Now that you’ve come up with an idea for your own small business, it’s time to get started. Yes, starting a business can be a huge undertaking, but you can make things go smoothly by following certain steps before you open your doors.
Survey your target market
One important step to take from the beginning is to survey and gain a real understanding of the target demographic for your service or product in the West Texas area. It’s crucial to make sure that you’re delivering what the customer wants, not what you want.
Boost your credit score
You’ll do yourself a huge favor by getting your personal credit score as high as possible. Financing will be contingent on how much money you can borrow (and at what interest rates). Increasing your credit score could help you to borrow what you need to help get your business off the ground.
Know your tax requirements
It’s important to understand what business taxes you’ll have to pay, such as city, county, and state. You also need to know how much your payroll is going to be so you can make your tax payments timely.
Get legal advice
Preventive and proactive legal preparation is a smart way to set your business up for success. Calling on legal counsel after you’ve run into a problem is often too late, quite costly, and can critically impact your business.
Another way to ensure your success is by keeping yourself on track with a quarterly and annual plan. Doing things purposefully allows you to get more things done in less time while sticking to pre-planned goals.
Register your business name
You need to not only register your business name with the state government but also obtain a tax identification number from the IRS and state revenue agency. Get started with a “Doing Business As” registration for Texas.
Obtain business licenses and permits
Do your research to find out what federal, state, and local licenses are required for your business using this guide from the U.S. Small Business Administration.
Get the advice of others
Talk to as many local business owners you can to learn from their experiences – including what they view as mistakes they’ve made both starting out and along the way. Make sure you understand what impact running a business will have on your life, both financially and personally. Allow those business owners to ask you hard questions to be sure you’re prepared to take on running your new business.
Get assistance and training
Seek out and take advantage of free training and counseling services, such as how to prepare a business plan, to expanding or relocating a business.
The experienced, friendly team at Peoples Bank will help you with small business financing while being with you every step of the way. Peoples Bank offers small business administration loans, commercial construction loans, commercial real estate loans, and more.