Many people are starting their tech companies in Texas because it is popularly known for its friendly business environment. Texas is a big state filled with a diverse population. Their business market is brimming with new opportunities all over.
Moreover, big international companies like Tesla, Oracle, and Hewlett Packard have relocated to Lone Star State to enjoy the benefits. Here, they can grow and gain the monetary value necessary to keep their businesses afloat.
Favorable regulations
The state encourages the growth of businesses because it has favorable regulations which are simple, straightforward, and easy to follow. It allows businesses to gain experience without having to worry about extra details. Moreover, the Lone Star State offers reasonable and competitive incentives to businesses. While it can be harder in other states to get the start you need, Texas offers readily available resources. Making it a great state to start your tech company in a prospering environment.
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There is a wide pool of skilled labor force.
Texas is filled with hardworking, and highly educated individuals that are ready for the workforce right out of school. This is partly because of the many universities that are situated in the state, including Southern Methodist in Dallas, Rice University in Houston, and Baylor in Waco. Moreover, there are plenty of community colleges in both large and small cities. This means if your business needs a software engineer, an accountant, or any other educated professional, then you will find them in the state. Students are graduating that are readily available for the new job opportunities that are around.
The state is centrally located.
The Lone Star State is centrally located in the US, and there are major highways, railroads, and interstates that cress cross through it. In addition, the state boasts 14 international airports. Thus, it has a very advanced and sophisticated transport system that enables the easy transportation of products across the state and country. Moreover, its central location enables executives and professionals to reduce their commuting time and fare while moving from one area to another for business-related reasons. Public transport is always in use and that’s how most employees choose to get around the cities.
There is a low tax burden.
Businesses that are operating in the state have access to tax benefits which are available at the state and local levels. The state doesn’t demand a personal income tax or a corporate tax. Moreover, the state offers different tax exemption programs for enterprises. For example, there is a sales tax exemption that can benefit people in the manufacturing industry, and it is available on software and materials for development and research. Also, on manufacturing machinery and equipment, which makes it helpful when gathering necessary materials.
The state has a huge and diverse market.
Lone Star State has a huge and diverse market for both new and existing companies. In addition, Austin and Houston are slowly becoming popular tech hubs because of the availability of a highly educated and abundant workforce. The growing population in both cities makes finding available employees even easier. Moreover, there is a rapid growth of industries like manufacturing and information, and computer technology as seen on the statistics provided by Texas Economic Development Corporation. With technology constantly evolving, it’s necessary to create these businesses to keep everything current.
The government offers funding programs.
There are incentive programs like grants and financing programs from the government. These are helpful when people want to get their businesses going without taking too much out of their personal accounts. The programs help small businesses to grow and thrive by making available diverse types of loans. This enables businesses to access different financing options like the Business Incubator Fund and Capital Access Program. In addition, businesses can access grants such as the Self-Sufficiency Fund and the Skills Development Fund.
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Conclusion
The state is popularly known for its favorable business environment because of the availability of a highly skilled workforce. Businesses also have access to tax benefits that other states don’t offer. There is an extensive transportation network for employees to actively use and state-of-the-art infrastructure. Moreover, entrepreneurs have access to business incentive programs, business resources, and start-up guides which are offered by the government. Tech companies don’t have to stress about how to get their businesses started when they go can go to Texas and take advantage of these opportunities.