South Dakota is one of those hidden gems for those looking for the best destination for a new business. There are plenty of attractive opportunities for entrepreneurs and investors here.
First and foremost, South Dakota offers a low cost of living that is made even more promising by the state's strong per capita income. In fact, the cost of living is below the national average. With this combination of factors, it gives the South Dakotans higher spending power, which is always a good thing for businesses.
A low tax burden is another essential item to check off the list for those business owners planning to start a business in South Dakota. At 7.1%, South Dakota has the second lowest tax rate in the US. This advantage is compounded by the low income and sales taxes. This provides promising incentive for business owners to set up a business in the state.
Despite all of the positives above, the economy has a weak growth rate. If there is any growth at all, it has been pretty modest. Much of the state's economy relies on tourism, manufacturing and agriculture.
Alongside that, there is a low unemployment rate in South Dakota. While this means that the state residents have disposable income, it can be difficult to find people to join your business workforce.
At the request of our visitors we've included the below local insurance contacts for most cities in South Dakota. Like its Mountain West and Midwestern neighbors, South Dakota gets its fair share of harsh winter weather. The last thing you want to do is crash your car on an icy freeway while you're uninsured. If you want to compare affordable auto insurance quotes, reach out to the local contact nearest to you. A licensed agent can find you the best rates, so you can protect yourself financially all while paying a cheap monthly premium. There are several reputable insurance companies that offer both basic and comprehensive low cost coverage in the state of South Dakota. For additional information on traffic laws or driving schools please navigate to your respective state using the map.
South Dakota is located in the Upper Midwest region of the United States, right at the heart of the country. Named after Native American tribes Lakota and Dakota Sioux that comprise a huge portion of the population and territory, this state is the seventh-largest in the country, yet fifth least populated.
It is said that humans have inhabited this place for several millennia. The gold rush in the 19th century resulted in the intensified settlement of European-Americans, which also paved the way for the construction of railroads.
Nicknamed "The Mount Rushmore State", South Dakota is the home to one of the US' most popular and iconic tourist destination - Mt. Rushmore. Other must-see places are the Badlands National Park, Mammoth Site, the Deadwood, and the Good Earth State Park at Blood Run (considered as one of the oldest areas of human history in the U.S.)
Agriculture is the main driving force of the state's economy, followed by forestry, mining, and of course, tourism.
Learn: Creating an LLC in Arizona.