Take it from us: it isn’t easy to determine what state is best for business expansion, especially when considering how vast and varied markets in the United States are. Choosing a business-friendly state is crucial for success, and according to a recent study published by finance website WalletHub, three key factors determines if a business will be able to survive past its first year of operation: business environment, access to resources and business costs.
Earning top spot as the best state to start a business is Texas. Highest average growth in a small business, highest total spending on incentives and overall business environment all contributed to the state’s high ranking. Individual metro areas in Texas also scored high in a seperate WalletHub ranking of the best large cities to start a business, with Austin, Fort Worth, Houston, Dallas, San Antonio, Irving and Laredo all cracking the top 20 list.
If the Lone Star State’s impressive business record hasn’t won you over yet, consider this: the state snapped up another top title earlier this year, coming out on top as the best place for female entrepreneurs according to Fit Small Business. With ample business opportunity, strong economic and financial health potential and a booming number of female-owned businesses, Texas is well-positioned for female-led ventures.
So if you’re wondering what state to start your business in, don’t be afraid to think big. In fact, think Texas-sized.