What makes Texas an attractive place to open a small business?
For the third straight year in a row, Texas has topped the rankings as the best place for business, according to the Chief Executive magazine’s Best and Worst States for Business survey. The rankings reflect the opinion of CEOs, which are a driving force behind the location of businesses. The most recent rankings place Texas in the number one spot, with Florida and North Carolina next in line. The worst states include California, New York, Illinois, and New Jersey. Our Austin, Texas business law lawyers discuss the best and worst business rankings and why you should consider Texas as a place for your business.
Ranking the Best Place for Business
Chief Executive’s rankings are based on surveys with CEOs. These rankings are critical because CEO perception is a driving force behind investments in offices, facilities, factories, and more. More than 500 CEOs weighed in on the best and worst places for business this year. States were also ranked individually in several key categories, including workforce quality, living environment, and taxes and regulation.
Why Should You Open Your Business in Texas?
Texas has continuously ranked high among the top states for business. The appeal of the state hinges on several factors. Texas has one of the fastest growing and strongest economies in the entire country. It also ranks high in job growth and has a favorable regulatory climate for businesses. Combine these positive business factors with a high quality of living and you can see why so many investors are drawn to Texas.
If you are considering opening a new business, you should explore Texas as your possible business location. Consult with a Texas business law attorney for help with your new venture. Before you open your doors for business, you will need to make several critical decisions that will guide the success of your business. You must choose the right business entity for your business and secure a location with a favorable lease or purchase agreement. You will need strong hiring policies and business contracts. Your lawyer will assist you through all of the steps you need to complete to start your Texas business off on the path to success.