Dallas ranks among the top 15 markets in the United States for entrepreneurs to start a business.
WalletHub ranks Dallas 14th as the best metropolis to start a business in 2024, according to a new report. Texas cities that topped Dallas were Fort Worth (7th), Austin (8th), and Arlington (12th).
While the Lone Star State is home to many of the nation’s top startup markets, larger cities like Houston (38th), San Antonio (56th), and Corpus Christi (94th) lag behind.
“Starting a business can be quite scary considering one in five startups don’t make it past the first year,” said Cassandra Happe, analyst and communications manager at WalletHub. “That’s why it’s especially important to live in a city that provides an environment in which new businesses can grow, with enough capital, workers and customers to sustain themselves over the long term.”
To determine the 2024 rankings, WalletHub compared 100 U.S. cities across three key dimensions of startup viability: business environment, access to resources, and cost of doing business. WalletHub then evaluated these aspects using 19 relevant metrics, ranging from five-year business viability to labor costs.
Based on 2024 results, Dallas scored 13 out of 100 for business environment, 46 out of 100 for access to resources, and 67 out of 100 for cost of doing business.
Further breakdown of data provided dallas express According to WalletHub, the local market ranks 2nd for average length of work week (in hours), 16th for growth in number of small businesses, 17th for ease of financing, and 36th for labor costs. The country ranks 49th in terms of the percentage of its population that has received a university education.
Statistically, one in five companies is likely to go out of business within a year, but Felipe G. Massa, an associate professor and professor of entrepreneurship at the University of Vermont, says there are ways to increase that chance. He said there is.
“We often see entrepreneurs following trends (remember the cupcake shop craze?) or starting a business simply because it’s something they’re passionate about.” Massa said in a statement provided to WalletHub. DX on mail. “Instead, consider what your customers need and co-create a solution with them. Interview them about their struggles and think together about what solutions would be most appealing to them.” ” he said.
WalletHub ranks Orlando, Florida as the No. 1 market in the nation to start a business in 2024.
One of the reasons Orlando has become a startup hub, Hape said, is that the city has a large number of investors per capita, making it easier for companies to secure the funding they need to survive. Additionally, Orlando has one of the highest rates of growth in the working-age population of any state, which means it’s an important source of potential new employees for businesses, she says.
The city of Dallas received the honor despite the city’s notoriously over-regulated regulations and long wait times for building permits, despite the resignation of City Manager TC Broadnax, who oversaw seven years of rising crime, taxes and city spending. Looks like you’ve earned it.
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