Do you want to start a business in the state of Texas in the United States but are not sure about which one to start? If yes, read this article and check out our selected list of most profitable small business ideas in Texas.
The Intensive growth of eleven major industries has created a fantastic environment for franchise business opportunities in Texas. These major industries are mining, construction, manufacturing, trade, Transportation, Utilities, Financial Activities, Professional and Business Services, Education and Health Services, Leisure and Hospitality, and Other Services.
Travel is also an important industry in Texas, and the state is a favorite destination for both domestic and international visitors. Tourism revenues provide significant economic benefits for the Texas economy.
Section 1: Why Texas is a good place to start a business
Texas is a great place to start a business for two main reasons:
First, small businesses are protected by state and federal laws. State and local governments are required to protect citizens, including small businesses.
Second, businesses are covered by a number of federal laws, including tax laws, regulations, and trade agreements.
The state has a favorable business climate, which contributes to the growth of small businesses. The Small Business Administration (SBA) says, “Texans of all ages and levels of experience should take advantage of these numerous and varied opportunities to start a new business.”
The Texas Department of Economic Development incentives, and the new online startup business form. For more information visit http://business.txed.gov.
Industries in Texas
Some of the major industries in Texas are also playing a major role in the overall economy of the state. These include:
- Real Estate
- Education and Health Services
- Leisure and Hospitality
- Petrochemical Industry
According to Bureau of Economic Analysis, the Texas economy is diverse with varied growth rates. The annual growth in Gross Domestic Product (GDP) is between 2.0% and 4.5% and in Labor Force Employment (LFE) 3.5% to 6.2%.
In addition to these, the cost of living is much lower than most other states. The average minimum wage in Texas is $8.25. The minimum wage varies from city to city in Texas.
- Dallas – $9.25
- Austin – $8.25
- Fort Worth – $8.06
- San Antonio – $7.25
- Houston – $7.00
- Wichita Falls – $6.
Starting a Business in the Entertainment Industry
Like other industries in Texas, the entertainment industry is also booming in the state. If you love entertainment, start your own business as a musician, actor, performer, talent manager, or a director.
Learning a trade
All citizens are required to acquire a profession at some point of their lives. But some industries require more hands-on experience than others, like acting or music, for instance. So, if you are an adventurous soul who is looking to pursue your passion, why not start your own business in the education sector and build your skills.
The Texas oil and gas industry has expanded rapidly in recent years. Due to the rapid growth of the oil and gas industry, there has been an increase in demand for petroleum field support services.
Starting a Business in the Educational Industry
The state of Texas is the second largest economy in the United States, having a GDP of US$2.61 trillion, more than any other state. The state also attracts high level of education from all over the world and it is one of the leading state where some of the most acclaimed universities are located.
To establish a small business, you may select a franchise in the educational industry as an occupation in which you may operate as a franchisee. You may chose from the following education franchises and start your business.
Starting a Business in the Health and Beauty Industry
One of the most lucrative business opportunities in Texas is the health and beauty industry. The sector comprises of major segments like Medical and Healthcare, Consumer Products, and Wellness and Nutrition, and Professional Services. The medical and healthcare industry is expected to grow at a CAGR of 5.40% from 2018 to 2022. This sector is also expected to witness a growth of more than 6% in the consumer products segment.
Of all the segments of the health and beauty industry, the cosmeceutical market, in terms of revenue, is the largest in the United States. The hair care products market also provides healthy revenue opportunities for the hair salon industry. In the cosmeceutical market, there are many major brands and manufacturers, and competition is also increasing.
Starting a Business in the Manufacturing Industry
Factories and manufacturing industries continue to play an important role in Texas’s economic structure. The manufacturing sector in Texas generates $45 billion in revenue and employs more than 500,000 workers.
The major manufacturing industries in Texas include Mining, Transportation, Utilities, Trade, and Warehousing.
Major Players of the Manufacturing Industry
General Electric, Honeywell, and Cargill are some of the big names in the manufacturing industry of Texas. General Electric manufactures a wide range of household appliances such as refrigerators, washing machines, air conditioners, vacuum cleaners, and thermostats. Honeywell produces an extensive range of products for the aviation, security, industrial, and transportation industries.
Starting a Business in the Marketing and Advertising Industry
The Texas advertising industry is an ideal place to start a new business. It can prove to be very lucrative if the right company is chosen to create an online marketing campaign. Finding the right online marketing company can be very challenging, however, if you wish to get the best deal, there is a step-by-step guide that can be followed.
The Texas marketing and advertising industry is one of the leading industries in the state and has the potential to generate more than $170 million per year.
According to New York State Commission on Consumer Protection and Professional Advertising for the 2014-2015 fiscal year, there are approximately 150,000 agencies operating in the state.
Financial Support for Small Businesses
As a result of this intensive growth, there are numerous opportunities for business startups in the state. With its diverse business climate and talented workforce, Texas has attracted many businesses from all over the world. Texas is the largest exporting state in the United States, and small businesses in Texas are attracting millions of new customers every year.
There are several programs designed to support small businesses, including:
Small Business Development Centers: these centers offer expert advice and tailored solutions to clients. The courses offered in the SBDC facilities allow small business owners to educate themselves about different business opportunities in Texas.
These centers offer expert advice and tailored solutions to clients.
Tools and resources available for marketing, advertising, etc.
Some of the most useful tools and resources for new entrepreneurs in Texas are:
- Generate an effective business plan
- Develop, maintain, and improve a marketing plan
- Think outside the box
- Review your business and choose the best business structure for your needs
- Find your market
- Find a good network of other business owners
- Review the competition
- Assess your competition and take notes on your competitors
- Know your competition
- Look for your niche
- Do your market research
- Finalize your business and start a business
You might ask, “How can I start a business in Texas?” The answer to that question is simple – it’s all about your unique skills and business idea.
The first step is to review the services you offer and find opportunities in the industries that are paying you well.
Texas has been ranked by WalletHub as the best state to start a business, the best state to start a franchise business, and the best state for second job opportunities.
Apply for a Business Opportunity in Texas
With the wide variety of business opportunities, you can start a small business in Texas with little to no capital. To explore the business opportunities in Texas, visit our website at http://www.tammbiz.com.
Also, visit our Facebook page at https://www.facebook.com/TexasMBiz/. Follow our updates and events on the Texas MBA Blog at https://texasmath.blogspot.com/.
Browse a wide range of services at http://www.mobybusiness.com/
Texas Business Owner’s Guide is a free website offering information about your business-ownership possibilities.