Those who live in the Lone Star State, as well as those moving here in droves, are well aware that Texas has a business-friendly climate. It’s one of just five states that have no state-level income tax, and the state government has helped position Texas as an extremely attractive business destination through its minimal regulatory policies. For these reasons, and many others, Texas has developed a reputation for becoming a place where one can plant their own flag and thrive.
While it’s fairly common to see statistical data that reveals the level of opportunity in Texas, one recent update stands out, in which Texas was ranked the second-best state in the U.S. for new business startups. Capital on Tap is a business credit card company that spends a lot of time and resources in determining areas with a pro-business climate. Using data retrieved from the U.S. Department of Labor Statistics and several other citable sources, FranNet of DFW & Oklahoma shares a few other updates that their research has uncovered.
What’s the Driving Force Behind Entrepreneurship?
When Capital on Tap issued a press release ranking the best states for business startups, the company’s COO included a memorable quote about the sentiments lurking behind most entrepreneurial-minded individuals. “Entrepreneurship is driven by the desire for independence,” stated Damian Brychcy. “This includes the freedom to pursue your passion, choose your workplace and working hours, and foster personal growth.” Here at FranNet of DFW & Oklahoma, we couldn’t have said it better ourselves – as many of the individual benefits he speaks of are part of our routine sales pitch about the benefits of franchise ownership.
Lensa, a data-driven corporate recruiting firm, recently issued its own set of rankings for states with pro-business climates. This time around, Texas topped the list at No. 1. Using a 10-point scoring system, based on multiple factors, Texas earned a 7.09 score. The data used to compile the rankings included the rate of new business applications, survival rate, corporate tax policies, labor pool, and venture capital statistics. With nearly 500,000 new business applications filed in 2022, only two states had higher totals. With a corporate tax rate of only 3.95%, small business owners have a better chance at maximizing their profitability – welcome news, especially considering that Texas has one of the lowest cost-of-living margins.
Big Business Begets Small Business Success
Aside from the “California-to-Texas” pipeline phenomenon, many Fortune 100 companies have shed their suits and ties for cowboy hats and boots. Corporate giants like Oracle, Tesla, Amazon, and Hewlett-Packard have all recently made the decision to relocate their headquarters to Texas. Along with them come hundreds of thousands of employees, new jobs, and momentous opportunities for small business revenue in the form of new consumers.
Aside from the steady stream of positive news articles regarding new business opportunities in the state of Texas, we’ve also long been known for our independence. It’s more than a vibe, but rather something ingrained in our DNA. Many entrepreneurs have discovered, just like many more soon will, there’s no place like Texas for those who want the freedom and flexibility that come with owning a business of your own.
If you’d like to explore how franchise ownership of your own can add to our already healthy statistics, reach out to FranNet of DFW & Oklahoma for some world-class guidance and navigation. Together, we can keep Texas at the top of lists like these for years to come!
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.