Forbes Names Indiana as the ‘Best State to Start a Business’ in 2023

Ribbon-cutting at Reality Bytes Virtual Reality Arcade at 3501 W Fox Ridge Lane Muncie, IN 47304.Ribbon-cutting at Reality Bytes Virtual Reality Arcade at 3501 W Fox Ridge Lane Muncie, IN 47304.

By Michele Owen—

MUNCIE, IN—Any small business owner can vouch for the difficulty of launching a new venture, but Hoosier entrepreneurs may have an advantage. According to a recent article by Forbes, Indiana is the number one state for starting a new business in 2023.

The article gathered data and evaluated 18 different criteria, including cost of living, start up and operating expenses, amount of funding available, growth and survival rate of small businesses since 2020, natural disasters, unemployment rate, percentage of degree-level workers, and more. Indiana ranked #1, narrowly beating Colorado with lower business costs and more available funding opportunities.

The Forbes article praised Indiana for a 15% lower cost of living than the national average, and a 2.8% lower unemployment rate, which indicates an active workforce. Muncie can boast exceptional workforce development opportunities, between Ball State, Ivy Tech, Purdue Extension, and multiple vocational training opportunities.

The combination of low cost of living, low tax rates, and readily available support makes Indiana a smart decision for aspiring entrepreneurs. In 2022, The City of Muncie gave $7.7 million to business ventures, in the form of tax abatements, revolving loans, grants, and other forms of aid. This investment earned Mayor Ridenour the 2022 Entrepreneur Support Award.

In 2022, Muncie became a destination for remote workers, with 30 families agreeing to relocate to Muncie through the Make My Move program. The families were largely attracted to the low cost of living, tight-knit community, and quality of life. “Muncie is so unique, because we have the affordability of a small town and the amenities of a big city,” commented Mayor Ridenour. “I think Muncie could become a destination for small businesses and start ups.”

View the Forbes article here.