Small Business Outlook 2023 for Collin County Texas

Small Business Outlook 2023 for Collin County Texas

According to the most recent data, the outlook for small businesses in Collin County, Texas is positive. The number of small businesses in the county has been growing steadily in recent years, and this trend is expected to continue into 2023.

The U.S. Census Bureau's County Business Patterns program reports the number of new small businesses in Collin County, Texas has increased by approximately 5,600 over the past five years. The county's unemployment rate is projected to remain low, making a strong foundation for small business success. Additionally, Collin County's population is projected to grow significantly over the next five years, providing a larger potential customer base for small businesses.

Threat of a Recession

One challenge on all small business owners' minds is the threat of a recession. Here's some good news. Historically, Collin County has generally performed above the average during recessionary periods in the United States. In the 2001 recession, Collin County's unemployment rate peaked at 4.5%, while the national unemployment rate reached 6.3%. More recently, during the 2007-2009 recession, Collin County's unemployment rate only rose to 6.4%, while the national unemployment rate increased to 10%. The numbers clearly show that during the last two recessions, Collin County has shown a higher level of immune resistance to America's economic ups and downs.

What steps can small business owners take to help ensure success in 2023?

According to the Small Business Administration, here are 5 things small businesses can do:

  1. Small businesses should have a clear understanding of their target market, their competition, and their customer base. They should also have a well-defined business model and go-to-market strategy.
  1. Small businesses should also focus on building a strong online presence and on using digital marketing tools such as search engine optimization to reach their target markets.
  1. Another important strategy for small businesses is to have a clear and concise message that differentiates them from their competition.
  1. It is also important for small businesses to have a well-developed brand that resonates with their target market.
  1. Finally, small businesses should make sure they have a solid financial foundation in place, including a strong business plan and access to capital.

Overall, the outlook for small businesses in Collin County, Texas is positive. The county's population and economy continue to outpace the averages, and the unemployment rate continues to remain low. One of the strengths of small businesses, and of entrepreneurs, is their ability to quickly identify and adapt to changes in local markets. For these reasons and more, Collin County presents a great environment for small businesses to grow and succeed.

 

Jeff Hurst
NorthStar Commercial Interiors LLC
972-813-9190