Pro-Tips:
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What makes Texas a good place to start a small
business?
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What steps do I need to follow to promote
success?
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Which business funding options are available in
Texas?
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Will I need a business license in Texas?
You can take advantage
of competitive business startup loans to get your business off the ground in a state where everything is bigger.
How to start a business in Texas
Here are tips for starting a business and four easy steps to help you get your Texas business
started:
1. Draft a business plan
A business plan will help you visualize the steps you must
take to bring your business idea to fruition. Although crafting a business plan
can take some time, it is well spent. A good business plan will help you stay
on track to work towards your business goals and move forward.
Your business plan should include a realistic strategy. Here
are some of the details you should include in your business plan:
- What business structure is appropriate
- How you will reach customers
- Estimate the funds you will need
You may also wish to start a business in Texas
checklist to keep track of your progress.
For a more in-depth read, check out this Legal Business Requirements page.
2. Register your business in Texas
First, consider: do I need a business license? The registration steps
you need to take may vary according to your Texas business license.
Here are the registration requirements for different
business structures in Texas:
- Sole proprietorship or partnership - you might not need to
file any paperwork.
- Limited liability partnership - you’ll have to fill in a
Registration Form with the Texas Secretary of State.
- LLC - you’ll need to file a Certificate of Formation with
the Texas Secretary of State. Whether you are forming a partnership or LLC in
Texas, the cost of registering is $300.
After your initial registration, you will have to keep up
with annual report filing requirements. The report itself is typically very
brief. But you’ll need to pay a renewal fee of $200 each year.
Once you have the appropriate business license in Texas,
you’ll need to carefully document any financial activity to accurately report
and pay your taxes. As a small business in Texas, you’ll have to apply for a
sales tax permit with the Comptroller of Public Accounts.
Additionally, certain businesses may need to apply for
required licenses and permits. For example, construction businesses will need
to file for additional permits.
3. Explore your funding options
A key element of success
is to obtain the funding you need to get your business off the ground. With so
many options, and so many ideas about how to raise capital for a startup, it can be
difficult to narrow down your search. But a great place to start your search
for a competitive business loan is Torro. The lender
provides the funds you need to move your business idea forward.
If you struggle to find funding, consider revisiting your business plan. A polished business plan highlights how your business stands apart from the crowd. Investors and lenders might be more willing to get on board if you have the right details in your Texas business plan.
4. Protect your business with insurance
Business owners of all sizes should consider purchasing an
insurance policy to protect themselves and their business operations. Of
course, every business owner hopes that everything goes smoothly. But the right
insurance policy can ensure your assets are safe, providing peace of mind.
Texas small business statistics
Here are three reasons why starting a business in Texas is a
great idea:
- According to the Chamber of Commerce, the Texas economy has
the world’s 10th largest GDP. That large size means plenty of opportunities to
grow your business.
- Currently, 2.7 million small businesses are operating in the
state. The state has the 4th highest rate of new entrepreneurs in the country.
- The attractive tax rules pushed the Tax Foundation to rank
Texas as one of the top 15 states for optimal business climates.
Given that 79.19% of Texas startups survive their first
year, it is easy to see why so many small businesses begin in this state.
Conclusion
Texas offers small business owners the funding and the tools they need to
succeed. Although building a small business in any state is no small feat,
Texas provides a favorable environment to foster growth. The state puts up very
few obstacles to stand in the way of your success.
You can join some of the top businesses from around the
country by starting your business in the Lone Star state. The massive state
with business-friendly policies might be the perfect place to build the
business of your dreams.
Ready to jump into building your small business in Texas?
Explore the loans that can provide the startup funds you’ve been searching for today.
