As dental practice ownership dwindles, the importance of starting a practice off on the right foot is as essential as ever.
There are myriad things to consider when deciding where to open a dental practice. A state's average salary for dentists, cost of living and competition are all important factors to keep in mind.
In July, personal finance website WalletHub assessed which states are the best and worst places to start a business. It compared each state's business environment, access to resources and business cost using 28 metrics.
WalletHub concluded Texas is the best state to start a business. Georgia and California came in second and third, respectively, in that category.
The cost of living in Texas is $31,702 while the average salary for dentists in the state is $150,060. Although the average California dentist's salary is $165,950, it has the fourth highest cost of living of any state, at $40,372. Georgia has a similar average dentist salary as California, at $165,160. However, Georgia has a much lower cost of living, at $33,255.
However, these states' markets are not without competition.
"States like California, New York and Texas have the most practicing dentists and the most competition. Their salaries are competitive but may not be the highest," said Robert Trager, DDS, a dentist for employees at JFK and LaGuardia airports in New York City. "In states with less dentists per capita and in other states that have many underserved areas, dentists can command a much higher salary for the need for their skills."
The best states to open a business, according to WalletHub:
1. Texas
2. Georgia
3. California
4. Florida
5. Idaho
6. Utah
7. Colorado
8. North Dakota
9. North Carolina
10. Massachusetts
The worst states to open a business:
1. New Jersey
2. Connecticut
3. Rhode Island
4. West Virginia
5. Wyoming
6. Alaska
7. Missouri
8. Pennsylvania
9. Delaware
10. Virginia