There are millions and millions of businesses all over the world. When you analyze some of the most popular reasons to start a business including having a unique business idea, designing a career that has the flexibility to grow with you, working toward financial independence, and investing in yourself — it’s no wonder that businesses are everywhere.

But not every business is positioned for success. In fact, only a few companies survive at least one and a half years, and some survive up to six years. So it may be challenging when you decide to jump, leave your job, and become a business owner. The grade is often set at the beginning, so you have to make sure that you follow all of the necessary steps when starting a business in Texas and establish the foundation for success.

Below are 10 steps for starting a business in Texas successfully. Taking a step at a time will lead you to become a successful business owner.

Step 1: Do Your Research

First of all, you need to identify a business idea and balance it with a little reality. Does your plan have the potential to succeed? You will need to run your business idea through a validation process before you go any further.

For a business to be successful, it has to solve a problem, fulfill a need or offer something the market wants.

You can recognize this requirement by including research, focus groups, and also trial and error. When you search the market, few questions that you should answer include:

1. Is there a need for your products/services?
2. Who needs it?
3. Are your competitors selling similar products/services?
4. What is the competition like?
5. How will your business adjust to the market?

When you figure out the answers it will help you in starting a business in Texas before you take the plunge.

Step 2: Make a Plan

You need a strategy to make your business idea a reality. A business plan is a blueprint that will guide your business from the start-up phase, help you establish and eventually leads to business growth. Every company must go through this process.

We can find different types of business plans for different kinds of businesses.

Step 3: Plan Your Finances

Starting a business in Texas doesn’t require a lot of cash, but it will need some initial financing as well as the capacity to meet continuous expenses before you start getting a profit. Place together a spreadsheet that estimates the one-time startup costs for your business (licenses and permits, equipment, legal fees, insurance, branding, market research, inventory, trademarking, grand opening events, property leases, etc.),. And also anticipate what you will need to keep your business running for at least 12 months (rent, utilities, marketing and advertising, production, supplies, employee salaries, your salary, etc.).

Now that you have a rough estimate in mind, there are some ways you can support your business, including:

• Financing
• Business loans
• Business grants
• Angel investors
• Crowdfunding

You can also try to get your business off the ground with minimal financial resources, using as little capital as required to start your business in Texas. The aim here, though, is to operate through the possibilities and build a plan for setting up the capital you need to start your business in Texas.

Step 4: Choose a Business Structure

Your business can be a sole proprietorship, a partnership, a limited liability company (LLC) or a corporation. The business entity you choose will impact many factors from your business name, to your liability, to how you file your taxes.

You may choose an initial business structure, and then reevaluate and change your structure as your business grows and needs change.

Depending on the complexity of your business, it may be worth investing in a consultation with an attorney or CPA to ensure you are making the right structure choice for your business.

Step 5: Pick and Register Your Business Name

Your business name plays a role in almost every aspect of your business, so you want it to be a good one. Make sure you think through all of the potential implications as you explore your options and choose your business name.

Once you have chosen a name for your business, you will need to check if it’s trademarked or currently in use. Then, you will need to register it. A sole proprietor must register their business name with either their state or county clerk. Corporations, LLCs, or limited partnerships typically register their business name when the formation paperwork is filed.

Don’t forget to register your domain name once you have selected your business name. Try these options if your ideal domain name is taken.

Step 6: Get Licenses and Permits

Paperwork is a part of the process when you start your own business.

There are a variety of business licenses and permits that may apply to your situation, depending on the type of business you are starting and where you are located. You will need to research what licenses and permits relate to your business during the start-up process. 

Step 7: Set Up Your Business Location

Setting up your place of business is vital for the operation of your business, whether you will have a home office, a shared or private office space, or a retail location.

You will need to think about your location, equipment, and overall setup, and make sure your business location works for the type of business you will be doing. You will also need to consider if it makes more sense to buy or lease your commercial space. 

Step 8: Get Your Team Ready

If you will be hiring employees, now is the time to start the process. Make sure you take the time to outline the positions you need to fill, and the job responsibilities that are part of each post. The Small Business Administration has an excellent guide to hiring your first employee that is useful for new small business owners.

If you are not hiring employees, but instead outsourcing work to independent contractors, now is the time to work with an attorney to get your free contractor agreement in place and start your search.

Lastly, if you are a sole entrepreneur hitting the business road alone, you may not need employees or contractors, but you will still need your own support team. This team can be comprised of a mentor, business coach, or even your family, and serves as your go-to resource for advice, motivation, and reassurance when the road gets bumpy.

Step 9: Promote Your Business

Once your business is up and running, you need to start attracting clients and customers. You’ll want to start with the basics by writing a unique selling proposition (USP) and creating a marketing plan. Then, explore as many business marketing ideas(e.g., Website Design, Website Marketing, Social Network Marketing, Business Cards, Email Marketing) as possible so you can decide how to promote your business most efficiently.

Once you have completed these business start-up activities, you will have all of the most important bases covered. Keep in mind that success doesn’t happen overnight. But use the plan you’ve created to work on your business consistently, and you will increase your chances of success.

Tags: Business