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Why choose a Coworking Environment?

By | Industry

It’s no longer a new concept but a convenient one that fits the budget, and it’s scalable; that is the coworking space.  In recent years, co-working environments have been a tremendous hit for entrepreneurs of all backgrounds and industries.

What are coworking spaces?

A coworking space is an environment where many businesses co-exist in a shared space.  It can even be different employees from a one-single company.  The term coworking, at times, can be used not only as a service option but as a description within an organization sharing the same space for different departments.   The main reason of why coworking spaces exist is to reduce the cost and resources yet remain productive.  For example, several businesses use a single area for different departments or use a single space for employees that don’t necessarily work together but can co-exist together.  Another reason why coworking space is used is to network and perhaps even collaborate with other businesses that may specialize in areas that will help you grow.

Benefits of Coworking Spaces

Without a doubt, there are several pros of coworking spaces that make them a favorite for many employees and employers.  We want to share a few features and benefits it offers that make businesses want to adopt this trending and easy-to-use model.

  1. Reduced Operational Costs – In an organization, employees in different departments may depend on the same resources; a coworking environment often helps reduce the operational costs associated with these resources.  For example, office space, electricity, internet are a few of the resources that can be shared between different companies.
  2. Socialization – Not a fan for employers but a must for employees.  Having the ability to socialize with different companies that are working on different concepts or projects becomes a learning experience that also increases productivity and creates the happy feeling that liked-mind individuals surround you.
  3. Networking – Coworking spaces are a great way to network and meet new people.  Many companies have found their other half because they realize two companies could collaborate toward a common goal.  Additionally, networking helps you create a bigger network of professionals specialized in different fields and areas that may come in handy down the road for you and your business.
  4. Diversity – In a coworking environment, diverse work culture is present no matter what, and that adds value to your business and the people around you.  Diversity is the key to growing with an open mind.
  5. Group Discounts – Coworking environments often offer great group discounts, especially for companies bringing multiple employees to said setting; it brings value to the facility and creates community.  Ask a coworking environment for them if you are thinking of bringing your company to collaborate in a coworking space.
  6. Flexibility – Coworking spaces are often open 24/7, which means that your employees or the company you represent can choose their time to work, creating a vast flexible schedule; some people prefer to work at night, others on weekends, and many others during the early morning.  Coworking environments make this possible.

In conclusion, it may be a new concept for many, but different industries do adopt the concept of coworking. If you look at the big picture, it is a great environment to socialize, discuss ideas easily, share beliefs, widen your network, and develop personal relationships that can be beneficial in the long run.  In short, this is why companies often incline to implement a coworking environment in their companies. Plus, if you are starting, well, this is a cost-effective solution to get the most out of your budget.

Laura Fisher announces Exclusive Interview with Joe Shoen of U-Haul International

By | Industry, Storage

Laura Fisher, Co-Founder of Business E Suites and host of Small Business Insights announces an exclusive interview with the business pioneer, Joe Shoen, President, Chairman, and CEO of U-Haul’s parent company, AMERCO.

Sugar Land, Texas, July 20, 2022: As a small business owner, Laura Fisher from Small Business Insights is on a mission to interview business owners from different industries to learn and share their success stories. Today, she has come across a true celebrity in the rentals industry; Joe Shoen, a businessman who has successfully disrupted the rentals industry, helping to cement U-Haul as an iconic brand that continues to expand after 77 years.

U-Haul is about helping all small businesses succeed and has built its authorized dealer network on that premise.  Tens of thousands of authorized dealers have grown their business as a result of their relationship with U-Haul, and Laura Fisher discussed this very concept with Mr. Shoen himself.

Joe Shoen joined U-Haul in 1973 and in the past 49 years works tirelessly in every sector of the U-Haul enterprise is truly what makes the rental company the leader in its industry nationwide. It’s only fair to mention how the remarkable journey of U-Haul has been putting over 186,000 trucks and over 128,000 trailers on North American roadways right now and more than 21,000 local dealers serving as rental locations (in addition to more than 2,000 U-Haul-owned and operated stores).   Mr. Shoen has put a comprehensive plan to attract more and more of these small businesses, making over 3k new partners each year since 2012.

