COLUMBUS, Ohio (WCMH) – A recent study ranked Ohio among the best states in the country to start a business.

The study, conducted by Forbes Advisor, analyzed 18 metrics across five categories (business costs, business climate, financial accessibility, economy and workforce) to find the best states to start a business in 2024. Each metric was given an individual weighting to provide every state a score scaled out of 100.

Ohio ranked in the top 10, as the sixth-best state in the country to start a business, with a score of 81. Over the last year, Ohio has experienced a 13% increase in the number of small businesses, with a business survival rate of 76%, according to the study. 

Taking first place as the best state to start a business is North Dakota with a score of 100. The state’s business survival rate sits at 77% and it has a formation fee of $135, making the entry barrier for new businesses relatively low.

The second best state to start a business is Indiana with a score of 98, the study said. The state also maintains a solid business survival rate of 77%, and the average funding available for a small business in Indiana stands at $24,502.

In third place is Arkansas with a score of 93. The state offers an exceptionally low business formation fee of $45, which is one of the lowest in the nation. Arkansas has a business survival rate of 78%.

The fourth best state to start a business according to the study is South Dakota, with a score of 85. The state’s formation fee is set at $150 and it has a business survival rate of 74%. The financial support for small businesses in South Dakota is particularly strong, with an average of $32,477, the study said.

Taking fifth place is North Carolina with a score of 84. The state’s formation fee is set at $125 and its business survival rate at 77%. The state additionally offers an average funding of $22,019 through grants and incentives. 

Ohio (81), Pennsylvania (80), Alabama (75), Utah (70) and South Carolina (69) completed the top 10. Vermont (0), New York (1), Washington (5), New Mexico (12) and Florida (15) are the worst states to start a business in 2024, according to the study.