We've all had that dream of starting our own business. Whether it's in the Quad Cities or in a major city, there has been a business idea that has come across our minds that could have been or are legitimate business ideas. If you have an idea and you are wanting to genuinely explore opening one, Iowa is a good place to do so and Illinois is pretty good too.

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WalletHub has released its latest list, 2023's Best & Worst States to Start a Business. I would lie to you if I said I didn't consider opening my own business. Like most people, I've wanted to open a bar in the Quad Cities that's missing out on a major demographic. Oh, you thought I was going to tell you my idea? Not so much.

I thought that this specific eatery would thrive in the town of LeClaire. Think I'm going to tell you that idea? Not a chance in hell.

But Iowa is a great state to start your new business. If you look at WalletHub's new list for this year, you'll find that Iowa and Illinois are both in the middle at #26 and #27, respectively. While Iowa might not be higher in the three key dimensions:

  1. Business Environment
  2. Access to Resources
  3. Business Costs

Iowa is ranked higher in a few other categories that will make you strongly consider starting your own business.

Source: WalletHub

WalletHub found that Iowa ranked as the 27th best state to start a business and here is how they ranked in the three key dimensions:

  • Business Environment - 31st
  • Access to Resources - 27th
  • Business Costs - 23rd

But Iowa ranked 5th in Accessible Funding. What does that mean? That means that there are plenty of lenders in Iowa looking to back up new businesses. Finding money to get your business started should be easy to

Iowa is also ranked 1st in Office Spaces Rent. It is 2x cheaper to rent space for a business in Iowa than it is in New York. Plus there are a ton of businesses available to lease, buy, or win at an auction in Iowa. Property taxes aren't the worst and Iowa is one of 12 states that don't tax personal business property.

Don't keep dreaming about your dream business. Wake up and start working on starting your own business in Iowa today.

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