The economy is booming, especially in Texas, and it is creating great opportunities for entrepreneurs.
According to WalletHub’s most recent report on the best and worst states to start a business, Texas ranked number one overall. The Lone Star State beat other high-profile states such as Silicon Valley’s California (ranked eighth), Amazon’s Washington (ranked 12th) and New York (ranked 42nd).
The results were determined using 26 relevant metrics that focus across three areas: business environment, access to resources and business costs. Within these areas, Texas ranks number one in business environment, 11th in terms of access to resources, and 30th in business costs. If you’ve ever had the urge to start your business, now is the perfect time to make the leap.
One of the most common reasons people hesitate to launch a business is the lack of resources. As the study shows, Texas has successfully implemented business policies designed to create an entrepreneur-friendly environment. The Valley doesn’t lag far behind in these efforts. In a different study by WalletHub in May on the best cities for Hispanic entrepreneurs, Texas cities account for 10 out of the top 20 spots. These cities include Brownsville, ranking in at 13th. This is all without taking into account the Valley’s emerging commercial space exploration industry. This will undoubtedly help spur entrepreneurial opportunities, as well as future investments in commercial real estate.
If you’re a female entrepreneur hoping to start your business then, again, Texas is the state for you.
A study published in January by Fit Small Business ranks the best states for female entrepreneurs. Texas takes the top spot.
The state legislature is also continuing to create more opportunities to stimulate entrepreneurial growth. In June, Governor Greg Abbott signed bill HB 696: Operation Welcome into effect. This will create a program to help connect veterans to a variety of employment services including services related to entrepreneurship.
If you’re not excited about being an entrepreneur in Texas, and especially in the Valley, you should be. The opportunity is there. All you need is an idea, determination and to just get started on making it a reality.