Arkansas Business Opportunities

The Missouri and Northern Arkansas Railroad
The Missouri and Northern Arkansas Railroad[1]

A Quick Glance at Arkansas

Arkansas, whose nickname is The Natural State, first obtained its statehood in 1836. With a population of 2,959,373 people, Arkansas is the thirty-second most populated state in the United States.

If you are considering starting your new business in Arkansas, you might want to look into one of Arkansas' top three most populous cities - Little Rock (which is also the state's capital), Fort Smith or Fayetteville.

Top Industry

The largest industry in the state of Arkansas is broadcasting and telecommunications.

  • The gross domestic product (GDP), of this industry, is roughly $5.7 billion and accounts for 4.6% of Arkansas' GDP.
  • Broadcasting and telecommunications also employs 0.5% of Arkansas' private workforce.

Small Businesses

In the United States, the more than 600,000 plus franchised small busineeses account for 40% of all retail sales and provide jobs for some 8 million people. According to the Small Business Administration (SBA), their standard definition of what constitutes as a small business includes a maximum of 500 employees or operations with and/or up to $7 million in revenue, depending on the industry.

  • There are 481,170 small businesses, in the state, of Arkansas.
  • Small businesses in Arkansas, make up 35.5% of the state's private workforce.

State and Local Taxes

Listed below are the state and local taxes, for the state of Arkansas, and how they rank against other states in the U.S.

State Tax Rate Avg. Local Tax Rate Combined Rate Combined Rank* Max Local Tax Rate
6.5% 2.8% 9.3% 3 5.13%
*Combined Rank is rank from highest to lowest tax percentage

California has the highest state tax rate in the United States at 7.25%, but Lousinana has the highest combined tax rate, overall, at 9.98%. Delaware, Montana, New Hampshire and Oregon share the spot for lowest combined tax rates at 0%.

Additional Information

If you need additional information about how to start a business in Arkansas, their official state page might be a good place to start. If you are looking to own your own established franchise in Arkansas, we have collected a comprehensive list of companies that are actively looking to expand in Arkansas, for you to explore.

References

  1. By terry cantrell - originally posted to Flickr as MNA 2167, CC BY-SA 2.0
  2. Census.gov
  3. Comparison between U.S. states and countries by GDP (nominal) from Wikipedia
  4. Largest Industry in Each State from 24/7 Wall St.
  5. 2017 Small Business Profiles for the States and Territories from the U.S. Small Business Administration
  6. Small Business Trends from the U.S. Small Business Administration
  7. Civilian Labor Force and Unemployment by State from the U.S. Bureau of Labor Statistics
  8. State and Local Sales Tax Rates in 2017 from the Tax Foundation

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