Oklahoma 5th best state to start a business

TULSA, OK -- Oklahoma is the fifth best state to start a business, according to the financial website WalletHub. That’s good news for Hispanics, who are the fastest growing segment of Tulsa’s entrepreneur class and seem to open new businesses every day in the city.

WalletHub pointed out that about a fifth of all startups typically don’t survive past year one of operation, and nearly half never make it to their fifth anniversary.

“Choosing the right state for a business is therefore crucial to its success,” the website notes. “A state that provides the ideal conditions for business creation — access to cash, skilled workers and affordable office space, for instance — can help new ventures not only take off but also thrive.”

WalletHub compared the 50 states across 25 key indicators of startup success to determine the most fertile grounds in which to launch and grow an enterprise.

In overall ranking, Oklahoma placed 5th, behind Texas, Utah, Georgia, and Montana. Here’s how the

Sooner State stacked up:

24th – Average Growth in Number of Small Businesses

14th – Office-Space Affordability 10th – Labor Costs 26th – Availability of Human Capital

6th – Avg. Length of Work Week (in Hours) 3rd – Cost of Living 11th – Industry Variety Oklahoma was ranked 1st in business costs.

Hawaii may be know for its beauty but apparently not for being friendly to business startups. The Aloha State ranked last in the study.