Are you at a crossroad and wanting to startup a new venture? SBA has a simple startup guide. Assuming you have done your market feasibility, started a business plan, business guide by industry and permits.. what is next?
One of the first decisions is often how to organize your business and what taxes or permits apply to the industry. Our advisors will guide you with information to assist you in your decision making. Utilize the Texas Governors Small Business Handbook to guide the business requirements:
1.Determine Business Structure TX SOS – read your options on how to organize your business considering from type of ownership, tax perspective, business liability, life of the organization.
2.Research Name Request via TX SOS or a County Clerks Office may do this also. Assumed Names Certificates are needed to do business. Must register with the county clerks office in the county the business is in (see our local resources for contact information per your county). Corporations must register with the State if doing business name is different than registered corporate name.
3. FEDERAL Tax ID EIN – apply online – this is needed for most businesses. Definitely needed for all corporations, limited partnerships or having employees. Individuals in sole proprietorship can use social security number, let’s consider implications in our one-on-one counseling as you decide.
5. Open a business bank account. You need your business name and tax id before you open an account. Keep your business and personal finances separate. Start record keeping. Establish business credit, in the early stages you personal credit will be important.
Deciding whether or not to start a new business can be one of the most difficult decisions a person faces in life. The consequences are widespread, the impact is deep, and the required commitment is immeasurable.
A common mistake is not having a business plan with marketing strategy and financial projections. What are your benchmarks? How much revenue will you make and what is the return to the investor (you). Creating a business plan will provide a roadmap of success and benchmarks to track progress.
Use business mentors to help you move forward and avoid mistakes!
SCORE partners also assist with business plans and consult on many business issues
Contact one of our Business Advisors here for more information.
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