New Jersey is the 6th Most Expensive State for Business Owners

Do you own a local business? Do you know someone who owns a local business? Are you thinking about starting a new local business? I want to share a new study that examines expenses for business owners here in New Jersey and around the nation.

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Let's take a look at this national survey. "Business consulting firm Venture Smarter analyzed eight metrics that could influence the cost of setting up and running a business in each state. This included each state’s corporate tax rate, average LLC filing fees, average commercial rent costs, and the hourly minimum wage. These metrics were gathered for all 50 states with each scored out of 100 to reveal the most and least expensive states to be an entrepreneur."

New Jersey ranks sixth for high business startup and maintenance costs

According to a spokesperson for Venture Smarter,  "Each state has its own complex regulatory and economic environment, which contributes to the differences in business costs. New York being the most expensive state for entrepreneurs, is partly attributed to its high living costs as well as its highly competitive business environment." They found New Jersey ranks sixth on their list, scoring 64.36 out of 100. New Jersey has the fourth-highest corporate tax rate at 9% and the seventh-highest average commercial rent at $22.96 per square foot.

So if you own a business here in New Jersey do you find it expensive running your establishment? Have you ever looked at moving to another state to run your business? Let us know what you think and post your comments below.