The U-Haul Business Empire is very well positioned and is anticipated to grow more in decades to come amid the high demand for the services and network that U-Haul has provided the country.

Today, Joe Shoen still makes visits to many U-Haul locations, works around the clock, and takes calls from customers directly.  Mr. Shoen believes “service comes before profit, you’ve got to serve the customer if you expect profit.  You can’t tell the customer you need profit today – they want SERVICE.”

The remarkable part of someone like Joe Shoen, is his ability to personally address complaints and other issues from any customer.  In fact, to this day, you can call or email Joe Shoen directly.   After all, Joe mentions, “people just want to be treated decently and fairly, get value for their money.   Most people who have a problem don’t want to complain, they just want it solved.” And it is this motto that continues to put U-Haul and its subsidiaries on the map.

U-Haul with Joe Shoen’s guidance has successfully launched U-Haul University, with 65,000 learners online.  This program provides general business courses, which are available to those affiliated with U-Haul.  The access to a learning tool like U-Haul University has provided endless opportunities to thousands of business owners.  Joe Shoen mentions that “a motivated adult can learn just about anything, and if it has to do with their livelihood, they tend to be good learners.”

U-Haul has disrupted and forever changed the rental industry, a big contribution from its leader, Joe Shoen.

To access the full interview, tune in to Small Business Insights on Spotify, Apple, or Amazon Music. It is an episode you do not want to miss!  [Listen Now]

About Small Business Insights 

Small Business Insights is a self-made podcast crafted exclusively for aspiring entrepreneurs, startups, and small business owners. Its focus is always to learn from the success stories and failures other business owners from different industries have had to put them where they are today. Laura Fisher, SBI’s host with its legendary motto “you better be up to something,” has inspired many entrepreneurs and successful business owners to join the journey of sharing their stories and making a difference to impact others on the road to building a successful business.

Press Contact

Ahava Marketing, Inc.
1 (800) 278-4829
hello@ahavamarketing.com

Segmented coworking… WINNING way of working

By | Industry

In the short and medium-term, it will not be surprising if we continue to face new variants of some viruses; however, it’s most likely that its mortality rate will decrease, which would help increase the confidence of companies and their talent in face-to-face work.

In this context, coworking buildings, due to their qualities, could be beneficial workspaces in most of the new work trends. Because they can welcome small and medium-sized companies, which have most sought to reduce their property rental costs after the complicated health period, and offer payment for specific workdays, without forcing them to purchase full weeks (which would mean a low cost, without giving up assistance).

Also, coworking spaces allow professionals to go to work in a place closer to their homes, reducing transportation time and pollution, and enjoying environments and facilities specially designed to carry out their work responsibilities.

But, to achieve these purposes, there is a condition: coworking companies seem to have thought of an intelligent redesign of their spaces, more segmented, to offer new services, as well as combinations between workrooms, meeting spaces, and other accessories, to meet the needs of different niches.

Organizations are taking all these factors to determine the future of their workplaces. If coworking spaces provide segmented products and services, they’ll have a better chance of combining and leveraging two approaches that seem opposite in business: greater transmission of organizational culture, at a distance, and efficient cost reduction when working in person.

The foregoing converts shared offices into a new meeting point for business interests in several countries, in the context of the new labor reality.

Companies that offer coworking services have the challenge of defining more focused schemes, serving user and market segments, and seeking flexibility in the use of time and space in their facilities.

What a great opportunity!

Co-working = Creativity + Networking

By | Industry

We offer a creative work environment with a unique entrepreneurial spirit.  Co-working allows you to meet professionals from different backgrounds and work with them in the same workspace.  Keep in mind, that when you work in a co-working space; you interact with the community, attend events, and acquire new contacts.

