A recent study from CNBC verified what many business owners already know: Texas is very friendly toward businesses.
The state came in fourth place in a ranking of best states for businesses. In a followup article, CNBC details some of the factors that led to Texas’s high placement.
From Low Taxes To Plentiful Financing, Texas Businesses Are Positioned To Win
Taxes are one of the biggest burdens faced by businesses. In Texas, the burden is lighter. For example, there is no income tax or capital gains tax. Not only are taxes a little lighter here, the regulatory environment is less restrictive than in other states.
The talent pool in Texas is great, thanks in part to our universities and colleges. Furthermore, the fact that our state is a great place to live keeps graduates from moving away and also attracts talented out-of-staters to relocate here.
Financing can be a critical issue for businesses. For many, the first stop is the local bank. Texas has a high density of branches, which can make it easier for businesses to get the money they need to get off the ground or move forward with a new venture.
But Is A Great Environment All It Takes?
All of this might make it seem like starting and running a business is easy in Texas. Of course, that is not necessarily the case. For a business to succeed, it needs much more than being located in a business-friendly state. While location definitely helps, the success of a business hinges on careful planning, hard work and more.