Texas has been home to many famous entrepreneurs; Howard Hughes was born in Houston, and his entrepreneur father revolutionized the oil industry with the invention of the Hughes drill bit. Texan Ross Perot became a billionaire technology entrepreneur before he was ever a presidential candidate. And in more recent years, Austin-based Whitney Wolfe Herd, founder of Bumble, reached multi-millionaire status.
As an entrepreneur, you want to operate in a location that won’t limit your growth. Many states have many business restrictions and regulations, debilitating taxes, or a limited talent pool that hinders the ability of a business to thrive. If you’re an entrepreneur who needs to move your business to a place that will help you grow and thrive, consider Texas. Read on to discover the entrepreneur’s guide to moving a business to Texas.
The talent pool is Texas-sized. With so many people moving to Texas, its population is growing. In addition, Texas has a steady stream of college graduates coming from its many universities. The workforce in Texas is talented and strong, and it’s supported by some enticing business incentives.
Incentives are your friend. One great thing about Texas is that there’s no corporate or personal income tax. In addition, there are many programs for businesses that are relocating to or expanding in Texas. Some of these include: The Texas Small Business Credit Initiative, the Texas Enterprise Zone program, the Skills Development Fund, the Product Development and Small Business Incubator Fund, the Texas Small Business Credit Initiative, the Original Capital Access Program, and the Texas Enterprise Fund. All of these programs offer different financial benefits for businesses. Work with experts like the ones at the Texas Economic Development Connection to understand more about how the Texas economic development system can work to benefit your business.
All kinds of industries thrive. Oil has traditionally been a top performing business in Texas. Agriculture—thanks to the wide open spaces and Texas longhorns—has also been a well known Texas industry. In recent years, the state has evolved to become home to a wider array of industries including some new ones such as information technology, e-commerce, energy, and digital technology. Startups of all kinds have also found a home in the Lone Star State.
Office space is abundant. While there is great growth in Texas, there is still plenty of space for businesses. Purchasing land to build your business upon is possible, and renting office space in Texas is generally more affordable than other places in the US.
A city for every personality. The metropolitan areas of Texas are admirably diverse. From Austin to San Antonio, Dallas to Houston, the many different regions of Texas have different personalities. Whatever your entrepreneurial business is, there’s a Texas city that’s just the right fit for it. You can get help to find the perfect setting for your business from the TexEDConnection, which has done extensive research on communities in Texas.
Making connections is key. The Texas Economic Development Connection offers business owners the opportunity to speak with experienced economic developers who represent cities throughout Texas. This can help with the hunt for just the right location for a new business in the state.
Determine your tax responsibilities. State and Federal taxes are filed through the Texas Comptroller of Public Accounts and the Internal Revenue Service, respectively. Be sure to get in touch with the county’s appraisal district or tax assessor-collector.
Get permission. While a general business license isn’t required in Texas, it’s essential to know which licenses, permits, certifications, registrations, or authorizations are needed for your business. Get familiar with federal and state employer requirements for any staff you may hire as well.
Be aware of employer requirements. In the state of Texas, there are things to consider as an employer such as the laws surrounding equal employment, safety mandates, and labor necessities.
Consult with experts. While being an entrepreneur means wearing many hats, it is wise to employ experts in law and accounting to set up a business in a new state. For things like business registration, insurance, taxes, and payroll, working with experienced professionals can help setup and starting a business in Texas go smoothly.
Resources are ready to help you. The Texas Economic Development Connection has worked for years to gather data about moving businesses to Texas. At no cost to business owners, the TexEDConnection can help with a step-by-step process to help entrepreneurs build their businesses in Texas.
The motivations for moving a business to Texas aren’t all economic. Consider the quality of life that’s available in a big, beautiful state like Texas with its welcoming rural communities, booming cities, and so much more to offer. The Texas Economic Development Corporation can help you on your journey as an entrepreneur. Check out The Texas Economic Development Connection’s Relocation Planning Tool online, or reach out to the TexasEDConnection at 214.775.0617.