Networking is essential in a co-working environment to connect with the community, have quality conversations, and build your contact list.  Networking is a technique that is used to increase the current network of contacts and get new ones to increase the volume of your business. Networking will help you get innovative ideas and solutions, since knowing the point of view of other professionals will open up new horizons for you.

Being in contact with people who work in different areas allows you to focus on things from other perspectives. It also helps you get out of your comfort zone and enhances your most creative side, encouraging the creation of innovative solutions/ideas.

To answer the question of whether coworking enhances/increases your creativity, it is necessary that we first see the advantages and benefits it brings us:

  • Increases productivity and concentration. A person is focused on their goals since they don’t have distractions at home. A co-working space inspires you to work.
  • It will increase your client list. You’ll get new contacts and clients because your business will be known.
  • By creating synergies between the members of the community, communication is enhanced, and innovative ideas arise from there.
  • Improve your social life. As a general rule, those who work at home tend to have little social life, and working in a co-working space with other professionals and attending community events, will allow you to meet new people and come out of your shell.
  • Your finances will thank you. Office or business center rental prices are excessive. On the other hand, renting a flexible or fixed space in a co-working atmosphere is much more profitable and you won’t have to worry about paying anything else, but your rent, since everything else is included.
  • It will increase your motivation because working away from home, will help you create a work routine.
  • One of the most valued benefits is that in a co-working space, new and innovative ideas are brought up due to the interaction with other coworkers. Communication between the community favors the exchange of knowledge and that is because in a community we have professionals from different fields who will contribute their knowledge and their points of view.
  • Without a doubt, another one of the most notable benefits is that a co-working space brings us increased creativity.

These results show us that co-workers feel more inspired because connecting and having conversations with other members of the community, inspire a different approach to the project, therefore showing us the importance, a co-working space brings to us.  Interacting with each other increases productivity, establishes collaborations, and opens up a whole new world full of professional possibilities.

Are You a Solopreneur? Use These Effective Resources to Boost Business Today

By | Industry

Image from Unsplash

As a business of one, you’ve got to be well-equipped to deal with the day-to-day challenges of setting up your own venture. You’ll face good days and perhaps a lot of bad days – but take these opportunities as a way to grow your business while doing what you love. Learning and adapting from your mistakes is key to the entrepreneurial mindset. Lucky for you, there are tools and resources out there that will set you up for success while reducing those pesky mistakes from the get-go.

In this article, Business E Suites presents the most effective resources to help balance your tasks, make difficult decisions, and fatten up your savings account.

For Finding Work/Clients

The first step for any freelancer or solopreneur is to find work. You will need to get your services out there, establish your reputation and authority, and set yourself up as a quality provider. According to the Freelancer’s Union, approximately 57 million Americans switched to freelancing as of 2015. This indicates that there’s a lot of work out there – you just need to look for it in the right places.

Resources: Platforms like Fiverr, UpWork, and Guru, or online job boards.

For Running Your Business

You will also need to set up a business structure to ensure smooth sailing in the future. One of the best formations for those starting a new business is an LLC or Limited Liability Company. The benefits of an LLC include tax advantages, limited paperwork and liability, and the flexibility to operate within your own terms. Different states have different regulations for forming an LLC, so be sure to do your due diligence before moving ahead.

 

Resources: Online LLC formation sites like LegalZoom or ZenBusiness.

For Your Marketing

Marketing is a critical spoke in the wheel of a business, and you’ll need to stay on point with your strategy until you can expand enough to work with an agency. This includes branding, creating an eye-catching logo, setting up a stellar website, email marketing, and a digital marketing strategy that includes social media.

 

Resources: Try email marketing with Mail Chimp, and use social media sites like Instagram, FaceBook and TikTok. 

For Staying Current

As an entrepreneur, Info Entrepreneurs notes that you’ll understand that knowledge is power. To get a leg up on your competition and stay relevant, you’ll need to ensure you’re constantly learning and developing. You could do this by participating in networking events in your area or setting up a mentor relationship for advice. Signing up for online courses in various niche topics is another way to stay sharp in your field.

