A lifestyle business is all about balance. While profits are important, your foremost priority is maintaining the life-work equilibrium that suits you, such as exploring the best states to live in the US, especially those that offer more than just scenic views or low tax rates but also provide the perfect environment for a lifestyle business.
Essentially, it facilitates earning an income by doing what you love, on your own terms, in your ideal location.
If you are planning on running a lifestyle business in the US, here are twenty of the best states to live in. Carefully consider each one, and do more research into your top potential locations to determine the best state for your lifestyle business.
The Best States to Live In The US For Your Lifestyle Business
For favorable climates, both weather-wise and business-wise, you may want to relocate to Florida. Running a lifestyle business in this state could be ideal for you, due to Florida’s warm weather and abundant recreational opportunities it’s my first list of best states to live in.
Another key reason you should consider relocating to the Sunshine State is that, as a business owner, you don’t have to pay any state income tax. There is none in Florida. If your company caters to outdoor enthusiasts or retirees, the state might be the perfect environment for your lifestyle business. But many different kinds of businesses thrive in Florida.
And living near beaches and having easy access to things like numerous golf courses and a myriad of water sports activities, could mean you choose Florida as your top destination for your lifestyle business.
Texas is a powerhouse state that is home to flourishing cities like Austin, Dallas, and Houston.
For those in the tech or energy sectors. Texas is particularly appealing, as those industries thrive in Texas.
Furthermore, there’s no individual taxable income in Texas, which positions it high on the preference list of entrepreneurs bootstrapping their start-ups.
Plus, Texans enjoy wide open spaces and unique cultural offerings, such as the vibrant music scene in Austin or the mouth-watering Texan BBQs that can be found across the state.
One of the best states to live in is Colorado. It offers a wonderful balance between work and lifestyle.
You can enjoy favorable tax breaks alongside breathtaking landscapes that make every weekend feel like a holiday.
If you love outdoor adventures, you should certainly consider relocating to Colorado, as you could go skiing on stunning slopes during the winter months or hike across unending trails during the summer.
As you’re sure to know, California is a major hotbed for tech start-ups. But with its thriving economy and diverse customer base, the state is an ideal location to build any business, making it one of the best states to live in.
Furthermore, Golden State-living offers countless lifestyle benefits, from surfing in Santa Monica to wine tasting in Napa Valley.
Not only can you fuel your entrepreneurial aspirations here. You can also quench your thirst for a vibrant lifestyle.
The Pacific Northwest gem of Washington also deserves prominence on this list. After all, headquartered giants such as Amazon and Microsoft create a lucrative market ecosystem in Washington where smaller enterprises can thrive.
In fact, Washington continually ranks high with regard to start-up success rate alongside already established businesses.
The geographical diversity, ranging from misty coastlines to rugged mountains, also makes the state a great choice as one of the best states to live in for running a lifestyle business.
North Carolina, with its rapidly expanding sectors in tech, pharmaceuticals, and banking, is acknowledged as a significant business hub on the East Coast.
The state ranks high in terms of affordability, which can be an excellent advantage for start-ups looking to keep operational costs low.
And the quality of life won’t disappoint you either. With picturesque mountain ranges, beautiful coastlines, and vibrant arts scenes across cities like Asheville or Durham, North Carolina is undoubtedly a state you should consider moving to.
Oregon’s progressive policies encourage entrepreneurship and rank it as one of the best states to live in for business.
Vibrant cities like Portland have thriving food and craft beer scenes, which are perfect if your dream lifestyle business involves anything gastronomical.
On the leisure side, you’ll encounter scenic landscapes from Crater Lake National Park to Mount Hood, which offer vast opportunities for outdoor activities.
If you’re looking for a state that blends entrepreneurial opportunities with a vibrant southern culture, Georgia might be your perfect match.
The Peach State boasts a strong economy with successful sectors in film, music production, and finance. Plus, its capital city Atlanta is home to various Fortune 500 companies and burgeoning start-ups alike.
Additionally, Georgia offers tax incentives for businesses, making it an attractive lure for entrepreneurs.
The state’s business-friendly environment is complemented by both a high standard of living and moderate costs, such as property prices and utility expenses.
Topping off the allure of Georgia are the endless recreational options that the state provides. For example, you can enjoy world-class restaurants in the cosmopolitan city of Atlanta or explore the stunning wilderness of the Appalachian mountains.
Also, the picturesque Atlantic coastline is perfect for weekend breaks to switch off from work.
Rich in both music history and diverse natural beauty, Tennessee could be your ideal setting to run a lifestyle business.
