A new report shows record business growth across the country, and Texas, with its rapidly growing population, is one of the states leading the way.
According to Yelp, the first seven months of 2023 set an all-time record for new businesses, outpacing the same period from 2022.
The color-coded map shows the concentration of new businesses in Texas, which ranks among the top five states for total number of new businesses. The Lone Star State has seen more than 50,000 new businesses open here so far this year.
“The number of small businesses opening in the past two years has broken records, and a new report from Yelp shows that the growth in our communities is far from over. Texas will lead the way in that growth. “The National Association of Self-Employed Employees (NASE) President and CEO Keith Hall said.
Hall is based in Texas and heads the National Association of Self-Employed Employees (NASE), which supports small business owners across the United States. He said the pandemic has made people realize the feasibility of working from home and continues to inspire people to explore new ways to create financial freedom and flexibility.
“People want to see that they have more flexibility, more control, and the visibility that they are building something for their families and their own legacies rather than generating corporate profits for big corporations. We recognize that there is no value,” Hall said.
The report also shows that women, people of color, and LGBTQ+ owners are starting their own businesses at an increasing rate. Vanna Collins, owner of Dallas-based Elemental Yoga & Meditation, talked about what inspired her to open in Oak Cliff earlier this year.
“Natural practices of any kind were restricted in that area, so we wanted to create a sacred and safe space where individuals within the community could practice yoga, try yoga, and meditate. '' Collins said.
Although the path to entrepreneurship has its challenges, she said she is grateful that her business has been well-received and that she feels accepted by the community. She says other aspiring entrepreneurs have also told her how they've inspired her to take the plunge and start her own business.
Hall says raising awareness is important and wants people to know there are resources and grants available to support entrepreneurs. Learn more about.
