December 21, 2014  
 
  Entrepreneurial Resources - Advice for Texas Entrepreneurs  
  Midland, Texas Resources for Entrepreneurs  
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Starting a Business in Midland, Texas

Thinking about starting a business in Midland, Texas? This step-by-step guide walks you through the major decisions you should consider before opening a new business in Midland.

Do You Have Entrepreneurial Drive and Passion?

Most new companies fail, in part because the entrepreneur did not have the entrepreneurial skills and traits needed to succeed. So, before you start your business, consider all of the implications of being an entrepreneur.

While entrepreneurship has become a popular career choice, we recommend you do the following before you take the plunge:

  • Speak with other entrepreneurs in Midland. Get their candid feedback on what it takes to start a successful business.
  • You should read The Entrepreneurial Personality. It's a good read for those who are thinking about becoming an entrepreneur.
  • Reach out to a trusted acquaintance. A support network of family and friends can be a great sounding board for good advice before you decide for sure to go into business.

Midland, Texas Demographic Information

Midland has an active business community that includes small businesses, mid-sized businesses and large businesses.

To give you a better feel for Midland demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Midland.

Business Size# of
Businesses
1-4 Employees 51936
5-9 Employees 19200
10-19 Employees 11592
20-49 Employees 8040
50-99 Employees 2904
100-249 Employees 1224
250-499 Employees 120
500-999 Employees 96
1000+ Employees 72
All Midland Businesses 95184

As a new Midland entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Midland 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.

