According to the latest WalletHub list, Fort Worth ranks as the No. 1 city to start a business in the state of Texas, leading a strong showing of five Dallas-Fort Worth cities among the top 100 best places to start a business in the nation.
WalletHub is a personal finance website that offers free consumer tools and provides users with credit reports, scores, and monitoring.
The website said the rankings are a testament to the region’s overall strength in supporting entrepreneurship and business development, as it signifies a favorable business environment, abundant resources, and competitive costs.
“Our entrepreneurial ecosystem is rising fast and starting to gain national recognition,” said Cameron Cushman, reacting to Fort Worth’s rising ranking. Cushman is assistant vice president of innovation ecosystems at Health Science Center Fort Worth working to connect the entrepreneurial ecosystem for innovators, researchers, entrepreneurs and investors in the city.
DFW’s achievement in the ranking could attract more businesses to the region, boosting job opportunities, and contributing to the local economy’s growth and prosperity.
Growing a healthy business ecosystem
WalletHub said that having multiple DFW cities on the list reflects the efforts made by local governments and business organizations to foster a supportive environment for startups and small businesses.
Overall, WalletHub said that Dallas-Fort Worth’s success in the ranking is a positive development for the region, highlighting its attractiveness to entrepreneurs and investors looking to set up or expand their businesses.
The region’s ability to grow a favorable business ecosystem is set to solidify its place as a hub for innovation and entrepreneurship in the years to come, WalletHub said.
Arlington, Dallas and Austin joined Fort Worth in the list’s Top 20. Florida cities took the top four spots: Orlando, Jacksonville, Miami, and Tampa.
WalletHub points out that each city has its unique strengths and weaknesses, so it’s important to do research and consider your business’ specific needs and goals when deciding where to start it.
Texas cities on WalletHub’s list
DFW cities on the top 100 list are:
- Fort Worth: No. 9 with a total score of 58.00
- Arlington – No. 19 with a total score of 54.74
- Dallas – No. 20 with a total score of 54.11
- Garland – No. 52 with a total score of 48.36
- Plano – No.59 with a total score of 47.20
Here’s how other Texas cities ranked:
- Austin – No 10 with a total score of 56.86
- Lubbock – No. 21 with a total score of 54.10
- Laredo – No. 29 with a total score of 51.78
- Houston – No. 42 with a total score of 50.21
- El Paso – No. 60 with a total score of 47.16
- San Antonio – No. 61 with a total score of 46.85
- Corpus Christi – No.94 with a total score of 40.08
Focus on business environment, resources, and costs
WalletHub said the rankings provide a snapshot of the best places to start a business based on three main factors: business environment, access to resources, and business costs.
Each city’s overall score is based on these three factors, with higher scores indicating a better overall environment for starting a business.
The business environment score takes into account factors such as the number of startups per capita, the level of innovation, and the level of entrepreneurship, WalletHub said. And, the access to resources score measures the availability and quality of resources such as funding, talent, and education.
The business costs score reflects the cost of doing business, including factors such as taxes, labor costs, and office space.
WalletHub said that the statistics on the list suggest that some cities are better than others for starting a business, and the ranking can provide valuable information for entrepreneurs who are looking to start or relocate their business.
The website said, however, that it’s important to note that the ranking is based on a limited set of factors, and each business is unique, so the best place to start a business may vary depending on individual circumstances and goals.
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