Ecwid for Small Business
How to Start a Small Business in Texas (TX)
Everything is bigger in Texas. This includes their economic and population growth. Texas ranks number one in economic growth, has the nation’s second largest economy, and boasts the second fastest population growth in the country. This is a great environment to open a small business.
Best Business Ideas for Texas
If the only thing you know about your small business is that you want to start one, that’s okay! Here are some small business ideas that are particularly popular in Texas:
- CBD oil business
- Fuel station
- Specialty grocery store
Whatever you decide, you’re going to need to draft a solid business plan.
Drafting a business plan can be daunting, we get it. That’s why we have a
1. Playing the name game
Choose a name for your business that is straightforward and doesn’t leave your customers wondering what you do. While there are some rules and regulations for naming your business, don’t let that discourage you. For example, It’s Fry Noon is an excellent name for your
2. Conducting market research
It’s crucial to get to know your market. Do search engine optimization research. Hold focus groups. Conduct surveys. You may find out surprising things! It’s Fry Noon found out it may not have the customer market it originally thought it would.
3. Structuring your business
LLC, corporation, nonprofit, partnership, sole proprietorship: which is best? It depends on what your goal is. Registering as an LLC provides favorable tax treatment, while a nonprofit is funded by donations, as opposed to investors. It’s Fry Noon would likely work best as a corporation, LLC, partnership, or sole proprietorship.
Registering in Texas
Get all the info you need about your business. Get your business’ name, the employer identification number (EIN), and the name of your registered agent, then file those formation documents. Depending on the structure you choose, you may need different documents.
Congrats: It’s Fry Noon, PC is now an officially recognized business in the state of Texas!
Best Location for Your Business in Texas
Before you make any decisions on where to set up shop, determine what your goals for your business are. Do you anticipate growth? Will your business rely heavily on foot traffic? If so, it may be a good idea to consider getting an office space in a heavily trafficked area, such as Austin or Houston. Whether you decide to operate out of your kitchen or the nicest office you can find downtown, you’re going to need proper documentation. It’s Fry Noon who has decided to rent out a restaurant space in Austin.
Banking and Accounting
It’s a good idea to separate business and pleasure, and accounts are no different. We recommend having a separate banking account for your business. This not only allows you to keep better track of your business expenditures, but to protect your personal assets should your business get sued. We also recommend opening a line of credit in your business’ name, as having established credit makes your business more attractive to potential lenders. You should look into hiring a business accountant, as they can help you save thousands in business expenses!
Ensure Your Business Is Insured
Business insurance is crucial to growing your small business in Texas. It’s a way to ensure your business avoids any unknown risks, like an employee stubbing their toe on the property, or an armadillo digging little holes all around your yard. In Texas, no business is required to have insurance. However, we recommend having general insurance, workers comp insurance, and/or professional liability insurance to protect you on a rainy day.
Permits and Licensing
You want to make sure your business is operating legally, so it’s important to make sure you have all the proper permits and licensing. Depending on your location and type of business, you’ll have different requirements. The best way to determine what they are is to conduct a search on a federal and state level, or call your local clerk’s office and ask them directly. We recommend hiring a professional for this step to ensure you don’t skip over anything.
The hiring process is an exciting step as you plan a new business. This can be the first time it feels real for many entrepreneurs. However, it’s important to ensure your hiring practices are legal. This includes ensuring you’re registered with the IRS employee taxes, reporting all new hires to the State of Texas, and enrolling for unemployment tax with the State of Texas. Once you have your perfect team set up, we recommend setting up a payroll system. This not only ensures employees get paid on time, but it can help you manage your tasks as a business owner.
Branding is fun for some, miserable for others. How do you brand your business to stand out competitively? First, start with the logo. Make sure your logo is representative of your brand and what you offer, then make sure it’s visually pleasing to your customer. Fry Noon thinks
Branding also requires you to think about what your values are as a company. Do you believe there are entirely too few
Do some personal reflection and truly embrace what your company believes in. Making sure these points strike home will ensure that your customers are in it for the long run.
In the day and age of social media, having an online presence for your brand is very important. While this can look like having a website and online store (if applicable), this also means needing Facebook, Instagram, YouTube, and TikTok accounts. One of the best things you can do for your business is follow trends on social media. It makes you look hip and
Having an online presence is great, but what about marketing via your website? All legitimate businesses have a website. And, if we’re being honest, the less legitimate ones do, too. Unfortunately, social media profiles are not a replacement for a website. Having a professional page makes your brand seem trustworthy and reliable, and it offers
If this seems to be way too much stress, don’t worry! Companies like Ecwid help your store grow and succeed. They can help you create a beautiful,
Are You From Another U.S. State?
Learn the basics
Starting an Online Store Business is Easy.
We’ll Show You.
So you’re ready to start selling online. Now the
Need Legal Advice?
We Have It Here
- 25 Places to Find
Low-CostLegal Advice For Your Business
- Registering Your
E-CommerceBusiness: Sole Proprietorship, LLC or Corporation?
- Protecting the Brand: How To Register a Trademark For Your Online Store
- Legal Docs for Online Stores: Protection and Trust [with Templates]