James Cash Penney, the founder and CEO of department store J.C. Penney is quoted as saying, “It is always the start that requires the greatest effort.” Entrepreneurs like Penney know this to be true. Putting a business plan into action takes great planning, effort, and care. What takes even more planning for business owners is making a big business move out of state to a place like Texas. Luckily for today’s entrepreneurs, Texas has quite a booming economy. And what’s more, there are resources available like the Texas Economic Development Connection to help make networking, moving, and setting up shop in Texas go a bit more smoothly. Read on to learn more about the entrepreneur’s guide to moving a business to Texas.
First things first. Entrepreneurs should do a bit of research before making a big business decision. Understanding the business climate in Texas is essential. Business owners ought to consider factors such as the existence of any competitors or comparable companies, the city or town they plan to move to, the cost of living, the availability of talent, and any local or state regulations that may apply to your company or industry.
The right place at the right time. Texas is the second biggest state (after Alaska), and there are about a dozen different regions to consider when it comes to moving a business here. Some factors that business owners will want to consider when choosing a new business location in Texas include: commercial real estate and housing costs, the availability of infrastructure, availability of a workforce, and the proximity to the company’s target market.
Tax haven. The great state of Texas happens to have a relatively low tax burden compared to other states. However, it’s important to keep in mind that taxes in Texas do exist. Companies might note that Texas does not have corporate income taxes; instead, the state does have a franchise tax for some businesses. Additionally, for tax purposes, you’ll need to determine different tax responsibilities whether your company is an S-Corp, a C-Corp, an LLC, a partnership, or a sole proprietorship. Also, multistate businesses that operate at multiple locations in different states could owe taxes in those other states. Consulting a professional like a tax attorney would be of great help to entrepreneurs moving to Texas.
Make it official. Getting the necessary permits and licenses to do business in Texas is important. Depending on which industry your company is in, you may need to get these things done before you can begin business operations. The state of Texas offers a guide for these licenses and permits to get familiar with for their Texas business plans.
Bank on it. From hiring a qualified Texas accountant to setting up a local business bank account, there are plenty of financial details to consider when moving a business to Texas. An accountant can help you to understand the tax implications of relocating to Texas. Accountants can also help with planning for taxes, budgeting, and certain financial paperwork. Setting up a business bank account in your new location will help facilitate managing your company’s finances.
To market, to market. Once your business is ready to operate in Texas, how will you market it? Potential customers are aplenty in this booming business state, but Texas is a big place. Consulting with a marketing professional can help to ensure that your marketing efforts are reaching the right demographic.
Work your network. When you’re the new guy in town, networking with other businesses can be a great way to build relationships. Look to your local chamber of commerce and the Texas Economic Development Connection to help you make some meaningful connections in your new location.
Break it down. Texas is huge. The idea of moving a business to a new state is big too. Breaking the process of your business move into manageable steps—each with an expert to help you along the way—is ideal.
Ask the experts. If you’re moving a business to Texas, ask for help! There are many great resources in the state, but one of the best has got to be the Texas Economic Development Connection. They know that expanding or moving your business can be expensive and challenging. The pros at the Texas Economic Development Connection have the market intelligence that business owners need in order to help minimize risks and maximize great results. There are plenty of great economic opportunities in Texas, and they are ready to help business owners connect to their communities as they relocate.
Working with the Texas Economic Development Connection means that you get to work with experienced leaders as you go through the steps of your business move to Texas. They can help with research, planning, and connections as you get your business going in a new state. Make great business decisions as you make your move to Texas. Reach out to the Texas Economic Development Connection by sending an email or by calling at 214-775-0617.