Texas has consistently been named one of the states with a great environment for business. If you are considering joining the thousands of business owners already established in Texas, consider these 10 steps for starting a business in Texas to get you on your way.
10 Steps to Starting a Business in Texas
- Make a Business Plan
The foundation of any great business is the business plan. A great business plan serves as a roadmap for how you will build your business and keep the momentum going.
- Choose and Register your Business Structure
Depending on the type of business you want to build, you will need to choose the most suitable business structure (LLC, corporation, nonprofit, etc.) and register it with the state.
- Tackle Tax Obligations
Consult with an attorney and/or an accountant to find out what your tax obligations are for your new business. Explore Texas tax code and regulations, and find out where you can get the best tax incentives and credits.
- Obtain Licenses and Permits
Depending on what your business plans to sell or offer as a service, you may need certain licenses or permits in order to operate. The type and cost of licenses or permits will depend on the type of business you have and whether you plan to open a physical location.
- Utilize Business Banking
Rather than mingling your personal and business finances together, utilize the benefits and security of business banking by opening a business banking account. Business bank accounts often offer many benefits for businesses, which can help you save money in more ways than one.
- Choose a Fantastic Location
If you plan to open a physical business location, choose a place that is fantastic and perfect for what you plan to offer or sell. Explore interesting locales to determine the market, saturation of similar businesses, and what the financial benefits are of one place over another.
- Financially Bootstrap your Business
There are many ways to obtain funding for your business in Texas. Social lending, crowd funding, conventional loans, investors – whether online or in person, these are just a few examples of how you can help finance your business.
- Get Online
In today’s highly digital age, your business needs an engaging website in order to stay ahead of the competitive curve. Brand your website and related marketing to speak to what you and your business plan to do. If you aren’t tech-savvy, hire a website builder to help get your business online.
- Market your Business
Marketing strategies change and evolve as quickly as the latest fads. Explore marketing strategies for your business that are creative, unique, and bold. Don’t be afraid to experiment and take chances.
- Stay Inspired
To keep your business plan and goals inspired, network with other entrepreneurs and stay abreast of current trends. Continue learning as much as possible about marketing, changing markets, and taking your business to the next level.