Texas is an excellent place to turn innovative ideas into big business goals. The Lone Star State is home to 2.7 million small companies, and on the corporate side, boasts 54 Fortune 500 corporations, making it a haven for large-scale companies too.
Nevertheless, in this current economic (and post-pandemic) climate, we unfortunately have to face some harsh facts. The COVID-19 crisis has left many people without a job, suffering a cut in salary, or, at the very least, worrying about an uncertain future. Unemployment rates continue to surge worldwide and are expected to be more devastating than those caused by Great Depression. The effects of the Russia/Ukraine conflict and the resultant Western sanctions have also contributed to this bleak picture and make job security a modern-day fallacy.
Starting a business based on the adage “when life gives you lemon, make lemonade” seems to be one of the few viable options. Being self-employed and providing a valuable service or product appears to be a sensible approach to securing your future. Becoming successful, however, requires careful planning, dedication, and plenty of hard work.
Given the Lone Star State’s history, it’s clear that there are plenty of ways to found a company in Texas. As a point of reference, we’d like to provide you with some key data about running a small business in Texas, before going on to give you step-by-step guidance on how to turn your entrepreneurial idea into a reality.
Following these steps will help ensure not just your current success, but also your future accomplishments. As a result, our recommendation is to adopt these measures one at a time. Spend time studying, researching, and thinking over these steps, rather than rushing into any decisions
What kind of business do you wish to have and why do you want to establish it? Our desires are driven by emotions, whereas our needs should be knowledge-driven and rooted in reality. The business you run should be tailored to your lifestyle and working preferences. Accordingly, you can run one of the following types of businesses:
While you’re thinking about what’s best for you, why not take a look at these small business trends for some inspiration and ideas.
Still unsure? The following questions can help you determine what type of business to start.
Realistic expectations and outcomes are crucial when it comes to developing a business idea. An unlimited quantity of business ideas are available online, making it easier than ever to get inspired. Here are a few (300!) examples of great business ideas for you to think about.
Remember, the ideas suggested above are there solely to inspire you. In the end, your business concept will be unique to you. The more time you spend thinking about your idea, the better crafted it’ll be. Once you’ve done so, go ahead and ask yourself these two questions:
It’s critical to remember that your business idea should solve an issue, meet a need, or provide a product or service that the market desires.
Once you’ve come up with that once-in-a-lifetime idea and considered the aforementioned questions, it’s time to create your business plan. Your plan will be a key tool in directing you from business start-up to establishment, and should be a well-planned guide designed to help your business develop and succeed. As a result, your plan should provide an outline of how your small business will grow into a prosperous, wealth-creating company. Use this free business plan template or search around for a suitable template online.
If you wish to apply for funding from a financial institution, then you’re going to need a more traditional business plan. These business plans are usually very detailed, complete with organized sections that allow investors to easily decide whether your strategy is practical and profitable. Accordingly, if funding is on your mind, be prepared to create a business plan to gain the attention of investors. Occasionally, the financial institution will supply the necessary forms to fill out.
Even if you don’t require any financial aid, a clear business plan will serve as a blueprint for tracking accomplishments, making certain that milestones are met, and ensuring future growth. The perfect business plan is one that continuously changes based on whether goals are met or not. If you need help with your business strategy, expert services are available across Texas.
Starting a small business may include continuous expenses until products are sold and profit is realized. It’s important to consider all one-time and ongoing expenses as early on as possible. These include license fees, insurance, rent, utilities, trademarking, and advertising. Add these numbers up to calculate how much money you’ll need to start your business. TexasRealFood has a list of financing options, and one or more of the following funding resources could be considered:
Getting your finances sorted is the first of your to-dos. After that, you need to think about how to optimize your expenses by reducing operational costs so that your business can get off the ground.
The type of business structure you choose will depend on your needs. It might be a single proprietorship, a partnership, a Limited Liability Company (LLC), or a corporation. The structure may need to be altered over time according to personal tastes and growth. It may be useful to hire a CPA or an attorney to help you choose the appropriate structure for your company.
Selecting a great name that’s both descriptive and memorable is an important step requiring careful consideration. Spend time thinking about how you want your company to be represented through the written word. The name of your business should be unique and able to withstand moderate growth.
Once you’ve decided on a business name, double-check to see if it has already been trademarked. If it hasn’t been, you can proceed to register your business name with the appropriate authorities. Registering your domain name at the same time, or as soon as possible, is also a smart idea.
Various permits and licenses may be required before starting a business in Texas, depending on your industry and circumstances.
Make sure that all your systems are in working order before you open your doors (whether that’s figuratively or literally!). One of your top priorities should be getting hold of a well-functioning accounting system. Alternatively, you can hire an accountant to take care of the numbers. If you have a large number of employees, you’ll need specialized software to keep track of their hours and handle their payroll.
The location of a business can make or destroy a company. If your business requires a physical site, make sure to devote a significant amount of time to finding the appropriate spot. The location of your firm will have a direct impact on the market and clientele you wish to serve, as well as the type of product/service you want to deliver.
Finally, you need to decide whether renting or purchasing the property is the best solution.
Advertise your company as widely as possible using any accessible means. Thinking of setting up a food business? Add it to the TexasRealFood directory for free. Don’t be shy about spreading the word about your company – keep pushing it. And if all goes well, then some of your delighted customers will assist you by telling their friends and family about what your business has to offer.
Clients usually arrive in dribs and drabs at first before you start to get regulars. Simply continue to provide an excellent product or service, be pleasant and persistent, and work hard to make your company a success story.
Following the steps in this article will help you get your small business off to a strong start. Laying a solid foundation for your company is the way to ensure future growth and success. Nevertheless, this can only be achieved by hard work, a positive attitude, and constant adaptations to meet the needs of both your clients and the market.