Starting a new business is a complex endeavor. There is a great deal of work that needs to be done and there are various factors that will set the stage for the business’s long-term success. Many of those factors are in the hands of the business owner: Is there a viable business idea? How will the business stand out from the competition? Is a solid business plan in place? Will the work be done and the hours put in to make the business a success?
However, even the most diligent business owner must take into account external factors that they may have little or no control over. It certainly helps to know that the business will be opening its doors in a city that is friendly to new businesses.
So the question is: Is Dallas a good city for starting a business?
2017’s Best Big Cities For Launching A Business
On its yearly list of best big cities for launching a business, WalletHub ranked Dallas number 30 out of 150 U.S. cities. Nearby Fort Worth came in at number 20. Overall, Texas dominated the list, taking 10 of the top 30 spots.
What makes a city good for new businesses? WalletHub weighed a variety of important factors when creating its list, including affordability of office space, accessibility of financing and five-year survival rate for new businesses.
Opening a business in a city that has been shown to be friendly toward new businesses can certainly provide peace of mind and maybe even an advantageous starting point. However, it does not diminish the careful planning and hard work that is needed to truly ensure a new business’s longevity.
Care must be taken in everything from choosing a business entity to the creation of employment contracts. That is the solid foundation that long-term success is built on.