Dallas is in the top 15 of all the markets in the US where entrepreneurs can start businesses.
According to a new study by WalletHub, Dallas is ranked as the 14th Best Large City to Start a Business in 2024. reportOther Texas cities like Fort Worth (No.7), Austin (No.8), and Arlington (No.12) ranked higher than Dallas in the study.
Even though Texas has many top markets for startups, big cities like Houston (No.38), San Antonio (No.56), and Corpus Christi (No.94) did not perform as well.
Cassandra Happe, an analyst and communications manager at WalletHub, mentioned that starting a business can be daunting given that one in every five startups fails in the first year. said Happe emphasized the importance of living in a city that supports new businesses and provides adequate resources, capital, workers, and customers for long-term success.
WalletHub ranked 100 US cities based on startup viability, considering business environment, access to resources, and business costs as key dimensions, and used 19 relevant metrics for evaluation.
Dallas received scores of 13 out of 100 for business environment, 46 out of 100 for access to resources, and 67 out of 100 for business costs in the 2024 rankings by WalletHub.
WalletHub provided data to The Dallas Express, showing Dallas's performance in various aspects such as length of average workweek, growth in small business numbers, accessibility to financing, labor costs, and the share of the college-educated population. Felipe G. Massa, an associate professor at the University of Vermont, suggested ways to improve the survival odds of new businesses despite statistics indicating a one in five failure rate within a year. Massa advised entrepreneurs to focus on addressing customer needs and working together with them to develop suitable solutions, rather than simply following trends or pursuing personal passions.
According to WalletHub, Orlando, Florida was rated as the top market for starting a business in 2024.
Orlando's success can be attributed to a high number of investors per capita, making it easier for companies to secure funding, as well as significant growth in the working-age population, providing a potential pool of new employees. DX Despite challenges such as stringent regulations and lengthy building permit processes under departing city manager T.C. Broadnax, Dallas has managed to earn recognition as an attractive location for entrepreneurs.
Dallas is one of the top 15 markets in the US for entrepreneurs to start a business, and WalletHub ranks it 14th among the Best Large Cities to Start a Business in 2024, as stated in a new report. However, other Texas cities such as Fort Worth (No.7), Austin (No.8), and Arlington (No.12) outperformed Dallas in the rankings.
According to Happe, one reason Orlando has become a hub for startups is the city’s high number of investors per capita, which makes it easier for companies to secure the funding they need to survive. Furthermore, she says Orlando has one of the highest growth rates for the working-age population, meaning businesses have a significant source of potential new employees.
Dallas has seemingly earned this distinction despite the City’s notoriously overburdensome regulations and lengthy building permit turnaround times under departing city manager T.C. Broadnax, who has presided over seven years of increased crime, taxation, and city spending.
