Your entrepreneurial goals are unique, and there are many ways to achieve them. While you can take your pick of new corporate domiciles, Texas looks like an appealing place to start a business. Here are some of the potential advantages that you stand to gain and why working for success in the Lone Star State might beat other alternatives.
The Economic Realities
Economies of scale are a critical concern for small business owners who want to compete with larger competitors. Since big firms can acquire supplies and produce items in bulk at lower per-unit costs, it behooves you to take advantage of every benefit that you can get.
When it comes to regulations that might potentially doom your business enterprise, Texas is fairly lenient. The state doesn’t even impose income taxes on individuals or corporations. These factors may have contributed to its thriving economy and approximate $1.7 trillion GDP in 2017.
The Market Opportunities
Texas is well-known for having a low cost of living. According to the state comptroller, it also boasts an unemployment rate that’s generally lower than the national average.
It may come as no surprise that the local consumer confidence index is also higher here than in the rest of the U.S. If you’re a business owner, this is good news. Moving your enterprise to a state where more of your potential customers have money to spend is a great idea if you depend on retail income.
True, Texas’ lack of income taxes means that you’ll have to pay significant sales taxes, but this isn’t necessarily an insurmountable challenge. Although you might not be able to get the same tax incentives that larger established corporations enjoy, you’ll still be on a relatively even footing with competitors that are in your weight class.
Another critical business success factor is that Texan cities are steadily growing. Entrepreneurs and franchisees on the hunt for untapped markets are sure to appreciate the burgeoning population expansion in major urban zones, such as Dallas-Fort Worth, San Antonio and Austin.
The Business Ties
The presence of well-established business communities is one of the nicest aspects of working in a state that’s so supportive of new enterprises. Multiple cities and regions in Texas have offices or departments that dedicate themselves to furthering business diversity. For women, minorities and other traditionally underrepresented groups, these entities offer robust support systems and vital resources that might make it easier to hit the ground running with a solid plan of action.
Texan small-to-medium-sized business owners can also capitalize on ready access to a robust network of Small Business Development Centers. With more than 60 different locations, Texan SBDCs offer important guidance for companies trying to take advantage of
- Disaster recovery advisement and aid,
- The Texas Federal Innovation and Technology Transfer Program, and
- The State Trade Expansion Program.
A Positive Outlook
Texas offers a unique cultural, economic and legal climate for entrepreneurs. For instance, there are definitely challenges to growing a small company in an environment where low unemployment and other factors are shrinking the pool of qualified workers. At the same time, this is still better than trying to do business in a depressed economy. Although Texas might not be the first location that springs to mind when you think of becoming a star of the entrepreneurial world, it’s hard to beat its pro-business laws, extensive support networks and growing, receptive consumer populace.
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