Dallas is growing at an incredible rate. New construction and new businesses bring employment opportunities and increased tax revenues. According to 2013-2015 U.S. Census Bureau data, the population of Dallas grew by 5.61 percent, while New York grew by 7.21 percent and Los Angeles grew by 12.65 percent. Compared to these growth rates, Oklahoma City grew by just 1.19 percent. As a major city in the U.S., Dallas has significant potential as a regional hub. Businesses that are interested in investing or growing in the region should look no further than Texas A&M University (TAMU), one of the largest employers in Texas.
Dallas is a Great Place to Start a Business
Dallas is the third-largest city in Texas, and the ninth largest in the U.S. It doesn't have quite the reputation as other cities in Texas, but despite that it has much to offer entrepreneurs. Aside from being home to one of the strongest economies in America, Dallas offers significant opportunities for business owners looking to get off on the right foot. Here are ten reasons why you should start your business here!
1. Dallas has a thriving economy
Dallas has a thriving economy and is ranked second in Texas for the number of Fortune 500 companies it has. The top industries in Dallas are energy, telecommunications, banking, and insurance. The top employers in Dallas are AT&T, Texas Health Resources, and JPMorgan Chase.This means there might be opportunity in almost anything you can dream up! Detail: Business demandDallas has the potential to grow tremendously in the next decade. All these positive factors make Dallas a great place to start a business, especially if you're looking to get off on the right foot. But you need to go further than just wanting to see if getting your first few clients is possible. There are a lot of other factors that go into deciding whether a Dallas based business will be successful. Are the local employees friendly? Do people look to work for your company? Do the local governments maintain solid infrastructure to support businesses? All of this must be taken into consideration when creating a business plan for your Dallas based business. What Sells in Dallas like QualityPhysical expertiseDo you rest your case when you say physical expertise like a brickoven, locksmith, or even a carpenter has no demand rising, you are sorely mistaken! An educated and passionate workforce who know how to use their talents is a part of any successful company. That being said there's always the need for marketing in this business. If your Dallas based business is a truly one-stop-shop for anything from roofing to window installing, make sure you take great photos, write killer copy, and put these best practices into action. Go beyond just having good reviews online, and actually market your presence in any physical locale you are marketing. Detail: The Power of RentsApart from the regular needs that any staff member might have of a third of the cost of housing in the city, what do these workers really need in order to live? In the case of workers whose income depends on a good income, the cost of living is of primary concern.
2. A thriving economy means there's more competition
In some markets, competition is fierce and the path to success is littered with the failed businesses of those who came before you. And it’s true, this is especially true in the tech sector where it seems like there’s a startup springing up every hour to compete with the next one.With that in mind, Dallas has several key advantages that are sure to serve you well. #1 Get to Know the Area Unlike other cities in Texas, where commercial development can feel distant and intimidating, Dallas actually feels like the college town you grew up with. As such, you won’t have to drive for hours just to get to the city limits. The surrounding suburbs are also within easy reach, and offer a diverse selection of retail shops, dining, and nightlife. For those of you who grew up in a college town, this kind of local feel is exactly what you’ll quickly forget about once you leave. But even if you just moved here two or three years ago, you’ll still have an inkling of how much the local scene has changed. Here are a few signs that can jog your memory: Recent renovations have transformed the area, and you’ll find some of the strongest commercial strips in the entire city. The cardinal rule of real estate investing is no deviating from your asset or quitting your day job, and Dallas doesn’t want you to do that. #2 Historically Low Interest Rates The Dallas–Fort Worth MSA has historically been one of America’s top 10-rated places to borrow money at a low marginal cost. The yield on a 30-year amortized note is currently around 4.5%, whereas government and corporate debt runs at 6%. For businesses just starting out, this can be game-changing. High yield leaves you with a big wad of cash to pursue whatever investment opportunity pops up. Besides low rates, the Dallas MSA has also historically been the epicenter for technology job growth. Leading the way in this area is the Greater Dallas Area Chamber of Commerce.
3. The Dallas-Fort Worth area is the home of many Fortune 500 companies
The Dallas-Fort Worth area is the home of many Fortune 500 companies including ExxonMobil, Southwest Airlines, AT&T, and Texas Instruments. These companies have helped make the area one of the largest and most influential economies in the U.S.While there's a wealth of opportunity for businesses outside of the Texas economy, businesses located in the area are likely to benefit from lower taxes, lower insurance and HOA fees, and better access to capital. Overall, businesses located in the Dallas-Fort Worth region are likely to experience growing pains, but they also have a higher chance of growing with the times. It’s a Fast-Growing Market With a Growing Jobs Market
Dallas is growing at a pace that many entrepreneurs find intimidating. The total population of Dallas grew by 4.1% from July 2012 to July 2013. Bringing home the bacon for big business and savvy investors means working with skilled and creative professionals. Each month over 110,000 people move to the Dallas-Fort Worth region according to the U.S. Census Bureau, which makes it the fourth largest city in Texas.
