Austin Ranked as Top City for Young Entrepreneurs
In 2015 one study ranked Austin as having the fastest-growing economy among large cities. The factors considered in the rankings included population growth and decreases in unemployment rates, among others. In fact, of cities of any size, Round Rock also came in the top 10 in terms of economic growth.
Now a separate study conducted by NerdWallet has looked at 181 metropolitan areas in the U.S. to determine which cities are the friendliest to young entrepreneurs, and Austin again ranked at the top.
Depending on the type and scope of your plan, locating small-business financing can be difficult, but Austin came in fifth nationwide for U.S. Small Business Administration loans.
Per 100,000 residents, new businesses in Austin received nearly $18 million in SBA loans. These loans can be used to start, acquire or expand a small business. SBA also provides loans for assets such as buildings and land, as well as microloans for startups, disaster assistance loans, and loans for exporting working capital.
If you’re thinking of starting or expanding a business in Austin, then it’s wise to speak with an experienced business attorney about your financing options. A lawyer can help you select an appropriate loan structure and minimize the risk.
Analysts also looked at Austin’s local business environment, including the education level of the population and how cost of living affects the operating cost of a business.
Austin’s cost of living was found to be lower than the national average, and a lower cost of living, coupled with lower office and workspace costs, can be a boon to new businesses. In fact, Midland, Texas, was also in the top 10 in this area.
For entrepreneurs and startups, it’s crucial to get it right the first time around.
A multitude of factors have to be considered when starting a new business. You have to be smart about the kind of entity you choose to create, and you have to make the right choices with regard to financing and capital development.
You’ll also need detailed, enforceable contracts that are specific to your business, and you’ll need to cover your bases with regard to intellectual property. And it’s a good idea to get a professional to assess the long-term risk of your business plan.
For more on these matters, please see Slater Pugh Ltd. LLP’s overview of representation for entrepreneurs and startups.