Business Type # of
Businesses
Advertising Agencies 5
Air and Gas Compressor Manufacturing 2
Ambulance Services 1
Amusement Arcades 2
Appliance Repair and Maintenance 4
Architectural Services 4
Automobile Driving Schools 1
Automotive Exhaust System Repair 3
Automotive Glass Replacement Shops 3
Automotive Parts and Accessories Stores 15
Automotive Transmission Repair 4
Baked Goods Stores 2
Beauty Salons 22
Beer, Wine, and Liquor Stores 15
Blood and Organ Banks 2
Boat Dealers 1
Book Stores 5
Bottled Water Manufacturing 1
Bowling Centers 1
Building Inspection Services 1
Business Associations 12
Business to Business Electronic Markets 1
Cable and Other Program Distribution 2
Cafeterias 5
Car Washes 16
Carpet and Upholstery Cleaning Services 3
Caterers 4
Cemeteries and Crematories 2
Charter Bus Industry 1
Child and Youth Services 6
Child Day Care Services 23
Children's and Infants' Clothing Stores 6
Civic and Social Organizations 11
Claims Adjusting 2
Clothing Accessories Stores 3
Coin-Operated Laundries and Drycleaners 2
Collection Agencies 3
Commercial Flexographic Printing 1
Commercial Lithographic Printing 4
Commercial Photography 1
Commercial Screen Printing 3
Community Food Services 2
Computer and Software Stores 5
Computer Systems Design Services 13
Computer Training 2
Confectionery and Nut Stores 1
Consumer Lending 10
Continuing Care Retirement Communities 3
Convenience Stores 3
Couriers 6
Court Reporting and Stenotype Services 1
Credit Unions 8
Custom Computer Programming Services 3
Dental Laboratories 2
Diagnostic Imaging Centers 1
Diet and Weight Reducing Centers 2
Digital Printing 1
Direct Life Insurance Carriers 2
Direct Mail Advertising 1
Direct Title Insurance Carriers 2
Directory and Mailing List Publishers 2
Discount Department Stores 1
Display Advertising 1
Document Preparation Services 3
Drafting Services 2
Drilling Oil and Gas Wells 44
Drinking Places (Alcoholic Beverages) 16
Drywall and Insulation Contractors 6
Educational Support Services 1
Electric Power Distribution 4
Electrical Contractors 34
Electronic Auctions 1
Electronic Shopping 5
Elementary and Secondary Schools 10
Employment Placement Agencies 3
Engineering Services 61
Environmental Consulting Services 10
Exam Preparation and Tutoring 1
Exterminating and Pest Control Services 9
Family Clothing Stores 16
Family Planning Centers 1
Farm Supplies Merchant Wholesalers 2
Fine Arts Schools 3
Finish Carpentry Contractors 10
Fitness and Recreational Sports Centers 15
Flight Training 1
Floor Covering Stores 5
Florists 5
Food (Health) Supplement Stores 5
Food Service Contractors 5
Footwear and Leather Goods Repair 2
Formal Wear and Costume Rental 2
Fossil Fuel Electric Power Generation 1
Framing Contractors 8
Freight Transportation Arrangement 2
Full-Service Restaurants 86
Funeral Homes and Funeral Services 4
Furniture Merchant Wholesalers 2
Furniture Stores 19
General Automotive Repair 16
General Freight Trucking, Local 5
General Medical and Surgical Hospitals 1
General Rental Centers 10
General Warehousing and Storage 1
Gift, Novelty, and Souvenir Stores 18
Glass and Glazing Contractors 1
Golf Courses and Country Clubs 3
Grantmaking Foundations 9
Graphic Design Services 3
Hand and Edge Tool Manufacturing 1
Hardware Stores 3
Hazardous Waste Collection 1
Hobby, Toy, and Game Stores 4
Home Centers 3
Home Health Care Services 18
Home Health Equipment Rental 2
Homes for the Elderly 6
Household Appliance Stores 3
Industrial Launderers 1
Insurance Agencies and Brokerages 51
Interior Design Services 8
International Trade Financing 1
Internet Service Providers 5
Investigation Services 2
Investment Advice 12
Janitorial Services 23
Jewelry Stores 13
Kidney Dialysis Centers 2
Land Subdivision 4
Landscape Architectural Services 3
Landscaping Services 22
Language Schools 1
Lessors of Other Real Estate Property 4
Libraries and Archives 3
Limited-Service Restaurants 91
Linen Supply 1
Local Messengers and Local Delivery 3
Locksmiths 3
Machine Shops 8
Mail-Order Houses 1
Manufactured (Mobile) Home Dealers 1
Marketing Consulting Services 4
Masonry Contractors 17
Mattress Manufacturing 1
Meat Markets 1
Meat Processed from Carcasses 1
Media Representatives 2
Medical Laboratories 7
Men's Clothing Stores 3
Metal Tank (Heavy Gauge) Manufacturing 2
Mineral Wool Manufacturing 1
Miscellaneous Intermediation 44
Mobile Food Services 2
Mortgage and Nonmortgage Loan Brokers 1
Motion Picture and Video Production 5
Motor and Generator Manufacturing 1
Motor Vehicle Towing 2
Motorcycle Dealers 3
Museums 5
Musical Instrument and Supplies Stores 2
Natural Gas Distribution 11
Natural Gas Liquid Extraction 3
New Car Dealers 14
New Housing Operative Builders 5
Newspaper Publishers 1
Nonresidential Property Managers 11
Nursing Care Facilities 6
Office Administrative Services 38
Office Equipment Merchant Wholesalers 6
Office Supplies and Stationery Stores 10
Offices of Certified Public Accountants 49
Offices of Chiropractors 13
Offices of Dentists 46
Offices of Lawyers 64
Offices of Optometrists 10
Offices of Other Holding Companies 2
Offices of Podiatrists 2
Offices of Real Estate Appraisers 4
Optical Goods Stores 7
Outdoor Power Equipment Stores 1
Paging 1
Paint and Wallpaper Stores 3
Painting and Wall Covering Contractors 11
Parking Lots and Garages 1
Passenger Car Rental 11
Payroll Services 3
Periodical Publishers 3
Pet and Pet Supplies Stores 3
Pet Care (except Veterinary) Services 5
Petroleum Bulk Stations and Terminals 2
Pharmacies and Drug Stores 12
Photography Studios, Portrait 11
Pipeline Transportation of Crude Oil 5
Pipeline Transportation of Natural Gas 4
Political Organizations 2
Portfolio Management 15
Prepress Services 1
Private Mail Centers 4
Professional Employer Organizations 2
Professional Organizations 2
Public Relations Agencies 1
Quick Printing 3
Racetracks 1
Radio Stations 5
Ready-Mix Concrete Manufacturing 4
Real Estate Credit 7
Remediation Services 4
Residential Property Managers 8
Residential Remodelers 25
Retail Bakeries 3
Reupholstery and Furniture Repair 4
Roofing Contractors 17
Sales Financing 2
Satellite Telecommunications 1
Savings Institutions 14
Scheduled Freight Air Transportation 2
Scheduled Passenger Air Transportation 3
Secondary Market Financing 1
Securities Brokerage 21
Security Guards and Patrol Services 3
Septic Tank and Related Services 1
Ship Building and Repairing 1
Shoe Stores 13
Siding Contractors 2
Sign Manufacturing 3
Site Preparation Contractors 5
Snack and Nonalcoholic Beverage Bars 9
Software Publishers 2
Solid Waste Collection 2
Solid Waste Combustors and Incinerators 1
Solid Waste Landfill 1
Special Needs Transportation 1
Sporting Goods Stores 13
Sports and Recreation Instruction 2
Sports Teams and Clubs 3
Tax Preparation Services 17
Taxi Service 1
Telecommunications Resellers 3
Telephone Answering Services 1
Telephone Apparatus Manufacturing 1
Television Broadcasting 3
Temporary Help Services 16
Temporary Shelters 1
Testing Laboratories 5
Theater Companies and Dinner Theaters 2
Tile and Terrazzo Contractors 2
Tire Dealers 7
Title Abstract and Settlement Offices 5
Tobacco Stores 7
Travel Agencies 4
Travel Trailer and Camper Manufacturing 1
Truck Trailer Manufacturing 1
Used Car Dealers 10
Used Household and Office Goods Moving 5
Used Merchandise Stores 6
Vending Machine Operators 3
Veterinary Services 12
Video Tape and Disc Rental 4
Vocational Rehabilitation Services 1
Voluntary Health Organizations 6
Warehouse Clubs and Supercenters 3
Water Supply and Irrigation Systems 1
Wholesale Trade Agents and Brokers 12
Wired Telecommunications Carriers 12
Women's Clothing Stores 21
Wood Container and Pallet Manufacturing 1
Wood Window and Door Manufacturing 1

