Me thinks that there is talk of Alaska doing the same thing.
1) the right Constitution (should be the same as the U.S. Constitution, the greatest political document in history),
2) the free market allow to run domestically and internationally without government interference, and
3) (most difficult at least at first) an effective deterrent and defense against foreign invasion,
it might work. Alaska's a big state but no a lot of areas that are livable.