 

Resources: Networking sites like WeWork or StartupGrind or skill development websites like Skillshare or CourseHorse.

For Accountability

The best way to set yourself up in business is to stay consistent and keep motivated. However, even self-directed entrepreneurs can veer off track when they’re not monitoring and measuring their progress and success. Luckily, plenty of apps out there will help you set ‘SMART‘ – specific, measurable, attainable, realistic, and timely – goals. Smartsheet has a handy worksheet to create your unique SMART goals online. Or else, you could find an accountability buddy and ride the wave together.

Resources: Goal tracking sites like Trello and Strides.

For Outsourcing

Every solopreneur will have to learn to delegate work to other freelancers and providers at some point. It is often not worth the time and effort to carry out certain tasks. Outsource these tasks so you can spend your time elsewhere and focus on growth and scalability.

Many US-based businesses find affordable talent in other countries such as Ukraine and Taiwan. If you do outsource to freelancers overseas, it’s important to set up a money transfer account to send payments. A transfer service like Remitly is reliable, secure, convenient and affordable. In fact, using Remitly to send funds to India costs nothing in transfer fees when $1,000-plus is sent, and there are more than 100,000 cash pickup locations in that country alone.

Resources: Outsourcing sites like Fiverr, Task Rabbit, and 99 Designs.

As a freelancer, you are your own boss. You make the rules – so why not make things easier for yourself? Arming yourself with the right tools and help is the most effective way to maintain your sanity when growing your business. You’ll have less to manage, thus letting you focus on the important stuff – thriving, succeeding, and of course, making profits.

Business E Suites offers you productive office space and workspace to establish your business in a professional environment. Contact us today for more info! 281-862-3150

Frequently Asked Questions About Designing a Paid Time Off Policy

By | Industry

According to research, absenteeism costs employers $225.8 billion every year, but employees coming to work when they are sick may cost employers even more. One way to combat both issues is to create an effective paid time off policy for employees. If you have never designed a PTO policy before, these frequently asked questions can help you get started, presented below by Business E Suites.

What Is Paid Time Off?

Paid time off may refer to any kind of paid leave program, but usually indicates a program that gives employees a set number of days to use for any type of leave instead of separate days for vacation and sick time. In most systems, employees earn a set amount of PTO for each hour or day that they work.

What Are the Benefits?

Offering a robust benefits package is a valuable tool for distinguishing yourself from other employers that might be offering similar wages. It sends a message to employees that you care about their well-being and can help you attract and retain top employees.

PTO programs are more flexible than traditional leave policies.  These policies also eliminate the need for employees to explain to employers why they need a day off. This both reduces dishonest use of “sick days” and protects employee privacy. Because there is no need to track different types of time off, a PTO program can reduce the work required by the human resources department to track it.

What Are the Disadvantages?

Because PTO policies do not allocate a specific amount of days for sick or vacation time, some employees may come into work sick because they want to save their days off for other uses. PTO policies can also be more expensive if you operate in a state where you are required to pay employees who leave their jobs for unused vacation time, but not for sick time. Because PTO policies do not distinguish between the two, you may have to pay for all of the PTO time the employee has accumulated but not used.

Do I Need a Written Policy?

A written PTO policy is important for avoiding misunderstandings. Your PTO document should clearly explain exactly how your PTO program works, how employees can accumulate, use and schedule their time off and what happens if employees miss work after exhausting their PTO days.

The document should be well-formatted, professionally presented and signed by the employee and a representative of your company. Portable Document Format documents can be a useful medium for presenting PTO policies, but if you need to send large PDF documents to remote employees, the file size may be problematic. Using a PDF compressor tool can help you reduce the file size without losing the formatting of the document or degrading the quality of the images.

Who Can Help Me Create a PTO Policy?