Have You Considered Buying an Existing Midland Business?

An excellent way to get started in business is to Buy a Business in Texas. Follow that link and you may find several good businesses for sale in Midland.

If you are serious about buying a business, you may want to read this article: Buying a Business.

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.

Pick a company name that isn't too generic. If you do a search engine search for your proposed name and a billion results come up, you may want to reconsider the name. It's much easier to come up in the search engines when your name is fairly unique.

To get up to speed on what makes for a good company name, we encourage you to read this useful article: Naming a Company.

There's one other important factor when naming a business. Since you are opening a business in Midland, it's imperative that you check now that no other Texas company is using the business name you want to use.

Company Formation in Midland, Texas

It's very important that your business is formed as a legal entity that is separate from its owners. Doing so will separate 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.

Incorporation is a very popular way to form a business. Of course, you have to decide which type of corporation to form and where to incorporate. Just because you are starting a business in Texas, you don't necessarily have to incorporate in Texas. In fact, you can incorporate in any state you would like to. 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. To learn the fundamentals of company formation, browse articles 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 Midland, Texas, our information on Incorporating in Texas may be a useful resource if you decide to incorporate in Texas.

Don't Forget to Create a Business Plan

A business plan is critical in maximizing the prospects of your new company. Indeed, a business plan is a written description of the future you envision for your business. Starting a business without a business plan is a recipe for disaster.

To learn more about business plans, read Reasons to Write a Business Plan. A great resource for business planning assistance is the face-to-face free consulting available from your local SCORE chapter in Texas.

Advancing Your Entrepreneurial Skills

Successful entrepreneurs know that they need to continually improve.

Given that you are starting a business in Midland, Texas, you will want to take advantage of the many programs available at nearby Texas universities, colleges and community colleges. It's also smart to see if there are any networking groups or organizations in which Midland entrepreneurs get together to network and trade their business experiences.

Now It's Up To You

Most new Midland businesses underestimate the number of challenges they will face.

If you choose the right business and love what you do, you will greatly increase your odds of success.

We are here to help Midland businesses to be successful. We want to be there for you to answer your business questions, whether you are a new Midland 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 Midland, Texas

Here are more links that we believe will help you be successful in starting a business in Midland.

 

 

Additional Resources for Entrepreneurs

Buying a Business - Writing a Business Plan - Raising Money - Incorporate

Small Business Marketing - Advertising Advice - Public Relations -

Customer Service Tips - Entrepreneurial Selling - Workplace Safety