With a series of bustling industries to behold, it is no wonder our beloved state of Illinois has landed on a list compiled by Looka– declaring IL as one of the best places for entrepreneurs to start small businesses.
Looka, a website providing logo designs for small businesses across the U.S, recently conducted a survey regarding small business startups, and it’s no small feat that Illinois landed amongst the top five. The survey called attention to Illinois median household income as well as the fact that it’s a good proving ground for companies with five or fewer employees. While California and Texas, and New Jersey ranked above on the list, Illinois landed a much-coveted number 4 spot, pulling ahead of Georgia.
As for how Looka analyzed this data? They compiled six different metrics from a variety of sources like the U.S. Census Bureau, the American Community Survey and the World Population Review 2022. Then, the site factored in the state’s median household income, a rating for businesses with fewer than five employees, its business survival rate, its annual cost of living, the average annual payroll for small businesses and its rate of entrepreneurs, to find a total score.
To back this up, a study conducted by the Illinois Department of Commerce and Economic Opportunity in 2021 showed that Illinois recorded its highest-ever number of business startups since 2004. The fact that Illinois ranks on the top five on this recent list is a feat in itself and a testament to the small businesses in the area.