Stories of Technology, Innovation, & Entrepreneurship in the Southeast

Knoxville Business News Tennessee Mountain Scenery Background
January 16, 2024 | Tom Ballard

WalletHub ranks Tennessee #10 for starting a business

The Volunteer State rates highest in cost of living and lowest in availability of human capital, neither being a surprise.

Reasonably good news if you are planning to start a business in Tennessee.

According to a recent analysis by WalletHub, the personal finance website, the Volunteer State ranks #10 in the nation as the best place to launch a new venture. Three neighboring states outperformed Tennessee – Georgia (#2), Florida (#3), and North Carolina (#9).

WalletHub compared the 50 states across 25 key indicators of start-up success to determine the most fertile grounds in which to launch and grow an enterprise. Business environment, which included 13 factors, accounted for 50 percent of the weighting. The other criteria, each accounting for 25 percent, were access to resources and business costs.

Tennessee’s performance was a mixed bag:

  • #15 in average growth in number of small businesses;
  • #28 in office-space affordability;
  • #10 in labor costs;
  • #30 in availability of human capital;
  • #11 in average length of work week (in Hours);
  • #6 in cost of living; and
  • #30 in industry variety.

The full report can be found here.

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