Running a small business is rarely straightforward, particularly throughout inflationary durations. In 2023, when the typical rate of inflation was 4.1%, 35% of small companies reported decreasing workers because of growing prices, in line with a survey of 1,000 small enterprise homeowners carried out by OnePoll on behalf of Melio.
Firstly of 2024, 22 states and 38 counties and cities raised their minimum wages, impacting 10 million staff throughout the nation, per the American Institute for Economic Research — and the numerous small businesses who’ve them on their payroll.
Associated: Here’s What Millions of Small Businesses Have in Common, According to a New Survey
The place do small business owners should pay their workers essentially the most? The small enterprise lending firm OnDeck determined to seek out out extra about this by analyzing U.S. Census Bureau information for companies with fewer than 500 workers.
In response to the analysis, Massachusetts, California and New York are the highest three states the place small enterprise homeowners can anticipate to pay their workers essentially the most, averaging annual salaries of $72,151, $67,237 and $66,924, respectively.
On the opposite finish of the spectrum, small enterprise homeowners pay their workers the bottom common annual wage in Mississippi — $39,310, in line with the info.
Try the infographic under to see the total rating compiled from OnDeck’s analysis:
Picture Credit score: Courtesy of OnDeck