Small Businesses Fueling Texas Job Growth
Home to nearly 30 million people and 2.8 million small businesses, Texas saw 227,487 new jobs created by small businesses in 2020 alone. Providing employment for 4.8 million people and making up 99.8 percent of all Texas businesses, it’s clear that small businesses have a critical role in the state’s economic future.
With a relatively low tax burden, Texas is a popular place for entrepreneurs to launch new enterprises. If you want to be among them, take a look at these top tips to get your venture off the ground:
Understand State Regulations and Licenses
Whether you’re a Texas native or you’re relocating to the state to set up your business, you’ll need to take a deep dive into regulations and licensure before you start trading. While some industries are more heavily regulated than others, there are laws and regulations that all businesses have to adhere to. Identifying the compliance issues that are relevant to your startup is essential, so make this a top priority. For example, if you are a real estate agent, you’ll need to become licensed in Texas as well, which means meeting specific criteria and every one of the current licensing requirements in the state.
Take Out Insurance
The right insurance policies can protect your business and give you the peace of mind you need as a business owner. Whatever type of venture you’re running, Texas business insurance can provide the cover you need. With a business owner’s policy from a reputable firm like The Hartford, you can combine general liability and business property insurance to simplify and streamline the coverage you need. Additional coverage, such as professional liability or income insurance, can also be added to your Texas business insurance policy to increase the level of cover your business benefits from.
Research the Market
Local, national and global businesses operate from Texas, so you can scale your business at a rate that suits you. However, knowing your market is essential, no matter the size of your business. If you’re opening a local business, you’ll need to understand more about the local economy and your target audience, for example. For national businesses, identifying your key target segments and determining how to engage with them is critical.
Find the Right Location
Texas is a great place to launch a business, but finding the right location is important. For example, tech entrepreneurs might want to situate their startups in Silicon Hills, while local service providers may choose to be based in Houston, Dallas, Fort Worth or Austin. Choosing the right location for your business headquarters will have a considerable impact on your running costs and target audience, so take your time to find the best location for your venture.
Apply for Funding and Grants
As well as securing commercial funding via business loans and venture capital, consider applying for business grants too. Texas often launches initiatives aimed at helping entrepreneurs to realize their business ambitions, so it’s well worth keeping an eye out for new grant schemes that can provide the financial backing you need.
Launching a Successful Business in Texas
With so many benefits associated with running a small business in Texas, it’s easy to see why many people choose to launch their own enterprise in the Lone Star State. What’s more, starting your business in Texas means you get to live and work in this fantastic state. From a year-round temperate climate and an affordable cost of living to family-friendly neighborhoods and bustling cities, there’s no better place to be.