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Some public officials in West Virginia have understood for years that we need to expand and diversify our economy — and that maybe the best way to do that is to start small.
Efforts to help people start and sustain small businesses here have strengthened to the degree that a study conducted by Franchise Opportunities has named the Mountain State the leading state for new business survival.
That’s a big deal. Plenty of small business owners will tell you it is easier to start one than to keep one going.
Franchise Opportunities chose a five-year period that included the Covid-19 years — 2019 to 2024. The national average survival rate for small businesses over that period was approximately 51.6%, according to a report on the study by Hobbs Independent.
In West Virginia, 2,663 businesses were launched in 2019; 1,534 were still going in 2024, resulting in the highest business survival rate in the country at 57.5%.
Also beating the national average was Ohio, which tied for fifth place with a 55% survival rate.
“What this study shows is that having your business succeed is no small achievement,” said Thomas Jepsen, of Franchise Opportunities.
At least in this sector, West Virginia and Ohio are NOT among the places where “the odds are stacked against business owners.”
The West Virginia Secretary of State’s office, state and regional economic development officials, even lawmakers who have support legislation that makes the process easier for entrepreneurs bear some credit for making our region one that could attract others who are learning about the potential for success here.
But it is important to note something else. Ultimately, these businesses succeed and survive because of owners, managers, employees and communities determined to make it happen. Determination might just be something that is in more plentiful supply in our corner of the country, too.
After a minute or two patting ourselves on the back, then, let’s get back to work.