If you are just getting started with your first employee, you probably do not have a dedicated HR department to help you. Consider hiring a business consultant. Online job platforms are a good place to search for potential candidates. The average marketing consultant hourly rate is between $28 and $98 per hour, depending on the experience level of the consultant. Make sure you read reviews and consider the price versus the services being offered and the promised delivery time.

Paid time off programs have both advantages and disadvantages when compared to traditional leave programs. When choosing what type of program to offer, consider which programs fit the best with your company culture and resources.

How to Find and Hire the Right People With Your Business’s Success in Mind

By | Business, Industry

Running a successful business truly requires having the right workspace. If you run your business remotely, consider setting up shop at Business E Suites. We offer move-in-ready office space, as well as private and co-working spaces. Check us out today!

[Image Source: Pexels]

Hiring the right people at the perfect time has a significant impact on whether your business can make it in the long haul or not. Still, many business owners don’t have much experience in the process. To be successful in the long term, particularly if your venture is growing, your business will eventually need to find and hire people with various skill sets for various roles, including marketing experts and salespersons.

Business E Suites offers some insights as you consider whether to find help.

Strategies to Find and Hire the Right People

Sales and marketing employees will know your products and services inside out and are vital members of your team, playing a crucial role in securing new business, creating strategies, advertising your venture, and supporting existing client relationships. When you have a salesperson or a marketing professional in your team, you can further grow your business. Here’s how you can find them.

When Do You Need Outside Talent?

When the amount of work you do is overwhelming, it’s time to delegate some of these tasks to an expert. If you’re also planning to open a new shop or office, are developing a broader plan with specific goals, or are turning down clients because of the many projects you’re already working on, consider getting help by hiring an employee.

Create Compelling Job Descriptions

Writing a thorough job description that attracts attention is an essential part of the hiring process. The more compelling a posting’s title is, the more efficient you will be in stirring the interest of the most qualified people. Then, open the description with a captivating summary, keep it concise, and include the salient details of the job, like core responsibilities, soft and hard skills needed, daily activities, and more.

Where to Look

Social media can be a fantastic recruiting tool, allowing you to share job postings within your network and encouraging a two-way conversation. Online job platforms are even better places to look for manpower, as are freelance websites. A recruiting agency can also be a great resource, especially when you’re recruiting for a more specialized industry.

Spot Your Next Hire

There are a few attributes that distinguish great salespeople, including an achievement-focused personality and verbal acuity. A good marketing person is a strategic thinker and a visionary and is business-driven. Scour resumes and cover letters for evidence of these qualities, then look for other attributes that complement your team.

Narrow down your candidate pool by checking their reviews, recommendations, delivery time, and price to ensure they fit your work environment. After you’ve identified the person you want to hire, make an offer, and in it, specify the employment type you’ll provide. For instance, it’s common for remote workers and freelancers to be hired as independent contractors, and that configuration is highly recommended if you consider international remote hires or freelancers.

Survey the Home Team

Hiring and training new staff is quite an undertaking, and it can take some time to get your new hires up to speed. With that in mind, don’t overlook the talents of your existing employees. If you have people on your team who have the interest, ability and drive but lack knowledge and skills, it may be more cost-effective in the long run to help them expand their skill set through a degree or certification program. This can also be a great incentive for current employees, especially if you opt to cover tuition rates. Best of all, if you go with an online university, this gives your employees the chance to study and learn at their own pace, so their work obligations aren’t left faltering.

The Bottom Line

When it comes to finding, courting, and hiring great, skilled, and talented people, you need to be persistent and think outside the box. By using these strategies, you can quickly identify highly qualified and passionate experts ready to join your team.

 

 

The Rise Of Productivity As A Service In The Coworking Model

By | Business, Industry

Photo Credit: Getty 

In 2020, it briefly seemed like the stunning rise of coworking spaces would come to a crashing halt. Now, however, new coworking spaces and other shared office models are cropping up in every m Beyond Coworking: Physical Spaces Designed For Productivity

Before the pandemic, the noisy, close quarters and social energy of coworking spaces was an asset for some; for others, a drawback. 

