Mind of Money

August 4, 2018 at 1:00 am

Why is California Among the Top 10 States for Business?

California Business District An analysis ranked California as the eighth best state for businesses in the country for 2018 based on three factors.

Despite having the fourth most expensive business costs, the state’s business environment and access to resources ranked second best nationwide. Companies, including those eyeing to open a second location or acquire new equipment, also have easy access to resources such as a business loan for a restaurant.

Business Survival

The survival of companies largely depends on a strong business plan, but other factors should also be taken into account. The U.S. Bureau of Labor Statistics said many firms don’t last beyond their first anniversary, while those that survive are bound to fail before their fifth year.

For this reason, choosing the state where you plan to do business will be a key influencer for the success of your venture. In California, the wide availability of financial lenders and a stable network of business investors led it to rank among the top 10 states. If you’re planning to grow your own business empire, for instance, the idea of opening a restaurant chain may have crossed your mind.

Dining Sector

Those who have taken care of funding should now focus on handling certain legalities and food safety standards in the state. You can show proof of compliance with these rules by obtaining licenses and permits, including the California Food Handler Card. You will also need to have a liquor license from the California Department of Alcoholic Beverage Control if you plan to serve alcoholic beverages.

Don’t forget about business insurance for property damages and personal injury to customers or staff. It’s best to have a comprehensive policy that covers different scenarios from broken plates to an employee who slips on the kitchen floor.

Any firm requires capital, so you should look for a licensed lending company in California when planning to start and grow a business. Find one that specializes in your chosen industry, whether it’s the food service or health and wellness sectors.