When it comes to doing business in Texas, diversity is a good thing. A diverse business landscape can lead to competition among corporations, which can be a boon to customers, inspiring lower prices and better products and services. Competition can also push corporations to improve their business practices, efficiency, and productivity. Having many different businesses in one state can also lead to more innovation and a fertile environment for the growth of new ideas and even more businesses to emerge. This economic diversity can help to boost the economy of the state and to create new jobs. A state with a multitude of businesses can also make for a more attractive place to live and work by offering residents more choices and opportunities.
Texas has a rapidly growing economy, a good quality of life, and a low cost of living. It also boasts a diverse business base with plenty of room for more corporations. Read on to learn about 7 decisions you need to make before a corporate move to Texas.
Location, location, location. Where in Texas will you choose to move your business? There are many different regions of the Lone Star State, each with unique characteristics. Some factors that business owners might want to consider before making a move to Texas include the area’s cost of living, the quality of the local talent pool, and the overall business climate. Read about a few different Texas regions here:
The Capital region is home to many institutions of higher education (including Texas State University and the University of Texas), and this makes for a consistent pipeline of highly educated people entering the workforce. Some of the top industries there include computer and electronic product manufacturing as well as heavy and civil engineering construction.
The Gulf Coast region is also home to many colleges and universities, including health science schools. A few of its major industries are oil and gas extraction, pipeline transportation, and manufacturing.
The Dallas-Fort Worth Metroplex is a booming area in the state that has a truly diverse business landscape. The region’s population has grown about 20% since the 2010 Census. Telecommunications, air transportation, and data processing are among some of the region’s top industries.
Space and size. What kind of office space will you need for your corporation in Texas? This will of course be dependent on the size of your company as well as the number of employees you plan to have working in the office. There are many different options for office space available in Texas including traditional downtown-style (think: Austin, Dallas, Houston, San Antonio) office buildings, warehouses, spaces for co-working, and other flex space for corporations.
Consider your workforce. Will you be relocating your business to Texas with current employees? Some workers may be happy to make the move to Texas with you, while others may opt out. It will be essential to communicate clearly (and early) about your company’s move to Texas and any details of the move. Consider what you’ll be responsible for as far as relocation and housing costs as well. Will you need to hire more employees after your move? There’s a solid workforce in Texas, and an organization like the Texas Economic Development Connection can help with networking and making connections in your chosen region.
Logistics. Will your company need to move equipment, hire movers, or find temporary office space? There are many logistical details that will need to be considered when making a corporate move to Texas such as transporting equipment, hiring movers, and finding temporary office space. There are also business operations to consider including supply chain, customer service, production, sales, marketing, advertising, and finances.
Legalities. It’s essential to also consider the legal requirements for moving a company to Texas. It will be necessary to register your company with the state and to obtain a proper business license for operating the state of Texas.
Money, money, money. It is likely that a corporate move to Texas will have a financial impact on a company. It’s important to budget and plan for the cost of the move as well as its impact on the company’s bottom line. Will your business need to switch banks upon its move to Texas? It will be essential to set up new banking in Texas if necessary.
Vision. Do you have a long-term plan for your company in Texas? While making a move is exciting, there are so many details to consider before setting up in a new state. In addition to all of these details, mapping out your company’s growth strategy can help to set you up for success.
Get some expert advice. The Texas Economic Development Connection is a team of certified economic developers who work with governmental agencies, chambers of commerce, and economic development organizations throughout the state of Texas; they help to support businesses that are ready to expand or relocate to Texas. They can help with regions, resources, and relocation. Check out their relocation planning tool online, or reach out by phone at 214-775-0617.