To justify the overhead of a managed flexible office space, companies must ensure that a new space solves the pain points of WFH. Many coworking spaces, even with reduced capacity, still have the disruptions that professionals are seeking peace from.

For this reason, we may start to see coworking evolve from chatty social hubs to productivity destinations. The layout of this new type of coworking space might include:

• Private offices.

• Sound-masking technology and closed doors.

• Designated collaboration rooms to keep noise levels at a minimum.

The Burden Of Office Management

Throughout the pandemic, remote workers have acted as building managers of their own offices, securing office supplies, IT infrastructure and room bookings all on their own. Doing that takes a lot of time out of their day, and context switching hinders productivity

Another key advantage of choosing a coworking space, as opposed to a normal office lease, is that employees no longer have to handle the logistics of office life themselves. Shared office spaces can distinguish their offerings with amenities that teams can’t get at home, including:

• Front-desk service.

• Mail and shipping service.

• Onsite IT support.

• Access to a notary public.

The service component of coworking and other shared office spaces may be especially desirable to small companies that don’t have robust HR departments. This way, coming into the office means having to worry about nothing but the work that matters.

Plus, a dedicated office manager can regulate all of the other components of a work environment that are critical to productivity, like ventilation, lighting and air quality.

Professionals Need More Than A Desk And A Chair

As the commercial real estate industry keeps a close watch on the return-to-office debate, investors should stay tuned to “productivity as a service”: offices that make productivity a primary selling point, not just space or location.

Coworking spaces are likely here to stay, but the ones that will stand the test of time will be those that understand the needs of the modern worker. That is, an office where professionals have all their digital, privacy and logistical needs taken care of, so they can actually focus on their work.

major city. Demand is on the rise again as many professionals itch to get back to the office — just not the office they went to before the start of this pandemic. 

To provide value to professionals who have the flexibility to work from wherever they please, offices must have what most homes lack: quiet, privacy and amenities that support focused work. For many, the shoulder-to-shoulder environment of old coworking spaces won’t cut it anymore.

Here’s a look at what the new “productivity as a service” paradigm means for commercial real estate.

Employees May Be Productive At Home, But Their Work Environments Are Taking A Toll

By many accounts, workers became more productive while working from home. The National Bureau of Economic Research estimates an overall 5% productivity lift in the U.S. economy from remote work, especially among knowledge workers who enjoyed less time in meetings at home and more time on the tasks that matter.

So why return to the office at all? 

One central challenge of working from home is disruption, whether from child care responsibilities or faulty internet connections. Even if professionals are able to get their work done at home, they may not be doing so in an environment that’s consistent and sustainable. Even worse, it may be taking a toll on their long-term health and well-being.

Company decision-makers don’t want to sacrifice the productivity their teams have found at home entirely, but they still want to provide a secure work environment for those employees who don’t have one at home.

3.0: Hybrid office model becomes the new normal

By | Business, Industry

It is no longer about where employees are working, but about how they are working

RAMESH NAIR

The future workplace will not be binary. It will be a mixture of several workplace formats, with co-working riding growth in the new normal.

In the pre-pandemic era, if a certain A company was looking for a co-working space, the options were cookie-cutter workstations, with 50-60 sq. ft. of average space per desk. Now, imagine the same company A is exploring a hybrid space across locations. It can utilize the services of a co-working operator to find the perfect space in preferred locations and customize the workplace as per its needs. It is no longer about where employees are working, but about how they are working.

Co-working space grew strongly during 2017-2019 with its stock growing by 2.3 times in 2019 as compared to 2017. The share of co-working space in total leasing volume also rose from 6% in 2017 to 20% in 2019. However, during 2020, this pace of growth experienced a setback. Across the top operators’ portfolios, the median occupancy level was around 65% during 2020. Occupiers closed unprofitable centers and postponed and even cancelled some new leases.

