Texas has always been one of the most business-friendly states in the country, but they continue to get even better. Entrepreneurs from across the nation are making the move to the Lone Star state to not only enjoy the benefits for their businesses, but to enjoy the quality of life.
It seems that taxes and regulations have finally reached a point where they outweigh the social and cultural benefits of living in California and New York. Meanwhile, the opposite is happening in Texas. Here are a few reasons why Texas is more business-friendly than ever.
More Favorable Business Regulations
One of the biggest concerns for small business owners is the complexity of acquiring various business licenses and all of the legal hurdles you have to jump over just to get started. Of all the states in the country, Texas is in the top five in terms of simplicity for meeting regulations and low quantity of requirements overall.
Strong Labor Force
Texas has one of the strongest and biggest labor forces in the nation. Among small business owners today, a major problem is finding good employees. In fact, it’s more of a disaster than a problem in most states. Not in Texas, though.
Texas has great colleges, it has a young and growing labor force, and major companies from virtually every industry call Texas home. No matter what type of business you’re looking to start (or currently run), there’s a city in Texas that has the perfect talent pool of prospective employees for you.
In addition, the presence of labor unions is among the lowest in the country. You simply can’t find another state that has such a favorable labor force for businesses combined with the other factors that make Texas business-friendly.
State and Local Taxes
There are several states that don’t have an income tax, but that doesn’t necessarily mean businesses are better off there. When looking at state and local taxes combined as a percentage of income, Texas has the second lowest rate. That means a higher profit for your business!
Nowhere else in the country has metroplexes like DFW, San Antonio and Austin, and the Houston area with all of their amenities and such low taxes. Texas is the most business-friendly state in the country because it’s the only state that’s great for both businesses and people.
If you decide to locate your business in one of those three major metroplexes, we’d love to hear from you. We actively practice in Houston, San Antonio and Dallas!