New franchises have a high survival rate in the Show Me State thanks in part to a low cost of doing business.
As an entrepreneur trying to decide whether or not to open a franchised business, you will look at several different factors, one of which is the business survival rate.
Missouri ranks fifth in the U.S. when it comes to the ratio of business creations to deaths, which bodes well for new businesses and franchises. Other favourable factors include an affordable cost of living, low cost of doing business, the government’s willingness to partner with businesses in order to help them succeed and grow, a world-class transportation infrastructure and highly skilled workforce. One of the incentives offered by the state is the Quality Jobs Program, which offers the retention of the state withholding tax of the new jobs for small businesses if they create twenty or more new jobs within two years. While the state is only the eighteenth most populous in the U.S., it does feature several well-known cities such as Kansas City, Branson and St. Louis that attract tourists from across the globe. These tourists provide a year-round boost to the local economy. The gross state product and per capita personal income are also ranked around the middle of the pack, showing that Missouri’s economy is one of its strengths as well.