Starting a Small Business in Texas
Why Should I Start My Small Business In Texas?
The state of Texas bills itself as being “Wide Open for Business.” According to the Texas Economic Development Corporation, there are 2.2 million small businesses in Texas, 725K of which are women or minority-owned.
Starting a small business in Texas has significant advantages. The top 5 reasons to start a small business in Texas are:
- Low tax burden
- Business-friendly regulatory environment
- Access to highly-skilled workers
- High-growth major metropolitan areas
- Reasonable living costs
How to Start a Small Business In Texas
The Texas Economic Development Corporation provides a treasure trove of resources related to setting up a small business in Texas. Additionally, many of the accolades bestowed upon Texas for being a haven for small businesses are on display.
Starting a small business in Texas requires investment capital. There are a variety of sources of small business funding to explore. Make sure to check out small business incentive programs and grants offered by Texas as well.
Another excellent resource is SCORE (Service Corps of Retired Executives), a non-profit and resource partner of the SBA (Small Business Administration). SCORE can help you find a free business mentor or locate one of its 389 local chapters across the U.S.
What Are the Main Industries in the State of Texas?
Texas' economy is built on a wide range of industries. The top-ranked Texas industries are:
- Computer Technology
There are 12 Texas-based companies in the top 100 of the Fortune 500 list. They are:
- Exxon Mobil
- Phillips 66
- Valero Energy
- Energy Transfer
- American Airlines
- Enterprise Products Partners
- Plains GP Holdings
How to Buy a Franchise or Existing Business in Texas?
There are options other than starting a business from scratch. One tried and true path to small business ownership is buying a franchise in Texas. There are some unique and attractive options available for financing a franchise.