Drive down any main street in South Dakota and you will find the doors to several businesses opened by a family member who owns that store. It may be the local coffee shop or café, the grain elevator, maybe the hardware store, or even the bank. Family-owned businesses are how many South Dakota communities survive.

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Recently OnDeck analyzed data from the U.S. Census Bureau’s 2023 Annual Business Survey and found that South Dakota leads the nation with 41.25% of family-owned businesses.

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South Dakota also ranks high (No. 3, 45.46%) when it comes to where the workforce is employed.

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Now that's not to say a South Dakota family-owned business pays more than other states. When you look at the map of Average Wages for Family-Owned Businesses, all up and down the heartland these states are making an average of $40K to $49K per year.

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What does this all have to do with starting a business? People who have been drawing wages from other companies have found that working for themselves brings them more happiness and fulfillment, according to Forbes Magazine.

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READ MORE: The Most Common Last Name in South Dakota May Surprise You

Does that mean more income? Not always. However, Forbes has found that South Dakota once again ranked high (2024-No. 4) for entrepreneurs opening a business here.

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