Illinois Ranked One Of The Worst States For Small Businesses
Starting your own business can be an exciting and fulfilling experience. It allows you to be your own boss, set your own schedule, and pursue your passions. You have the freedom to make your own decisions and create something that's truly your own.
And, as much as you may want to jump into it, starting a small business is tough, especially in Illinois. If you're considering starting a small business in the Land of Lincoln, you might want to consider moving elsewhere. According to a recent study, Illinois is one of the worst states to start a small business in. Ouch.
The Odds Of Your Small Business Lasting In Illinois Aren't Great
Low Survival Rates Starting a small business is like keeping a plant alive. It needs the right environment to thrive; unfortunately, Illinois isn't that place. Only 54.2% of small businesses survive for five years in the state. It's like trying to grow a palm tree in a snowstorm.
Illinois Has Soaring Corporate Tax Rates
Corporate tax rates in Illinois are some of the highest in the country. For some businesses, it might be near impossible to turn a profit. It's like getting a parking ticket when you're already running late.
Illinois Doesn't Offer Many Incentives, Like Other States
Illinois has only 40 incentive programs for small businesses, FORTY. This is way lower than in other states. It's like going to a buffet and only finding a few scraps left.
Don't freak out and just give up on your dream of starting a small business just because of Illinois. You can always move to one of the top ten states on Lendio's list. They're all great places to start a small business. It's like finding a pot of gold at the end of the rainbow.