Starting a business in Plano, TX – all you need to know
Considering starting a business in Plano, Texas? The population of Plano is around 300,000 and the median age is 38.8. The unemployment rate in this city in Texas is 5.5% and the median household income is $82,900 which is more than the national US average. The income per capita is $44,800. Some of the main pros of living here are entertainment options, arts, culture, and a diverse economy.
The overall costs of living in Plano are around 15% higher than the Texas average. The biggest cost is housing. But, some of the costs are cheaper here such as transportation and miscellaneous. The job growth in Plano has been positive and the future job growth will be positive too. Texas has no income taxes and sales taxes are 8.3%.
Reasons to start a business in Plano, Texas
Why should you start a business right here in Plano? What are the pros of it and why should you choose this city in Texas. Texas has many cities to offer such as Dallas, Houston, San Antonio, etc. Here are some of the reasons why to consider Plano as your business location:
- During the 80s a lot of corporations moved to Plano. And now, it is a hub for corporate headquarters. JCPenney, Frito-Lay, Pizza Hut, FedEx Office are all located here ()their headquarters). Plano continues to attract companies, many investors are starting a business in Plano. It seems like everyone is doing it, which is a good sign.
- The startup community is strong and Plano is friendly to new businesses. – small or big business – you are welcome here. The combination of low-cost living, no income tax, and a large educated workforce is a winning combination for startups and new businesses. If you want to move a business, Plano is a good option. Plan a business relocation and let people know about your business.
- The local economy is booming and it has witnessed continued growth for the past several years.
- Restaurants are amazing which is important for business meetings. Finding an establishment to host a meeting at is easy here and food is taken very seriously in Plano, it is delicious.
- The stress level is low and people are friendly and nice. It is ranked in the top 10 of least stressed cities in America. People here enjoy a great work-life balance. It is because the costs of living are relatively low as well as the unemployment rate.
- Plano has many educated people, with fresh and new ideas. It is crucial for having a successful business.
Tips for starting a business in Plano
After making the final call and choosing Plano as your business location, it is time to start preparing your business for the grand opening. It will be exciting, fun, exhausting, stressful, everything at once. But, when you have the right guide to follow, it will be much easier to handle this process. Of course, you will need a crew of people you trust, to help you with opening a business, besides having those tips. Having local movers in Plano will also help you with relocation, so you can rely on skilled assistance.
- Create a business plan – make a plan for 3 years from now and 5 years from now and how you tend to achieve all those goals. Describe a strategy, goals, know how much money you can invest in a business, pay attention to potential problems, etc.
- Legal structure and formation – choose a legal structure for your business. There are many different types of business you can start in Plano. Study every type and choose the best option for you.
- EIN – this number is also known as a TAX ID number. It is a unique number for every business. You will need this number for a business bank account, hiring employees, permits, insurance, etc.
- Get all the permits – depending on the business you will open, you will need certain permits and licenses for starting a business in Plano. It is not the same if you want to open a restaurant and a real estate agency.
- Hire employees – hiring the first employee is a big thing when owning a business. Luckily for you, there are many educated people in Plano. Before you hire a person, make sure to set everything up (legally).
Moving to Plano
If you are determined to start a business here in Plano, and you are not from here, you should move here as well. It is easier to run a business in the city where you live. So, you will have everything under control and you can be there every day. To move here like a pro, you will need a moving company from Texas that already knows this area.
Find movers by researching online and asking your friends for some recommendations. Every reliable and reputable mover will have real online moving reviews, an official website, license, and insurance. Bear in mind that smallworldmoving.com is one of the sites to explore to find professional moving assistance with experience.
Plano is a great place for families. If you are considering moving there with your family aside from starting your business, you should know that it is one of the best destinations for families in Texas. Starting a business in Plano is a big financial step and a big responsibility. This is why you need a team of people you trust, by your side, and a good business plan. Explore the job market and the competition. Also, keep in mind that Plano is not a small city. So, choose the right neighborhood in Plano for your office space. The location is the most important factor when owning a business, especially if clients have to come to your office. Them it should be in a busy street. Work on the marketing and make sure Plano residents know about your business.