
list of the best states for business,
factoring in a number of criteria including
cost, labor supply, environmental factors
and quality of life, among others. Here are
some of the best and worst, according to
Forbes.

4. THE BEST
States for Business

5. 5. COLORADO
Business Cost: 40
Labor Supply: 1
Regulatory Environment: 9
Colorado is home to 10 of
2016’s Fortune 500 companies
including Dish Network,
Western Union and DaVita
Healthcare.
Economic Climate Rank: 2
Growth Prospects: 3
Quality of Life: 18

6. 4. TEXAS
Business Cost: 4
Labor Supply: 8
Regulatory Environment: 25
Texas finished first in overall
economic climate ranking,
more than making up for its
below-average quality of life
rank.
Economic Climate Rank: 1
Growth Prospects: 8
Quality of Life: 32

7. 3. NEBRASKA
Business Cost: 9
Labor Supply: 20
Regulatory Environment: 1
Two of healthcare companies in
Nebraska–Atlas MedStaff and
Prime Time Healthcare–both
rank in the top 60 in the Inc
5000 list.
Economic Climate Rank: 14
Growth Prospects: 26
Quality of Life: 7

8. 2. NORTH CAROLINA
Business Cost: 2
Labor Supply: 12
Regulatory Environment: 7
North Carolina plays home to
some of the country’s biggest
businesses including Lowe’s,
BB&T and Bank of America.
Economic Climate Rank: 22
Growth Prospects: 9
Quality of Life: 13

9. 1. UTAH
Business Cost: 11
Labor Supply: 5
Regulatory Environment: 2
With two top-two finishes and
four top-10, Utah is the
undisputed best state in
America for businesses
according to Forbes.
Economic Climate Rank: 9
Growth Prospects: 2
Quality of Life: 21