Texas Business Startup Guides
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.
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.
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.
- Resources for Midland, Texas Entrepreneurs - Browse a variety of resources we've collected to assist Midland 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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