Small Business Growth
Entrepreneurs have taken notice of Arizona’s efforts to develop a favorable business climate. Arizona not only posted the fourth-best gross domestic product growth rate in the United States in 2018, but it is also one of the fastest-growing states, with a current unemployment rate of 4.7%. It attracts businesses because to its low tax rates, business subsidies, and limited restrictions, as well as its pleasant climate and inexpensive cost of living. These positive indications stimulate small business owners across the state, who are eager to grab fresh possibilities and pursue economic expansion.
The principal disadvantages of doing business in Arizona include the state’s generally low personal income per capita and the difficulty of obtaining startup and growth capital, which is a nationwide issue. Arizona has a modest cost of living, but its personal income is lower than the national average, therefore the average Arizonan has less discretionary cash to spend on the goods and services of small companies. Nonetheless, neither of these concerns has tempered the optimism of businesses in the Grand Canyon State.
Arizona offers numerous opportunities and benefits for entrepreneurs
Economic expansion – Arizona’s economy grew 2.5% in 2019, matching the national average. The dependability of Arizona’s growth rate gives entrepreneurs a level of certainty that other states don’t have. Arizona’s economic growth rate has been above 2% for the last decade, an accomplishment for a state in economic recovery.
Scott Curry, owner of SKC Strategies and executive vice president of business development for Pure Grips, said more people are moving to the state than departing. Because of the excellent business climate and low cost of living, more enterprises are relocating to Arizona.
Lisa Barrington, creator of Barrington Coaching, liked how easy it was to start a business in Arizona.
She remarked, “Setting up an LLC in Arizona is quick, rapid, and cheap.” DIY costs $50.
“Small business owners in Arizona have a lot of opportunities between the influx of consumers and businesses,” said Barrington. “From mid-2018 to mid-2019, Arizona experienced the second-highest job growth in the U.S. Due to high business and living costs in surrounding states, especially California, jobs and people have flooded in.
Spectrum Location Solutions revealed that Arizona is the third-most appealing state for California enterprises. According to the report, California corporations moved $68 billion across 1,500 relocations to other states, with Arizona benefiting greatly.