At FranNet of DFW & Oklahoma, we felt like it was long overdue for our audience to hear more about the economic outlook in the Sooner State. After all, this is an area that got its nickname from quite a few overzealous entrepreneurs, anxious to stake their claim to land grants slightly ahead of schedule. It’s befitting that this legacy lives on today, as Oklahoma works to maintain its prosperity and a pro-business environment for entrepreneurship that’s thriving once again.
In this edition of FranNet of DFW & Oklahoma’s blog, we’re going to provide a current snapshot of this pro-business climate and what the future holds for entrepreneurs who’d like to establish business ownership through franchising in the Sooner State.
The Next “Texas”??
In a March 2 news article, the New York Times wrote an expose on the state of Oklahoma entitled, “Oklahoma Wants to be the Next Texas. Imagine That.” The story begins with a little-known fact. That mega-production plant that Tesla ultimately built just outside of Austin, Texas almost went to Tulsa, OK. And for many of the same reasons. Oklahoma, admittedly under the shadow of its southern neighbor Texas, has a lot in common with the Lone Star State when it comes to its pro-business attitude. There’s the promise of plenty of land to build upon (back to that Sooner reference again), low taxes, and limited regulations from the state government on commerce. In a pilot program that began back in 2018, the city of Tulsa began offering remote workers $10,000 to relocate there. As of today, more than 1,000 new residents have taken advantage of the stipend.
“Capital” Improvements
Oklahoma City is a booming place, thanks in part to a pilot program that created a dedicated 1% sales tax to go towards the development and revitalization of infrastructure. The move helped renovate the downtown area, now home to a bustling mix of retail and mixed-use development. And it’s fostered a pro-business environment for small business growth and expansion. The current 18% jump in population has made Oklahoma City one of the fastest-growing cities in the U.S. In the last five years, more than 100 companies have relocated to Oklahoma. And with them come more residents, jobs, housing, and economic prosperity. Currently, the state pegs the dollar amount of their promised investments at $10 billion – with a b.
Prosperity Flourishes…
Last year, Oklahoma City saw employment reach pre-pandemic levels, with an annual job growth percentage of 3.4% and the forecast for 2023 includes another 2% bump. The city’s bond ratings are still exceptionally high (AAA), for the 12th year in a row. And, thanks to participation in the U.S. Treasury’s Small Business Credit Initiative, a few Oklahoma-based small business owners and entrepreneurs can now benefit from $81.6 million in new funding initiatives. The two programs include the Oklahoma Venture Capital Investment fund and the Oklahoma Business Lending Partnership. These funds are allocated for small businesses with 10 employees or less and there are plenty of franchises that meet this definition.
As you can see, Oklahoma isn’t exactly an “also ran” state any longer. But can the Sooner State ever step out of the shadow of its economic miracle-working neighbor to the south? Current Governor Matt Pinnell is circumspect. When pressed on whether or not he’s competing for business against the Lone Star State, he’s decided the best way to beat them is to join them, replying, “We hope it is the next Texas.”
If you’re a resident of Oklahoma and would like to explore an entrepreneurial future, we invite you to speak with us and find out what’s possible.
Let’s Chat!
If you’d like to know more about franchise opportunities and ownership, please get in touch. FranNet of DFW & Oklahoma is uniquely qualified to match your potential with the possibilities that come from small business ownership through franchising. All you have to do is allow us to be your guide. Our no-cost, no-obligation consultations have helped hundreds of entrepreneurs in North Texas and Oklahoma secure a future that belongs to them and them alone. If you’d like to get started on your own entrepreneurial journey, we’d love to introduce you to a whole new world of possibilities through franchise ownership.