What makes Austin an ideal city for startup businesses?
The Austin Business Journal recently released its list of the fastest growing companies in the city. Companies were divided into two categories, one for companies with annual revenues of less than $10 million and another for companies bringing in over $10 million a year. These winners represent the high growth atmosphere of industries within Austin and the state of Texas. Our Austin, Texas business startup attorneys explore some award winning companies in the area and discuss why Austin may be the perfect place for your new business.
The Winners of the Fast 50 Contest
The Austin Business Journal holds the Fast 50 contest each year, hosting an awards dinner and featuring winners within a special publication. Winning companies have demonstrated outstanding growth in the past three years, several recording triple digit gains. Winning companies with annual revenues of $10 million or more include, among others:
- AffiniPay LLC
- Flix Entertainment LLC
- NSS Labs
- The Burt Group
- Whim Hospitality LLC
Some of the fastest growing local companies making less than $10 million per year include:
- Austin Capital Bank
- Capstone Tile
- June & January
- LawnPop
- NadaMoo
- Proximity Learning Inc.
These leading local companies represent the tremendous growth potential for businesses within Austin. In the past few years, Austin has been named as a top place for startup businesses in several major publications. The Texas economy as a whole is booming, and Austin has become the hub for growth and innovation. Potential business owners will welcome Texas’ lack of personal state income tax and overall business friendly climate. Austin further boasts a low cost of living and a plethora of highly educated and trained employees.
Starting a Business in Austin
For those considering starting a new business in Austin, your first step will be honing your concept. Gather as much information as you can about the field you are seeking to delve into and build a business plan. Consult with a business startup attorney to form your legal business structure, which will impact your ability to grow and finance your entity. Opening a new business is exciting and holds limitless opportunities, but it is a step you should only take with thorough research and the assistance of an experienced business law attorney.