Tips to Start a Business in Texas

From Idea to Open: 10 Steps to Launch Your Texas Business

You’ve dreamed about it, thought it over, and decided to start your own business. Now it's time to get to work. The First Financial Bank team of professionals is here to guide you through the necessary steps to get started.

1. Build a Business Plan

A business plan is essential, as it provides lenders and investors with key information as you develop your business. It should include an executive summary that outlines key details about your business, such as its products, services, and areas of expertise. Create a mission statement that defines your business objectives, explains how you got to this point, and outlines your expectations for future growth. Additionally, include information about your finances.

2. Decide Which Business Structure is Best 

Choosing a business structure has significant legal and tax implications. Research your options to determine which structure is right for your company:

   - Sole Proprietorship

   - Corporation

   - Limited Liability Company (LLC)

   - S Corporation

   - Partnership

3. Name Your Business

Choosing the right name for your business is crucial for effective branding. Take your time to find a name that resonates. Once you’ve decided, you must register it with the appropriate state agency, such as the county clerk.

4. Obtain Business Permits and Learn About Business Laws and Regulations

Certain types of businesses may require federal or state permits or licenses. Conduct thorough research to avoid potential roadblocks. If you plan to hire employees, consult resources on Employment and Labor Laws. Additionally, other regulations may impact your business. Seek legal advice whenever you have questions regarding compliance or legal matters. If necessary, file for a Federal Tax ID, which you'll need to establish a banking relationship.

5. Fund Your Business

Determine the amount of money you need to start your business. Consider whether you can self-finance or if you need to borrow funds. Prepare a financial statement to identify the required funds and ensure you understand your cash flow needs to support and grow your business.

6. Borrowing 

When assessing your borrowing needs, the expertise of a First Financial lender can be invaluable. Your business plan will serve as a crucial tool for demonstrating to lenders and investors how and why your business will succeed.

7. Select Your Business Location

Consider several factors when determining the location of your business. Ensure you check local zoning laws before leasing or purchasing property.

8. Equipment

Will your business require heavy equipment, office furniture, or vehicles? Assess what you need to efficiently open and manage your business. Review your equipment needs with your lender.

9. Hire Staff

Evaluate your staffing requirements. How many employees will be needed to run your business effectively? Will they be full-time or part-time? Remember to advertise job openings, conduct interviews, and establish an onboarding process.

10. Open the Doors

You’ve done your homework, sought advice from legal and financial experts, and gathered the necessary equipment and resources. Now it’s time to open your doors!

First Financial will be a constant partner as your business grows. Let us help you make your dreams a reality.