Now, we are entering co-working 3.0. Mandates with occupiers will be the way to go, and speculative buildings are a thing of the past.

Operators will also look at newer business models ranging from management agreements, hybrid models (fixed plus revenue share) to franchise models.

Choice-based models to emerge

Many Fortune 500 companies are betting on expanding through co-working spaces. During H1 2021, IT-BPM drove the bulk of transactions with a 57% share in total leasing in co-working centers.

Why should larger enterprises look at co-working?

1. Greater flexibility in leasing2. Outsourcing of space delivery and management to a third-party

3. Capital-light deal structures

As a hybrid model of working takes shape, occupiers are looking at decentralized teams, work from (near) home, and the hub and spoke model. Co-working spaces will fill this gap and offer convenience to employees while offering a collaborative workspace. It will provide a tech-enabled, customized experiential workplace to enhance productivity and wellness.

Over the next few years, most landlords will have a co-working share in their portfolio. However, they will look to partner with operators with experience in operations and management.

Occupier experience is key

Occupier experience has become of utmost importance in this competitive environment. User experience will determine brand loyalty in this highly competitive segment. The inclusion of digital infrastructure and smart facilities will increase operational efficiency and overall asset value. Moreover, providing facilities related to health and wellness will retain occupier interest.

Operators are also coming up with innovative solutions such as single-day work passes, global location access and virtual offices. Some of the co-working space operators are also partnering with educational institutions and service companies to organize skill development and knowledge sharing programs for their occupiers.

Co-working mushrooming in Tier 2 – 3 cities

Initially, the growth of co-working spaces was limited to the top 6 cities. However, post-pandemic, operators are expanding into tier-II cities. Now we are seeing large enterprises setting up satellite and sales offices in smaller cities. Moreover, hyper-local delivery players are taking up small office spaces in multiple locations as they are expanding in smaller cities. We expect this trend to continue and demand from e-commerce and fintech to rise in the next two years. Many of these existing centres are currently operating at more than 70% occupancy levels.

Overall, the utilization of co-working is imminent for growth and brand differentiation. The latter half of 2021 is already seeing a change in the way co-working companies operate. As our workplaces undergo a change, co-working too will evolve and offer more value to users.

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Texas Ranked As The Best State To Start A Small Business

By | Industry

Texas is the best U.S. state to start a small business in 2021, accounting for key factors such as business environment, access to resources and business costs, according to a new study from WalletHub.

The Lone Star State ranked second overall for its business environment, only behind Georgia. Several metrics were taken into account, including growth in the number of small businesses, entrepreneurship, job growth and average length of the workweek.

When it came to access to resources, Texas ranked 12th, reflecting metrics such as financing accessibility, human capital availability, higher education assets and the share of college-educated population.

Texas’ business costs were a little less favorable, placing the state in 32nd place. That ranking was based on key metrics like office space affordability, labor costs, corporate taxes, spending on incentives as a share of gross domestic product and the cost of living.

Following Texas in the top spot were Georgia, California and Florida, ranked in second, third and fourth place, respectively. In contrast, New Jersey was ranked as the least ideal place to start a business in in 2021.

Less stringent lockdown policies and lower costs bolstered Texas’ reputation as a business-friendly environment during the coronavirus pandemic. As a result, the state has seen an acceleration in the number of corporate relocations, fueled by unhappy business owners leaving more expensive and regulated states like California, New York and New Jersey.

In addition, the state’s reopening at 100% capacity in March, as well as the removal of a face covering mandate, have worked in tandem with the vaccine rollout to boost hotel bookings and retail activity across Houston. Office occupancy is also on the rise, and brokers say that inquiries and deal-making are ramping up, as businesses are making decisions again.

A total of 28 companies completed a corporate relocation to Texas in 2020, according to YTexas, a business network that assists companies who are looking to expand or relocate to Texas. As of July, 37 companies had already chosen to relocate in 2021, surpassing any other year on record.

Contact Christie Moffat at christie.moffat@bisnow.com