Texas Business Startup Guides
Opening a Business in Floydada, Texas
Contemplating starting a business in Floydada, Texas? We walk you through the process of opening a business in Floydada.
Do You Have Entrepreneurial Drive and Passion?
Before you get too far along in the process, consider your entrepreneurial instincts and capabilities.
Because entrepreneurship is not for everyone, we recommend you do the following to help you assess whether you should move forward with starting a business:
- Talk to other entrepreneurs in Floydada. Get their candid feedback on what it takes to start a successful business.
- 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. 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.
Floydada, Texas Demographic Information
Floydada has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Floydada demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Floydada.
As a new Floydada entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Floydada 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.
Forming a Company in Floydada, 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.
Incorporation is a very common way to legally create a business entity. 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. If you are starting a business in Texas, you don't necessarily have to incorporate in Texas. In fact, you are allowed to 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 are many nuances to forming a company. We recommend you read some of the educational articles about company formation that are availabe on our site, such as C Corp Versus S Corp. You may also want to seek the advice of an lawyer. Finally, if you are starting a business in Floydada, 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
Having a business plan is essential in maximizing the prospects of your new company. Simply put, your business plan is your game plan for how you hope to grow your business. Not having a business plan makes you more prone to becoming a business failure statistic.
If you want more information on writing business plans, we recommend reading Find Sample Business Plans Online. You can also get face-to-face free consulting available from your local SCORE chapter in Texas.
Where to Get Money to Start a Company
Finding the funds to fuel the growth of your Floydada business requires strong organization skills and perseverance. In fact, financing your new business may be the hardest challenge you ever face.
The good news is this site contains dozens of articles on raising money, including one we recommend entitled Business Cash Advances.
Promoting Your New Startup
Whether your goal is to attract Floydada customers or you plan on selling elsewhere, having an excellent marketing plan is fundamental to your beating the competition.
We have some helpful resources on this site for entrepreneurs who are working on marketing plans. Advertising Campaigns is a good read to get your marketing juices flowing. That's just one of the many useful articles we have on Marketing a Small Business.
Improving Your Entrepreneurial Skillset
Successful entrepreneurs recognize that they need to continually improve.
Given that you are starting a business in Floydada, Texas, you will want to take advantage of the many programs available at nearby Texas universities, colleges and community colleges. We also suggest you look into networking groups or organizations in which Floydada entrepreneurs get together to network and trade their business experiences.
Now It's Up To You
You have a dream -- starting a business in Floydada. To achieve your dream, you have to persevere, even when the odds are against you.
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 Floydada and elsewhere to achieve real success. We have a wealth of experience in business start-ups, financing, marketing, sales and more...and we've made all of our knowledge available to you.
More Entrepreneurial Resources for Starting a Business in Floydada, Texas
Here are more links that we believe will help you be successful in starting a business in Floydada.
- Resources for Floydada, Texas Entrepreneurs - Browse a variety of resources we've collected to assist Floydada 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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