In the state of Texas, small businesses are continuing to thrive. There are many different factors that can be attributed to this success, including the state have a very business friendly climate, affordable cost of living, low tax burden, highly skilled workforce, and advantageous geographic location. Although there are no guarantees to building a successful business or any way of completely eliminating all of the risks that are linked with starting a new business, there are things you can do to improve your chances of succeeding. It all starts with having the right knowledge and good planning. The following are some useful tips for starting a business in Texas.
1. Develop Your Business Plan
This is your road map that will help to ensure the success of your business. The document will outline the primary reason for your business, its financing, its structure, and the advantages it has over other competitors in the market. A wold business plan will include a business description, market analysis, management and organization structure, and funding sources.
2. Select Your Business Location
The location of your business operations will depend on the kind of business you are running. It is a very important decision and requires a great deal of research and planning. Consider such factors as state and local laws, access to your supply chain, and demographics of your customers.
3. Finance Your Business
It is critical to thoroughly understand the financial needs of your business in order to succeed. There are many different ways that your new enterprise can be funded, including a micro loan, bank loan, personal financing, venture capital or angel investors, crowd funding, federal loan as well as borrowing money from friends and family.
4. Determine You Business Structure And Register It
Determine which legal structure you want to use for your business, such as sole proprietorship, partnership, or corporation. Then file your business name with the county or state. Generally speaking, partnerships and sole proprietorship must register with their local county clerk’s office. Corporations must be registered with the Texas Secretary of State Office.
5. Business Tax Responsibilities
Determine what your business tax responsibilities will be at the local, state, and federal level. It is strongly recommended that you seek the advice of an accountant. State filings in Texas are done via the Comptroller of Public Accounts. For any questions regarding local property of business taxes, consult with your county tax assessor collector or appraisal district.
6. Business Permits And Licenses
Determine what registrations, certifications, permits and licenses are required for your specific type of business on the local, state, and federal level. In Texas, the Business Permit Office offers comprehensive information on state licenses and permits that required for businesses in the state of Texas.
7. Business Employer Requirements
Determine what your employer requirements are at the state and federal level. For more Texas employer resources, you can visit the website http://www.twc.state.tx.us/businesses.