The East Texas Council of Governments (ETCOG) has recently begun funding the incorporation of free-to-use software that will assist businesses, real estate developers, as well as site selectors to find the best local properties for their needs. ETCOG authorities are helping cities fund access to ZoomProspector, which is an online program that will cut down the time and effort it takes entrepreneurs to research new sites for development.
The program works by collecting data on the necessary demographics, all available properties, talent pools, income statistics as well as other vital information that will provide users with a more comprehensive picture of the area’s economic opportunities. Chuck Vanderbuilt, ETCOG’s community, and economic development manager, reportedly “hopes the program will attract locals and outside business developers toward doing business in East Texas.”
“I think it’s useful for someone who is interested in promoting their community,” Vanderbilt said. “Or that small business owner that’s looking to make decisions on starting a business here or making the leap and expanding.”
Texas as a whole has become a hub for business operations and opportunities; the state is currently one of only four states to successfully recover all jobs that had been lost during the covid-19 pandemic, with the unemployment rate in the state dropping from 12.9% to around 5%. This is due to the business-friendly climate that Texas has created, giving entrepreneurs the freedom and resources that they require to grow their companies.
Small Businesses in Texas
Small businesses make up around 99.8% of the total number of businesses in Texas. With the second-largest gross domestic product, valued at $1.77 trillion annually, the Lone Star State does not impose any corporate or individual income taxes as well as no state property taxes. The state provides the perfect playground for entrepreneurs to explore their possibilities.
Many entrepreneurs that are looking towards Texas to start up their small business opt for an LLC business structure. This is because they are provided with the legal protection that structures such as C and S Corps have while still benefiting from the flexibility that sole proprietorships and partnerships provide. LLCs, therefore, allow their members to protect their personal assets– such as their vehicles, properties, and savings– if something should happen to the business. LLCs also provide credibility and options for members to save on taxes.
Entrepreneurs that are looking to start up a new business in Texas are advised to read more about starting an LLC to ensure that the business structure is suitable for their needs.
Why are Large Corporations Moving to Texas
Texas is now home to a number of tech giants and large corporations, many of which have migrated or expanded into Texas because of the state’s ability to promote growth. After Tesla began its expansion into Texas, the company’s CEO, Elon Musk, had taken up residency in the Lone Star State himself.
There are multiple reasons why companies and individuals have been moving to Texas – lower housing costs, better tax rates, and a limited amount of regulations have made it easier for businesses to operate in the state. Texas boasts an abundance of technical talent, and any company moving into the region is able to tap into that well-experienced talent pool.
The State authorities in Texas have a long-standing tradition of providing businesses with a treasure trove of resources to aid in the expansion and development of small businesses and large companies alike. The Lone Star State provides the ideal climate for entrepreneurs to explore their potential and tap into the abundance of skills and tools that the state has to offer.