The business landscape is ever changing. Old business close and new businesses are opening all the time. As anybody has ever tried to run a business will tell you, there are a lot of factors that will ultimately determine if a new company is a success or if it fails. Data from the U.S. Bureau of Labor Statistics shows that roughly 20 percent of start ups close within one year of opening, and nearly half close their doors before reaching five years of operation.

One of the key factors in a business succeeding is location. With that in mind, the finance website Wallet Hub conducted a study to see which states were the best for opening a new business. Using 26 relevant metrics in three main categories — business environment, access to resources and business costs — they compiled a complete states ranking.

So how did North Dakota fare?

Turns out our state is one of the BEST places to open a new business.  According to Wallet Hub's findings, North Dakota is the fourth-best state for a start up business.

Source: WalletHub

North Dakota did particularly well in the "business environment" category where it was ranked second. Decent scores in "access to resources" (19th) and "business costs" (32nd) helped cement the top finish.

More specifically, North Dakota ranked as the best in metrics measuring highest average growth in number of small business as well as in access to financing. North Dakota also finished second in longest average work week.

One category where North Dakota was lacking however was in total spending on incentives as a percentage of GDP.