If you’re interested in launching a brick-and-mortar business in Texas, location is everything. You need to make sure you’re choosing an area where you’ll reach your key demographic. Are you marketing to young adults? Look for a spot near one of the state’s major universities. With over 62,000 students, Texas A&M University makes College Station, Texas, a prime spot for small business owners who cater to the college crowd. San Antonio’s suburbs are among the top spots in Texas for retirees, giving business owners a different demographic to think about in this area.
Another top concern is affordability. Consider the cost of rent, utilities, products, and services that your business will need. Explore unemployment in your targeted area and find out what average wages are for the type of workers you’ll need to hire. Pinpointing the perfect place for your business requires a careful balance of affordability and profitability. When you find the perfect combination, you’ll know you’re set for your best chance at small business success.
Perfect your business plan long before you open your doors. There are over 790,000 small businesses in Texas with less than 500 employees. If you’re joining these ranks, you’ll find plenty of competition. In the last quarter of 2016, nearly 18,500 businesses opened as nearly 15,400 closed their doors. Learn more about the state of small business in Texas prior to launching your venture, so you have the best chance of success in the Lone Star state. Check out this infographic on small business in the state to learn more.