
Maine Ranked Low in Forbes’ Small Business-Friendly States Report
Happy New Year to all those in Maine, though it may not feel like the best time to start a business in the Pine Tree State.
According to Forbes' report on the most small business-friendly states, Maine is ranked a disappointing 45th in the nation for entrepreneurs looking to launch or grow their businesses.
Maine Struggling to Be Small Business-Friendly
In a scoring system that ranged from 0 to 100, Maine received a mere 17, far behind North Dakota, which earned a perfect score of 100. The analysis was based on five key categories: business costs, business climate, financial accessibility, economy, and workforce, each of which was further broken down into 18 specific subcategories to ensure an accurate assessment. Learn more about the methodology here.
Maine’s biggest struggle was in business costs, which likely comes as no surprise. Known for being one of the most expensive states to live in, Maine’s high costs clearly impact small businesses. Additionally, Maine's financial accessibility and overall economy didn't help its position.
READ MORE: Maine Impressively Ranks 7th Best State in the US for Jobs
On a positive note, Maine did receive its highest score in workforce, a testament to the state’s strong work ethic and dedicated labor force. So, while business costs may be high, the hardworking people of Maine are a definite asset for entrepreneurs.
It's a tough pill to swallow, seeing Maine ranked so low in this report, especially considering the many passionate small business owners who are the backbone of the state’s economy. Hopefully, reports like these will shed light on areas where Maine can improve, helping future entrepreneurs thrive.
Mixed Small Business-Friendly Results for the Rest of New England
In terms of New England rankings, New Hampshire fared the best, coming in at 18th, while Vermont unfortunately ranked at the bottom.
Congrats to Mississippi. The state was finally not last in something.
Check out the full list of rankings here.
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