5 Amazing Statistics About the Texas Business Environment
If you are looking for a great place to put roots down with your business, Texas has probably crossed your desk more than once. Many businesses love settling in Texas for various reasons, and the trend is increasing as time continues. While tech startups might favor Silicon Valley, there are still plenty of high tech companies building their nest and their nest egg in the rich soil of Texas.
If you want to do business, you’re going to need people to work for you, and you’re going to need to sell things to those people. Not only does Texas have a roaring population of 28.3 million people, but many of these people are considerably young which means generally means they are consumer oriented. They have kids to buy things for; they want fancy new cars and electronics which means businesses love supplying those needs.
2. Median Income
Since the median income is $56,565 people have plenty of money to spend on what you are selling. It also means there is plenty of talent to be able to attract to your business as well. Having consumers that can buy your products is important, and you have a whole sea of them ready and waiting for your business in Texas.
3. Job Growth
Jobs are coming to Texas due to the ease of doing business in the state, great living environment and more. When you see other businesses similar to yours growing and developing in a certain environment, this is a good sign that your business can do the same. According to Forbes, job growth was 2.2% in 2017.
4. Cost of Doing Business
If you’re ready to plant your flag in Texas, you will be glad to know that the cost of doing business is 11.5% below the national average. Cutting costs is an important part of getting your business into profitability.
5. Access to Inexpensive Labor
Companies have been enjoying inexpensive labor from immigrants that have come across the border. Some have left the area due to new laws, but there are still many minimum wage jobs that are filled, and more are welcome.
How to Make It Easier to Run a Business in Texas
As you can see, the job environment in Texas is one that is attractive for many different reasons. Families are moving to Texas to take advantage of the high quality of life which includes the jobs. When you have your business up and running, you will be one of those jobs that people move to be near, and it is important that you understand the laws of Texas so that you are compliant in all of your employee dealings.
One of the ways that you can make your life easier and your business run smoother is by working with one of the Texas professional employer organizations. They have studied the laws of Texas, worked with the different aspects and seen many different scenarios that you may not have considered since you are new to the state.
What Can PEOs Do?
If you are not familiar with PEOs, you might not be aware of how they can benefit your company. These organizations can help you with all things HR. Whether you are needing a new employee handbook drawn up, needing to streamline the hiring process or if you want to outsource your HR work to this company completely, you can find a good fit for you.
What to Look for In a PEO
Before you partner with a PEO, you need to make sure you are partnering with the right one. As a PEO and a company, you are working together and co-employing the HR department. This means less responsibility on your end when you co-employ with this company, but it also means that you have less control than if you were doing it on your own. Make sure you understand how things are going to work before you sign on the dotted line so you don’t get more than what you bargained for. Doing your diligence is always key so make sure that you don’t get excited and skip over any of the discovery processes as you are researching the PEO’s background.
The PEO that you work with should have a strong background and reputation. Ideally, you want to work with a company that has experience in your industry working with companies that are your size or close to your size. When you work with a PEO company that has experience with a business like yours, you know they understand the ins and outs, and it makes it easier for you to have peace of mind throughout the project.
Now that you understand a little more about the Texas business environment, you might be ready to take your next step toward doing business in the Lone Star state. Building your business from the ground up in Texas or moving your business here can be challenging as with any other business venture. When you have the right team to help you get everything into place and to run the parts that you aren’t great at, this makes the process so much easier.
Getting the help of a PEO as well as other business professionals to aid you with the creation or the transition of your business will take the weight off your shoulders and disperse it between the many business professionals with which you will be working. Find your team and make your business one of the biggest in Texas.
Was this article helpful and informative? Leave us a comment with your thoughts in the section below.