If you’re thinking about an entrepreneurial future in Texas, you’re not alone. At least according to the U.S. Census Bureau, the agency that tracks statistics related to new business filings by state. How did Texans fare in the two years going back to the start of the pandemic? Let’s just say we’re in record-setting territory. In just over two years (27 months), new business applications in Texas topped one million – 1,026,947. That total amounts to an average of 38,035 applications per month in the Lone Star State!
All told, this data seems to reveal that Texans are approaching entrepreneurism with confidence. Let’s review some additional statistics and proof points that point to an ideal climate for those choosing to become their own boss.
Texas = Quitters, Inc.
In a previous FranNet of DFW & Oklahoma blog post, we shared data that indicates how Texas is the job-quitting capital of the U.S. – the state with the most credited, voluntary resignations. In the month of Oct. 2021 alone, more than 400,000 workers gave their notice to employers. The trend has continued into the first quarter of 2022, as the number of additional resignations topped 1.2 million. Apparently, the budding entrepreneurs of this state believe you can still plant your own flag here and establish a business of your own.
Heard of the ‘SBFS’?
Every year Thumbtack, a technology company specializing in empowering small businesses, issues findings from its Small Business Friendliness Survey (SBFS). The organization gives each state a grade on the A-F scale in multiple business-friendly categories, then provides a summary of the demographic information collected from their state-by-state surveys. In 2021, Texas would have made the A-B Honor Roll. Out of eight categories, ranging from Ease of Starting a Business to Regulations, Texas received five A’s and three B’s for its small business climate. You can view the results for Texas – and other states – by following this link.
Additional Confidence Boosters
From one Blue-Ribbon Commission to the next, Texas gets ranked as a perennial contender for the best state for small business ownership. In addition to leading the nation in job creation for the past 10 years, our state has no individual state income tax, a thriving commercial real estate market, offers employers plenty of talent, and continues to add to our robust population gains. As for the North Texas-Oklahoma corridor, it’s estimated that this region’s contributions to the Texas economy make up a full third of the $1.6 trillion generated.
As you can see, Texas – and North Texas in particular – represent some of the best possible opportunities for entrepreneurial growth. If you’ve lived here all your life – or are a recent transplant (Howdy, y’all!) – and have been thinking about business ownership, we’d like to hear from you. We are uniquely qualified to match your potential with the possibilities that come from small business ownership through franchising. All you have to do is let FranNet of DFW & Oklahoma be your guide. Our no-cost, no-obligation consultations have helped hundreds of entrepreneurs in North Texas and Oklahoma secure a future that belongs to them and them alone. If you’d like to get started on your own entrepreneurial journey, we’d love to introduce you to a whole new world of possibilities through franchise ownership.