Craft Your Own path in the fast growing tech sector. In just a few more years, Dallas will be home to several huge tech firms including Uber, Instagram, Facebook, Dropbox, and Salesforce. These companies have billions of dollars to spend on R&D and will be looking to pour more money into the market. There’s a good chance that your tech startup will be able to attract talented engineers from these companies to work for you. Here’s a tip: Transfer your W-2 earnings to a 401(k) or other employer sponsored account immediately by filing an I-9 with the U.S. Department of Treasury. Some companies offer incentives to employees to encourage them to shop for a new job on Paypal. Depositing money into your new company’s 401(k) fund will quickly build your available cash. Bonus: Many of these tech unicorns will want to hire veterans and veterans with special skills. Talk to your HR department to see if you qualify.
4. If you're looking for a low cost of living, Dallas is your place
If you’re looking for a place that has a low cost of living and is still in a metropolitan area, Dallas is a great place. It’s not as big as other cities like San Francisco, Los Angeles, New York, or Chicago, but it still has a great nightlife, culture, and entertainment.12. Dallas Is Already Scarred For Wild & Wonderful Things The Dallas Zoo holds the world record for largest indoor animal alive, as well as the largest land mammals. It also has some of the best concert halls in the world. Add to this incredible historical architecture, a still thriving expat culture, and rolling prairies (wildflower meadows in our case), and there’s long been a desire to draw tourists to the area. How many attempts have you made to visit the Dallas Zoo? I’ve missed many, but chances are if you’re reading this, one of those trips never really took place. 13. Dallas Is Stretching Toward Its Tech Future Dallas has been expanding its tech industry for years, and today has some of the best universities in America concentrated to its north. Tech companies like Google, Microsoft, and Facebook have built enviable headquarters in the area. Tech companies are in a growth spurt both locally and nationally, and it doesn’t show signs of letting up. 14. Dallas Is Just A Five-hour Drive Away from Major Hot Spots Houston, Austin, and Los Angeles are swashbuckling their way through their current economic difficulties, and Silicon Valley has put itself on a gold rush pace as well. Both Dallas and Houston are set to boom in the future, and interest and investment in real estate will surely follow. 15. Near Slipping Away The Dallas Independent Business Alliance (DIBA) created a great chart on the economics of the Dallas-Fort Worth area, and it's solid. In a half century, they've seen: House prices increase by 119%
Second-hand houses see a rise by 170%
Median home price increases by 302%
Largest employer is MediMedian, with 195,400 employees
Median household income is $79,971
Source: Dallas Business
5. Dallas is geographically diverse
Dallas has been ranked a top city for technology, entrepreneurship and business. Many people around the world know Dallas from the television shows Dallas and Knots Landing.Besides these reasons, the city has a major influx of new businesses, and a growing number of young professionals. Time is on your side because salaries in Dallas are on the higher side compared to those in the other major Texas cities. One metric that can help a business choose the right location for its expansion or growth is the per-capita income.
Growth Potential
Dallas is growing at an incredible rate. New construction and new businesses bring employment opportunities and increased tax revenues. According to 2013-2015 U.S. Census Bureau data, the population of Dallas grew by 5.61 percent, while New York grew by 7.21 percent and Los Angeles grew by 12.65 percent. Compared to these growth rates, Oklahoma City grew by just 1.19 percent. As a major city in the U.S., Dallas has significant potential as a regional hub. Businesses that are interested in investing or growing in the region should look no further than Texas A&M University (TAMU), one of the largest employers in Texas.
Businesses with a strong local market presence can count on funding options from diverse sources. Your city will have a variety of resources available such as endowment funds, local banks, local economic development funds and authorities, and charities. Depending on a business’s size, it may receive tax breaks or rebates. Realtors, attorneys, doctors, dentists and auto shops are some of the industry specific firms that can help you become successful.
Career Opportunities
In addition to great tax incentives, Dallas also offers a strong education system. More than 80 universities have approved degrees for businesses. College graduates can get a job that supports their studies or go on to start their own company. Dallas is home to one of the strongest technology hubs in the U.S.
