Are you thinking about starting a business in Texas? If so, you’ve picked an excellent place to begin one in. But while the state is entrepreneur-friendly, there are many things you need to contemplate if you want to succeed. 

Research Locations

One of the first things you’ll want to do is scout out areas for your small business. For instance, a rural area might be ideal if you’d like to open an eco-conscious touring agency. On the other hand, a city might be right for those who’d like to start a restaurant. 

But you don’t always need to research a shop location, especially if you plan to do business solely online. First, however, you’ll want to confirm that you’re near-critical business amenities, like warehouses or print shops, and have access to high-speed Internet if your company needs that. 

Make a Strong Business Plan

Once you find the right location, it’s time to develop a solid business plan. Some things to include in this are:

• Your company’s mission
• Your competitors and where they’re succeeding and failing
• The company’s management structure
• Descriptions of your products and services
• Your overall financial goals

You can adjust this plan as you move on, but it’s vital to have a basic one in place before you begin. If you’re still unsure how to make one, consider filling in an online template designed to assist with this. 

Obtain Insurance

While you’re not required to have business insurance in your state, it’s usually ideal for companies to invest in it. Insurance will protect you from serious lawsuits should an employee get injured on the job or if your business accidentally damages something. 

Some insurance types available for Texas companies include:

• General liability 
• Workers’ compensation
• Professional liability
• Commercial auto
• Tools and equipment

If you’re hesitant to purchase insurance but are curious about it, try an online quote. All you need to do is answer a few questions (like how many employees you have and how long you’ve been in business). You’ll then get an instant figure that will give you a general idea of what you’ll need to pay. 

If you’re still not sure what you need or if you can afford it, chat with an insurance agent. They’ll listen to your concerns, ask a few questions, and then work to come up with a personalized insurance package. 

Get the Correct Licenses and Permits

The next step is to register your business. You’ll need to pick a specific business structure that will determine how much taxes you’ll need to pay, the type of funding you can get, and similar details. Some to choose from are:

• Partnerships
• Limited liability company (LLC)
• Sole proprietorship
• Corporations 

You’ll also need to get the necessary licenses and permits for your business. While Texas doesn’t require a general business license, you must register with the state if you plan to do business in it. By doing so, you’ll receive a special permit. 

But you might need to apply for extra permits depending on your industry. For example, if you plan to work in multimedia, you might need a drone permit or pyrotechnic license. These will vary, so it’s crucial to research which ones are required. 

After filing for a permit, you’ll usually need to wait about three days before you officially receive it. Once you do, you can legally start selling your products or services. 

Advertise Yourself

Many entrepreneurs make the mistake of not advertising their services enough. A quick social media post can be useful, but you shouldn’t solely rely on it. Instead, you need to be creative and make yourself known, especially since there will be a lot of competition. 

There are plenty of ways you can advertise yourself. Some ideas include:

• Building a catchy website
• Collaborating with local businesses
• Offering special deals
• Hosting events
• Buying ad space
• Using email and social media marketing 

Why Texas?

The Lone Star state is a fantastic place to start a small business. It not only has a useful geographic location but features some of the lowest tax rates and living expenses in the country. 

Texas offers a variety of grants. These range from the Texas Enterprise Fund to the Events Trust Fund. The grants won’t only provide you with financial assistance but often have incentives to keep you motivated. 

You’ll also discover the state has a vast market, has no corporate/personal income tax, and is equipped with an impressive logistical infrastructure. All of these combined create a powerful and welcoming place to start a bustling business. 

Texas is an excellent place to start a company, but to succeed as an entrepreneur, you must carefully research and prepare yourself. Keeping this information in mind allows you to easily navigate the first few tricky steps toward building a thriving company.