Many sectors call this state home. The hospitality, automotive manufacturing, and healthcare industries are just a few.
Nashville specifically is renowned as an exceptional place for entrepreneurs, featuring plenty of support networks and resources.
Life in Tennessee is gratifying outside of work too. You could see world-renowned country artists perform at the Grand Ole Opry in Nashville or immerse yourself in history by walking along the Civil Rights trail in Memphis.
If you’re an outdoor enthusiast, you can explore the Great Smoky Mountains National Park or float down one of the peaceful rivers that crisscross this beautiful state.
The nature of your lifestyle business and your personal preferences could lead you to choose Arizona as your ideal location.
Arizona is drawing numerous entrepreneurs for its expanding tech and healthcare industries, along with its affordable cost of living and business-friendly policies.
On the leisure side, you’re in for a treat with hundreds of golf courses, luxurious spas, and an array of outdoor activities, ranging from hiking in Sedona’s stunning red rock country to exploring the majestic Grand Canyon.
Consider Maine if you crave operating your lifestyle business surrounded by picturesque landscapes that have inspired countless artists.
The Pine Tree State is renowned for small businesses crafting everything from handmade furniture to gourmet foodstuffs. Moreover, Maine’s government provides robust support in terms of funding opportunities and technical assistance.
When it comes to taking breaks from work, you can enjoy the spectacular coastal views or venture inland to discover endless acres of peaceful forests and mountains.
Michigan may be renowned for its automobile industry but that’s just one reason entrepreneurs are drawn here.
Emerging sectors in Michigan, like clean energy, information technology, and biosciences, present a diverse range of opportunities for starting a lifestyle business.
Additionally, ample resources like networking events and potential grants make Michigan particularly start-up-friendly.
Balance this with Michigan being home to extensive lakeshores that beckon water sports enthusiasts and vibrant cities like Detroit and Ann Arbor where you can enjoy a robust arts and culture scene, and you’ve got yourself a perfect state for your lifestyle business.
Minnesota stands tall and proud as a viable destination for lifestyle businesses. It cultivates a strong environment for start-ups in key sectors like biotech and healthcare.
The state of Minnesota offers numerous financial incentives such as tax breaks and grants designed to support new businesses. It has initiatives aimed at improving access to venture capital, too, which could ensure you don’t feel stranded when scaling your business operations.
Besides business advantages, Minnesota’s pristine lakes, vibrant cities, and long snowy winters are perfect for various winter sports and activities.
So, Minnesota blends together business, lifestyle, and leisure in equal measure.
Consider Virginia as one of the best states to live in if variety is the spice of life that you’re after.
Virginia provides lucrative state tax credits aimed at propelling innovation while its workforce is also considered to be one of the strongest in the nation.
When work is done, you can take in Virginia’s rich historical legacy or enjoy thrilling outdoor experiences like hiking the Appalachian Trail.
The state’s vibrant culinary scene and burgeoning wine industry also provide ample recreational opportunities.
Wisconsin presents an ideal blend of business opportunity and lifestyle advantages for any aspiring entrepreneur.
Aside from the state’s traditional industries of manufacturing and agriculture, Wisconsin is rapidly becoming the home of tech businesses.
The Badger State offers beneficial economic programs like its Qualified New Business Venture program that provides investors with tax credits to inject capital into their start-ups.
Wisconsin also invests heavily in helping budding entrepreneurs via mentorship programs and innovation hubs.
Outside of work, you can wander among the state’s picturesque small towns, which are steeped with German heritage, or get lost along the tranquil lake shores. Also, in the winter, the state is ideal for snow sports enthusiasts.
Ohio has long been a bastion for industrial sectors but it’s not just traditional businesses that thrive here. Many contemporary businesses also operate in Ohio.
Key business incentives abound here, like low corporate taxes and a Job Creation Tax Credit to businesses creating new full-time jobs.
Ohio’s relatively low cost of living is an added bonus.
You can unwind after a productive day at one of Ohio’s sprawling national parks or explore the nightlife in bustling cities such as Cleveland or Columbus.
Home to many insurance giants and Fortune 500 companies, Connecticut has a thriving economy that offers opportunities for lifestyle businesses as well.
From providing subsidies for targeted industries to supporting workforce development initiatives, the state certainly throws its weight behind nurturing entrepreneurship. Moreover, Connecticut offers an array of grants aimed at supporting small businesses in particular.
After the workday ends in Connecticut, you can treat yourself to the outdoor pursuits offered by its serene Atlantic coastline and wild river valleys.
Promoting a vibrant business climate, Utah might just become your top choice for one of the best states to live in when setting up your lifestyle business.
