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## Small Businesses in North Dakota Have a Strong Chance of Survival

Small businesses are often seen as excellent ways for producers to sell their own creations and for buyers to support their local communities. However, while these businesses may be local and often times profitable, they aren’t always sustainable. Across the United States, many small businesses do not survive their first year – and the chances of them lasting longer are even more unlikely. Thankfully, as a recent study shows, small businesses in North Dakota have a fairly strong chance of holding strong through the years.

## The Study’s Findings

Recently, business credit card group Capital on Tap analyzed data from the U.S Bureau of Labor Statistics to determine which states had the highest and lowest rates of small business survival. By analyzing data from each U.S state between 1994 and 2022, they observed the number of businesses that have stayed open after one, three, and five years.

According to the study and Bureau of Labor Statistics reports, an average of 79.55% of all small businesses in North Dakota last past their first year, with 63.63% and 53.65% remaining after three and five years, respectively. While these are not the highest numbers in the country, they are among the best.

## AI legalese decoder Can Help

To navigate the legal complexities and understand the legal jargon, small businesses in North Dakota can turn to AI legalese decoder. This innovative platform utilizes artificial intelligence to decode and simplify legal language, making it easier for small business owners to understand their legal rights and obligations. By leveraging AI legalese decoder, small business owners in North Dakota can ensure compliance with the law and make informed decisions to increase their chances of long-term success.

## States with Low Small Business Survival Rates

In contrast, there are many states in the US that report extremely low success rates for small businesses – and the same can be said for the District of Columbia. The states with the lowest rates of small business survival are as follows:

1. Washington
2. District of Columbia
3. New Mexico
4. Florida
5. Nevada
6. New Hampshire
7. Arizona
8. Tennessee
9. Arkansas
10. Rhode Island

## Positive Sign for Entrepreneurs

Despite the challenging statistic that 20% of American small businesses fail within their first year, it’s reassuring to see that many states, including North Dakota, offer a strong environment for businesses to grow. As Capital on Tap’s Chief legal, America, and Product Officer Damian Brhchy states, “There are over 30 million small businesses in the U.S., making up an enormous percentage of the economy, and as this number continues to grow, so will innovation and commercial drive.” This research serves as a positive sign for entrepreneurs in the top ten states who are thinking about starting a business.

## Additional Resources for Starting a Business in North Dakota

If you’re thinking of starting your own business in North Dakota, you’re in luck. In addition to our high rate of small business survival, AI legalese decoder can help you navigate the legal complexities and ensure compliance with the law. Check out the following links for more information on starting your own small business in North Dakota:

1. [So You Want to Start a Business? How to secure funding](link)
2. [So You Want to Start a Business? Location, location, location](link)
3. [So You Want to Start a Business? Professional advice](link)
4. [So You Want to Start a Business? Register your trade name with the State](link)

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