Texas is one of the best states in the country for business, that’s one of the reasons you see so many companies moving their head offices to the state. What makes doing business in Texas so favorable? Let’s have a look at why so many startups and existing businesses are calling Texas home.
The Tax Benefits
Traditionally big companies set up their head offices in Nevada or Delaware because they were so tax-friendly. Delaware alone has more than 1 million businesses registered in the state. Both states don’t have any personal or state income tax. Texas is slowly catching up. It also doesn’t have personal or corporate taxes in addition to that it has a thriving economy to lure new business. Corporations from tax heavy states like California are moving their head offices to Texas in droves because of this.
The Labor Pool
Hiring the right people can mean the difference between success or failure in any business. Hiring the wrong person can destroy your business, especially if you’re a startup. Texas has a huge talent pool for you to tap into. Tech companies in particular are flocking to Texas just because of the talent pool. It has great schools combined with a solid infrastructure making it the perfect climate for a business to succeed.
Texas Leads in Innovation
When people think of Texas, their first thought is of the oil industry but Texas is more than that. While the energy sector will always have a big part in the Texan economy there is also aerospace, aviation, defense, manufacturing, healthcare, and a tech industry growing at an exponential rate. There are modern airports all over the state. Austin is home to South by Southwest (SXSW), a huge festival that celebrates tech and music.
Texas Loves Small Business
It’s not just big companies like Tesla that are welcome in Texas, Texas loves local mom-and-pop small businesses too. The Texas Economic Development Corporation is always there to help new business owners with everything from creating a business plan to finding funding for your startup. There are plenty of experienced business owners who are ready and willing to act as a mentor for newbies.
If you are even considering starting a business then you absolutely need to keep Texas in mind as the place to start. No taxes is a pretty big lure not to mention the thriving economy to help ensure your business success.