Is the cost of living in your city becoming unsustainably high? If you’re trying to get a new business off the ground, high prices for everything from real estate to labor can set you back. Or perhaps you’re opening a small local business, but you’ve found that the lack of a thriving business community in your area is making the process harder. You’re thinking about moving for the sake of your company, but you want to make sure your family will be happy wherever you settle down.
If you’re trying to figure out where your entrepreneurial future lies, you might want to consider moving to Houston, Texas. In contrast to cities with higher costs of living, it’s a great place to build up your business without making major financial sacrifices. And with PR coaching from consultants like Keetria, you’ll see business growth in no time. Plus, it’s a fantastic city for families! Here are a few reasons entrepreneurs can thrive in Houston.
Reasonable Cost of Living
Houston is a major metropolitan area with a surprisingly low cost of living, and reasonable prices have drawn in entrepreneurs and their families. For instance, if you’re thinking about buying a home, Millionacres states that you can expect to spend about $263,000. Median rent prices are also quite realistic for families and young professionals at $1,464 for a rental unit. Furthermore, there are plenty of apartments available for rent in the city, with a healthy rental vacancy rate of 7.4%.
And the low cost of living won’t just benefit you when it comes to renting or buying – it also means that you won’t have to spend as much to entice top talent. With lower labor costs, you can relax, knowing that your business has a longer “runway.”
Houston is a growing city, and this massive metro area is only gaining more residents. For business owners, this is a bonus: there is an ever-expanding talent pool in Houston, and every day, more professionals who are seeking new opportunities are choosing to settle down in the city. Right now, Houston is growing by 0.07% annually, and since 2010, the population has grown by 10.68%.
Are you hoping to hire talent that can bring varied perspectives and creative solutions to your business? It’s time to start thinking outside the box and approach your recruiting and hiring process with diversity in mind. Houston has large African-American and Hispanic populations, and residents of the city speak more than 90 languages. The greater Houston area is definitely a cultural melting pot, and if you want to prioritize diversity within your business, it’s an ideal place to relocate your company.
Highly Educated Workforce
Houston doesn’t just have a large business network – it’s also a hub for higher education. Business owners can hire educated recent graduates from right in the city, and you can even bring on interns from local universities who want to gain valuable experience. These Houston colleges and universities graduate bright students who are more than ready for the professional world:
- With multiple local campuses, the University of Houston offers unique programs in subjects like Space Architecture.
- Rice University is consistently ranked as one of the best colleges in the United States.
- Baylor College of Medicine is a top medical school for research students.
No entrepreneur is ever on their own in Houston. You’ll be part of a community with loyal customers, helpful business owners, advisers, and local leaders. When you’re dealing with a problem, you’ll have the guidance you need to push forward, and you’ll feel inspired to take on bigger projects and challenge yourself. Bold Patents recommends these supportive organizations for entrepreneurs:
- The Small Business Development Center provides free educational resources for business owners.
- The Indus Entrepreneurs facilitates networking and mentorship opportunities for entrepreneurs.
- LaunchEffect is a local incubator that offers lots of helpful services to entrepreneurs, as well as classes, hackathons, and more.
Fun Local Activities
Simply put, you’ll never be bored in Houston. On any given day, there are plenty of things to do, and no matter where your interests lie, you’ll be able to find an outlet in the city. From the eclectic restaurant scene to the gorgeous green spaces, you can enjoy a very high quality of life in Houston. And this benefits the local workforce – after all, happy employees are more productive and motivated! Here are a few places and events to check out in Houston:
- Explore an extensive trail network and view stunning art installations at Buffalo Bayou Park.
- Spend a day perusing the gardens, renting a pedal boat, and having a picnic at Hermann Park.
- Let loose at the Houston Livestock Show & Rodeo and revel in the city’s creative side at the Houston Art Car Parade!
Business Launch Resources
If you’re relocating to Houston from another state, it’s important to make a checklist of all the requirements you’ll need to fulfill in order to officially open and run a business in Texas. A few important tasks for business owners include:
- Choose a unique business name that is not already on file with the Texas Secretary of State and file to register your business entity.
- Apply for state licenses and permits, such as a sales tax permit from the Comptroller of Public Accounts, relevant regulatory permits, and necessary occupational licenses.
- Take out a business insurance policy and open a business bank account.
And with so many transactions conducted remotely, you’ll need a strong internet connection to launch and grow your business. To find a fast and reliable internet service, check out local internet providers that cover your area and research their average maximum speeds. If you can get fiber optic internet service in your area, it’s worth the investment – it’s generally about ten times faster than DSL service.
With so many perks for entrepreneurs, it’s no wonder that business owners and hard-working professionals are flocking to Houston. For Houston’s entrepreneurs, the future is bright! The low cost of living, growing business community, and bountiful resources mean that success is well within your reach in Houston.