“North Texas, for 1,000 reasons, is easily one of the best places for entrepreneurs to get started,” billionaire sports owner and entrepreneur Mark Cuban said during his keynote speech at the North Texas Commission’s 44th Annual Members Luncheon.
An article by The Dallas Morning News highlighted Cuban’s speech detailing why he loves the Dallas-Fort Worth marketplace and why he contends that he will “take Dallas any day” when it comes to building a business.
“My businesses require brainpower and effort, and there’s no shortage of that here,” he said.
Cuban is just one of many voices making a case for the DFW metro as fertile ground for startups. And while this speech was given years ago, the sentiment clearly still holds true as more and more startups trek to the state in favor of its pro-business environment and talented workforce.
Wallethub determined that Texas ranked No. 1 as the best state to start a small business in its 2019 study, thanks to the state's ideal business landscape, access to cash, pool of skilled labor, and affordable office space.
The study looked at all 50 states examining business costs, environment, and access to resources, which were given 25, 50, and 25 points respectively. View a snippet of the results below.
Texas Business Accolades
This is not the first time the Lone Star State was ranked high for its business-friendly environment. Last year, Wallethub again ranked Texas as No. 1, and rewinding back to earlier years, Texas was tops in Entrepreneur Magazine's 2015 list of "10 Best States to Start a Small Business," giving the state an A+ for its “overall friendliness to small businesses.”
Chief Executive Magazine also named Texas the “Best State for Business,” marking the 14th year in a row it received the top spot.
Other magazines including Forbes, Site Selection, and Area Development as well as companies CNBC, Thumbtack, and Marketwatch.com frequently highlight Texas and its myriad cities for fostering a pro-business climate.
Most recently, Business Facilities magazine bestowed Texas as the top-ranked state in its Wind Power (Installed Capacity) category. The state also took the No. 2 ranking for "Best Business Climate" falling just short of Alabama.
A Promising Fit for Startups
North Texas continues to capitalize on the positive reputation of Texas having a pro-business environment.
Today, Dallas is home to four major sports franchises, one of the largest airports in the world, several large-scale manufacturing headquarters, world-renowned universities, and 22 companies (and counting) on the Fortune 500 list.
But where do startups fit into the scene?
A low tax burden, strong asset protection, and equity crowdfunding are among the factors that make the Dallas-Fort Worth metroplex a promising fit for startup companies. Diverse communities with strong economies and networking opportunities are also helping Dallas win the attention and trust of entrepreneurs from near and far.
For example, Austin-based accelerator Capital Factory joined forces with the Dallas Entrepreneur Center (DEC) to grow startup's investor profile. The company touts Texas as offering an open door for entrepreneurs as compared with larger markets like New York and Silicon Valley that are filled with regulatory hurdles and major obstacles when launching a business.
An Open Door for New or Expanding Business
With no corporate or personal state tax and its robust education system, it’s clear why Texas remains a popular choice for a growing business.
We welcome the opportunity to introduce you to Texas — and specifically, the community of Midlothian — to show why this state consistently ranks as the best state for business.
Come explore Midlothian, an inviting suburb and key component of the vibrant DFW metro. Let our state and local resources help launch your business to exciting heights.