There are prospective business owners in Texas looking to start their entrepreneurial experience. The state is already the home of 3 million small businesses.
These ambitious Texans know that having some essential information before starting a small business helps maximize success.
Registering a small business in Texas requires state filing. This filing carries some fees depending on your organization’s structure.
Filing Articles of Organization with the secretary of state requires $300 for corporations, $200 per partner for an LLC, and DBAs are $25 for filing.
Texas is home to numerous current and future business owners who know the benefits of entrepreneurship. Starting a business in Texas includes benefits such as these:
- LLCs provide some forms of personal liability protection
- Properly structured companies have tax-savings potential from write-offs
- Metropolitan areas in Texas have a strong trend of growth
- A state compliance system that can be easy to navigate
- A supportive business community with an abundance of resources
Identifying and outlining the goals and objectives of your business is essential to its success. Charting a course begins with knowing the value you’d bring to the market and how to take action. Let’s look at the nuts and bolts of this process.
A Plan for Your Small Business in Texas
A business plan essentially holds the map to your company and its future. It can be a plan that evolves as your business needs change. This plan outlines the value you will bring to the market and describes the company’s purpose.
Incorporating a mission statement, details of organization structure, and how you might consider taking on business partners are a part of this step. This outline will include your business’s description and what your product or service is. Additionally, a plan can detail organization management and analyze how your company compares to what is on the market.
Your plan can be comprehensive or a leaner approach. Lenders and means of funding often require a business plan to move into the next financing steps.
Pick a Business Location
Choosing a business location can become a cornerstone of how your business finds success. Customers will relate your site to how they see the business in the community. The type of business you incorporate will play a significant factor in location.
Existing zoning ordinances will determine if the location is a fit for your company’s vision. Additionally, as an owner, you will need to consider how easily your customers and vendors can gain access to your location and prospective employees.
After incorporating your business, financing is one of the next essential factors. You may have your savings to contribute and money from loved ones.
Some owners consider venture capital funding and some crowdfunding options or angel investors.
Building a relationship with financial institutions puts you in touch with professionals who have the training to help you. Navigating resources can be more straightforward with a team like Small Business Bank. Opening a bank account can improve the life of your business.
Having small business bank accounts, even with online access, is invaluable. In addition, loans and lines of credit are other kinds of financial tools that will help your business achieve its goals.
Learn about Business Tax Responsibilities
There are resources in Texas to help you learn about the responsibilities of your business. The Marketplace Seller tax information is one such source for online businesses.
Filing taxes is a non-negotiable part of the incorporation of a business. There are state, local, and federal authorities to whom companies must pay these amounts.
A tax preparer or other professional can help you make the best decisions regarding your financial circumstances.
Determine the Ideal Business Structure
Your business structure will help define the kinds of registration required. There are also advantages specific to some structures, such as the limit of personal liability with an LLC compared to a DBA.
It may be as simple as filing with your county clerk’s office. However, the business structure will impact licensing and permits, so it’s crucial to know how your organization works.
While a general business license is not necessary for Texas, your permits and certifications must comply with your business activity. The Texas Economic Development & Tourism’s Business Permit Office has resources to help.
The Expansion of your Business
The future of your business may include becoming an employer of a robust team. Once you are incorporated, planning to meet employer requirements is vital.
Texas makes employer resources available via the Texas Workforce Commission webpage. In addition, developing relationships with vendors, a community, and the market at large can lead to business growth.
Make use of online and local resources to help your business succeed. Much of business success involves continuing business education. Additionally, the financial tools available from starting a business bank account are valuable.
Having a path forward requires some critical elements for your business. These factors include how customers see your business and how the organization secures funding. How people will come to recognize company value is also essential. Discover how becoming a small business owner in Texas can help put you in charge of your future.