It goes without saying that launching a new business can be difficult. Unfortunately, if you start yours in the wrong area without doing extensive research on the local economy, you’ll be in for a rude awakening if your company begins failing.
According to the U.S. Bureau of Labor Statistics, about 20% of new businesses fail after their first year of operation and almost half don’t reach their fifth year. Thanks to a recent study, it was discovered that Texas ranks number one in starting a successful business. For local entrepreneurs in Alamo and even nearby cities like McAllen, this is terrific news!
An Ideal State
In a recent study conducted by WalletHub, the best state to start a business is in Texas. Based on the data, Texas has the friendliest business laws, regulations, and taxes since there are no individual income and corporate taxes. The following indicators were part of 20 other benchmarks used in the data. The number beside each indicator is Texas’ ranking:
- Business environment – 1st
- Access to resources – 11th
- Growth in the number of small businesses – 4th
- Highest total spending on incentives as a percentage of gross domestic product – 5th
- Longest average work week – 4th
Start Your Business in Alamo
Besides having a small business-friendly community and plenty of incentives, Alamo is also within a ten-minute radius of over 100,000 residents and 400 acres of accessible land ready for development. By choosing Alamo, you can rest assured that your business will always receive undivided attention.
We have several programs to help your company, including the Micro-Loan Program that can lend up to $5,000 without the need for collateral. We also have the Revolving Loan Program that can offer low-interest loans.
Make Your Business Grow
Alamo is one of the fastest growing cities in Texas and now is the time to take advantage of what it offers for commercial endeavors. Contact the Alamo EDC today to find out how we can help your company succeed.