A new report shows record-breaking business growth nationwide and Texas, with its booming population growth, is among the states leading the pack.
Yelp found the first seven months of 2023 outpacing the same time frame from 2022, which set an all-time record for new businesses.
A color-coded map shows the high concentration of new businesses in Texas, which is ranked among the top 5 states for the overall number of new businesses. More than 50,000 new businesses have opened here so far this year in the Lone Star State.
“The number of small businesses opening over the last two years broke records, and Yelp’s new report signals our community’s growth is far from being over. Texas is playing a major role in helping to lead that growth,” said Keith Hall, National Association for the Self-Employed (NASE) President and CEO.
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Hall is based in Texas and leads the National Association for the Self-Employed (NASE), which supports small and micro business owners across the nation. He says the pandemic made people aware of the feasibility of working from home and continues to inspire people to seek new ways to create financial freedom and flexibility.
"People recognizing that they have more flexibility, they have more control, there's this intangible value, that you're building something for your family, for your own legacy, as opposed to generating corporate profits for a bigger company," said Hall.
The report also shows a growing percentage of women, people of color and LGBTQ+ owners launching their own businesses. Vanna Collins, owner of Dallas-based Elemental Yoga & Meditation shared what inspired her to open in Oak Cliff earlier this year.
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"Any type of natural practices were kind of limited in that area. So, I wanted to create a sacred and safe space for individuals within the community to have a place to practice yoga, try yoga, and meditation as well,' Collins said.
She said while the road to entrepreneurship has its challenges, she's grateful that her business has been well-received and she feels embraced by community. She also says other aspiring entrepreneurs have shared that she has inspired them to take the leap and start their own businesses.
Hall says that awareness is critical, and he wants people to know there are resources and grants available to help entrepreneurs. Learn more here.
