Like former New York gubernatorial candidate Jimmy McMillan has said, the rent is too damn high! And not just in New York, but all over the nation. Houston is no different. In fact, despite its relatively lax zoning and low taxes, it costs a bundle to start a new business in Houston.
However, Houston has done surprisingly well during the recent economic downturn. While you wouldn’t know it by watching the news, they actually added 500,000 new jobs over the past five years.
One major downside to launching new businesses in Houston is Mother Nature. Hurricane Katrina took out a can of whoopass of around $81.2 billion damage there. Then Ike came along 3 years later and knocked down Galveston. So guess what that does to insurance rates? That is, if you can get someone to insure you.
With groups like The Greater Houston Partnership forecasting an additional 600,000 jobs and a staggering 60 billion in capital by the end of 2015, there’s a lot of indication that Houston will continue to grow by leaps and bounds. How much of that capital will be used toward small business development remains to be seen.
Even with that being the case, I hate to say it, but the good old boy network is still alive and well in Texas. So good luck with raising capital if you’re from out of town.
I still remember the terror of the lawyers I used to work with when they would get a deal going in Texas. Even with outside funding, they were still filled with dread. Texas can be a great town to live in and do business — once you’re lucky enough to get established.
While that doesn’t mean that starting a new business is out of the question, it does serve to dissuade some people, unless they are familiar with the region. That’s why taking meetings in Davinci conference rooms can be so beneficial in a case like this. You can check it all out and if it doesn’t pass muster, you can just move along to the next town!