Texas Business Startup Guides
Opening a Business in Lubbock, Texas
Contemplating starting a business in Lubbock, Texas? We walk you through the process of opening a business in Lubbock.
Is Becoming an Entrepreneur Right for You?
Being an entrepreneur is demanding, much harder than working as an employee. Are you certain you have the stamina and skills to succeed on your own?
Here are three things we recommend you do before you fully commit to starting a new business of your own.
- Talk to other entrepreneurs in Lubbock. Get their take on what it's really like to be an entrepreneur.
- We recommend reading Characteristics of Successful Entrepreneurs. For aspiring new entrepreneurs, it's a must read article.
- Seek the advice of somebody who knows you well. That's the best way to get a truly objective assessment as to whether others think you have what it takes.
Lubbock, Texas Demographic Information
Lubbock has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Lubbock demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Lubbock.
Businesses
As a new Lubbock entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Lubbock for each business category. By looking at this chart, you can get a general sense for how much competition there is in the business niche that you are pursuing.
Businesses
Choosing a Company Name
Making the right decision when choosing a company name is very important. There are many decisions you'll make now that you can change later, but changing a company name years down the road is not very easy. So, choose a good company name at the outset.
Before you decide on a company name, run it by some prospective customers and see what they think. If they don't like it, it's probably a good idea to go back to the drawing board.
To get up to speed on what makes for a good company name, we encourage you to read this useful article: Branding Advice.
On a final note, given that you are planning on starting a business in Lubbock, it's critical that you ensure that no other Texas company is using the business name you want to use.
Company Formation in Lubbock, Texas
A critical step is ensuring that your business is formed as a legal entity that is separate from its owners. Doing so will shield you from personal liability for business debts and obligations.
The entity you form can be a traditional C-corporation, a Limited Liability Company (LLC), or an S-corporation.
Incorporating is a very popular way to form a business. A key decision is whether to form and S-Corp or a C-Corp, and you also must decide in which state you will incorporate. Just because you are starting a business in Texas, you don't necessarily have to incorporate in Texas. As it turns out, you can incorporate in the state of your choosing. However, if you do incorporate in another state, you'll have to register as a foreign corporation in your home state.
There's a lot to know about forming a company. We recommend you read some of the educational articles about company formation that are availabe on our site, such as LLC Advantages. You may also want to seek the advice of an attorney. Finally, if you are starting a business in Lubbock, Texas, our information on Incorporating in Texas may be a useful resource if you decide to incorporate in Texas.
Make Sure You Have a Business Plan
A business plan is essential in maximizing the prospects of your new company. Indeed, your business plan is your game plan for how you hope to grow your business. Failure to write a business plan is a recipe for disaster.
To learn more about business plans, read Business Plan Contests. You should also take advantage of free business counselors available to you through your local SCORE chapter in Texas.
How to Improve Your Entrepreneurial Abilities
Good business owners know that what they know now may not be enough to ensure their future success.
As an entrepreneur who lives in Lubbock, Texas, you will want to take advantage of the many programs available at nearby Texas universities, colleges and community colleges. It's also beneficial to see if there are any networking organizations for Lubbock entrepreneurs.
Moving Forward
As an entrepreneur in Lubbock, you won't be working for the boss anymore. You are the boss.
If you choose the right business and love what you do, you will greatly increase your odds of success.
This site is all about helping entrepreneurs in Lubbock and elsewhere to achieve real success. We want to be there for you to answer your business questions, whether you are a new Lubbock entrepreneur who is just getting started or you are already up and running with your new venture.
More Entrepreneurial Resources for Starting a Business in Lubbock, Texas
Here are more links that we believe will help you be successful in starting a business in Lubbock.
- Resources for Lubbock, Texas Entrepreneurs - Browse a variety of resources we've collected to assist Lubbock entrepreneurs.
- Texas Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in Texas.
- Houston, Texas Small Business Development Center - Serving 32 counties in Southeast Texas through 14 business consulting and training centers, the Small Business Development Center Network contributes to the growth and prosperity of the Texas Gulf Coast communities.
- North Texas Small Business Development Center - The NTSBDC Network promotes small business success by providing management education.
- Northwest Texas Small Business Development Center - The Northwest Texas Small Business Development Center was established with Texas Tech University in 1986. This regional program serves over ninety thousand square miles including ninety-five counties with a population base of approximately 1.8 million people. This region is serviced by six centers located in Lubbock, Amarillo, Midland/Odessa, Abilene, Stephenville, and Wichita Falls.
- South-West Texas Border�SBDC Network Texas Small Business Development Center - The South-West Texas Border Small Business Development Center (SBDC) provides consulting and technical assistance to the small business community.
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