A new report has revealed that both the nation as a whole and the state of Texas have experienced record-breaking business growth. Texas, known for its rapidly growing population, is among the leading states in terms of new businesses.
Yelp’s report compared the first seven months of 2023 to the same period in 2022, which had already set an all-time record for new businesses. The report includes a color-coded map that highlights the concentration of new businesses in Texas. The state is ranked among the top 5 states for the overall number of new businesses, with over 50,000 businesses opening this year alone.
Keith Hall, the President and CEO of the National Association for the Self-Employed (NASE), believes that Texas is playing a significant role in driving this growth. He notes that the pandemic has made people realize the potential of working from home and has inspired them to explore new avenues for financial freedom and flexibility. The feasibility of building something for oneself and their family rather than generating profits for a large corporation has become increasingly appealing.
The report also highlights the increasing number of women, people of color, and LGBTQ+ individuals starting their own businesses. Vanna Collins, the owner of Elemental Yoga & Meditation in Dallas, shared her motivation for opening her business earlier this year. She recognized a lack of options for natural practices in her community and wanted to create a safe and sacred space for individuals to practice yoga and meditation. Collins feels grateful for the positive reception her business has received and believes she has inspired others to pursue their own entrepreneurial endeavors.
Hall emphasizes the importance of awareness and wants aspiring entrepreneurs to know that there are resources and grants available to support them in their journey. Interested individuals can find more information on these resources.