Although known for its high-tech boom, the state’s agriculture and outdoor tourism industries make up the state’s economic backbone.
Utah encourages entrepreneurial growth through beneficial fiscal policies like competitively low corporate tax rates and various funding programs. Notably, the state has an Economic Development Tax Increment Financing program, which encourages strategic investments in community development.
Beyond your professional life, you can enjoy Utah’s diverse terrain, from arid deserts with sand dunes to thriving pine forests in mountain valleys, making it an irresistible paradise for outdoor lovers.
Famous as the home of glitzy Las Vegas, Nevada also has a robust business environment ideal for ambitious entrepreneurs.
Nevada supports businesses with tax advantages such as no personal income tax or corporate taxes. Plus, it has notable speedy licensing procedures that eliminate the hassle of red tape when you’re eager to get started.
And when you’re not focused on your business operations, you can indulge in Nevada’s lively casino culture or explore its breathtaking natural wonders, such as Lake Tahoe and the Valley of Fire State Park.
Consider Kansas if affordability is a key consideration for one of the best states to live in when running your lifestyle business.
Known for its friendly business climate, the state excels in sectors like aviation, advanced manufacturing, and agriculture.
Kansas offers a low cost of business operation, including inexpensive commercial real estate. Its Invest Kansas Exemption is also helpful – it excludes certain securities transactions from registering with the state.
For leisure activities, you can immerse yourself in authentic cowboy culture or discover picturesque landscapes along the Flint Hills Scenic Byway. If you’re a music lover, you can also explore the sublime Jazz scene in Kansas City.
Starting a business in a new location can be exciting, but it also presents unique challenges. From understanding the local business climate to dealing with logistical issues, being prepared will make your transition smoother.
So, whatever state you choose to relocate to for your lifestyle business, it’s important that you’re aware of the following tips.
Before you start your business in another state, gain a good understanding of the local market there. That includes competitors in your industry, potential customers, and growth opportunities.
For example, if you are planning on running a business in one of the best states to live in like a restaurant or retail store, selecting an area with little competition but high footfall could be crucial.
As we have seen, tax laws vary from one state to another.
Therefore, you need to understand the tax laws and other relevant legalities for the specific state you are moving to and comprehend how they may impact your business revenue.
Moving to one of the best states to live in for your lifestyle business also means dealing with logistical issues such as finding a suitable office space or registering your new address.
Also, consider expenses like moving costs.
Some of the best states to live in provide incentives for businesses that hire locally.
But even if the state you choose doesn’t, it can be a good idea to hire employees from the local area.
By hiring native employees, you will benefit from their local knowledge and networks, which could prove invaluable to your business.
Don’t hesitate to get help from professionals such as lawyers or accountants who are familiar with the state’s business environment.
They can offer practical advice and eliminate guesswork when it comes to legal and financial matters.
Starting a business in a new state requires patience, persistence, and resilience. This makes it more fulfilling and realizable when you are in one of the best states to live in.
But keeping your goal in mind while navigating through the challenges can make it an enriching experience.
Now that you know which states are best for a lifestyle business and you are armed with tips for starting your new venture, it’s ultimately down to you to discern which state to move to.
Finding the right state is key to making both the business and your lifestyle a success story. So, make sure you pick one of the best states to live in that aligns with both your personal lifestyle and your business model.
Here are some crucial points to consider when making the choice:
- Market Opportunities: Look for states with a sizable market for your product or services.
- Cost of Living: Consider states with a cost of living that matches both your personal budget and business expenses.
- Quality of Life: Choose a state where you would enjoy living. That could include the climate, the local community, and the recreational activities that are available.
- Business Support Services: Some states offer competitive start-up environments such as lower taxes or entrepreneurial programs, so be aware of the business support services that are available in any state you consider moving to.
Running a lifestyle business is all about balancing work and personal satisfaction, which can be easily achieved when you live in one of the best states to live in.
Having a conducive location plays a significant role in that equation. Therefore, it’s important to consider all the key factors, like market opportunities, cost of living, quality of life, and business support services, when selecting the perfect state for your lifestyle business.
Strategic planning is the key to making your transformative step successful.
As long as you spend time carefully deliberating which state would be best for you, both from a business perspective and from a lifestyle point of view, you can earn a good income by doing what you love – and do it in a place that resonates with your ideal way of living.
Meet Rupert Jones, a friendly F.I.R.E. movement advocate who firmly believes in financial freedom for all. When he’s not guiding others toward their financial goals, you can find him happily writing about travel and his feline companion.