RI Ranks Among the Worst for Entrepreneurs, Says New Study
Monday, November 02, 2015
GoLocalProv Business Team
Rhode Island is the 42 best state in the nation for those starting new businesses, according to a new study that looked at cost of living, the local business climate, and higher education performance.
GOBankingRates conducted a study “to find out which U.S. states offer the best conditions for Americans wanting to start a business. The study found that while Washington, Wyoming and California are the best states for entrepreneurs, West Virginia, Hawaii and South Carolina are the least-friendly states for new business.”
Massachusetts ranks #8 in the U.S. and the state of Washington, ranks #1.
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"Rhode Island entrepreneurs might have some serious cash flow problems, as this state is the fifth-worst for small business lending. With a cost of living that's 25.7 percent higher than the rest of the nation's and high business taxes, Rhode Island businesses have more costs eating into their profits.
Businesses in Rhode Island could benefit from tapping the state's larger-than-average pool of available employees, which is equal to 6.6 percent of the state population. A higher graduation rate injects a group of graduates equal to 4.5 percent of the population into the workforce each year. Even with access to a wide pool of candidates, however, small businesses in Rhode Island face substantial financial obstacles.”
Related Slideshow: 20 Cool Small Businesses in RI
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Trinity Brewhouse
186 Fountain Street, Providence RI
Trinity Brewhouse brews it's own award-winning beers in house, for a fresh experience every time. They also offer a $50 annual fee to become a member of their Mug Club which offers discounts on drinks and food.
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Sproutel
The Sproutel is well-known for creating Jerry the Bear - an interactive toy that teaches children with diabetes how to care for themselves. The Providence-based business is currently expanding their technology to accommodate children with other conditions.
Photo: Sproutel
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Pranzi Catering
10 Rosario Dr., Providence, RI
Pranzi has catered for all types of events from weddings to corporate luncheons. Owner and founder Lisa Mattiello was recently named the "2014 Rhode Island Small Business Person of the Year" by the Resource Guide for Small Business.
Photo: Pranzi
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Sweet Berry Farm
915 Mitchell’s Lane, Middletown, RI
Sweet Berry Farm has everything you would expect from a local farmer's market and more. They feature juried art exhibitions, a sit-down cafe, and prepared foods for when you are on the run.
Photo: Clare Rok
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Verde Vineyards
50 Hopkins Avenue, Johnston, RI
Verde Vineyard is a family owned and operated vineyard based in Johnston. The business is known for giving free tours and tastings on the weekends.
Photo: Verde Vineyards
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Swipely
10 Dorrance St., Providence, RI
Swipely is turning payment systems for businesses into upgraded, secure payment solutions with their innovative technology for businesses of all sizes.
Photo: Swipely
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Craftland
212 Westminster St., Providence, RI
Craftland was once a holiday store which came around annually to sell its wares. But now it has grown into a full-time shop front for local artisans to sell everything from jewelry to home goods.
Photo: Jen Brister of Brister Photo
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Medici Gelato
74 Maple Ave., Barrington, RI
Medici Gelato is a tiny shop in Barrington which opened in September and features an ever-changing variety of freshly made authentic gelato (which you can try before you buy), along with tiramisu and cookies!
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Barrington Books
184 County Rd, Barrington, RI
Barrington Books has been awarded year after year as the "Best Independent Bookstore" on the East Bay and often hosts book signings by local authors.
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Gents
1000 Chapel View Blvd., Cranston, RI
Gents specializes in old-fashioned, full service barber shop and spa. They specialize in services including straight-razor hot shaves, shoe shines and massages.
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Frog and Toad
795 Hope St., Providence, RI
Frog and Toad of Providence has locally made and handcrafted T-shirts, jewelry, handbags, and home goods as well as free trade items from around the globe.
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Professor Chef
41 Lookout Ave, North Providence, RI
Professor Chef is run by a husband and wife team and provides courses on how to cook a full course meal, and wine making among others. The courses are highly interactive so taste, prep and enjoy in your home or in their kitchen.
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bin 312
312 South Main St., Providence, RI
bin 312 features a wide selection of wines and spirits and hosts free tastings every Thursday night!
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Justine's
11 Olneyville Square, Providence, RI
Justine's is Olneyville's best kept secret, a speak-easy 1920's bar atmosphere with an actual functioning lingerie shop "front".
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Frey Florist & Greenhouse
50 Radcliffe Avenue Providence, RI
Frey Florist and Greenhouses has been family owned and operated since 1973, and creates custom arrangements for every occassion that can be delivered around town by request.
Photo: Frey Florist and Greenhouses
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Providence Perfume Compan
301 Wickenden St., Providence, RI
Providence Perfume Company allows you to create your own signature scent by blending their 100% natural botanical ingredients.
Photo: Providence Perfume Company
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