January 22, 2021  
 
  Entrepreneurial Resources - Advice for Texas Entrepreneurs  
  Monahans, Texas Resources for Entrepreneurs  
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Open a Business in Monahans, Texas

Need help starting a business in Monahans, Texas? We've got the information you need to open a business in Monahans.

Are You Ready for the Challenges of Being an Entrepreneur?

Before you get too far along in the process, take inventory of your entrepreneurial instincts and capabilities.

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 Monahans. Listen closely to their experiences and see if you think you too can be successful.
  • We recommend reading Why Small Businesses Fail. For aspiring new entrepreneurs, it's a must read article.
  • Get feedback from somebody whom you trust. Ask them directly: Do I have what it takes to be an entrepreneur? Listen carefully to their answer, as they presumably know your strengths and weaknesses.

Monahans, Texas Demographic Information

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

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

Business Size# of
Businesses
1-4 Employees 368
5-9 Employees 123
10-19 Employees 66
20-49 Employees 60
50-99 Employees 21
100-249 Employees 6
250-499 Employees 0
500-999 Employees 0
1000+ Employees 0
All Monahans Businesses 644

As a new Monahans entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Monahans 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
Automotive Parts and Accessories Stores 3
Beer, Wine, and Liquor Stores 2
Book Stores 1
Business Associations 1
Child Day Care Services 1
Civic and Social Organizations 1
Coin-Operated Laundries and Drycleaners 1
Consumer Lending 1
Convenience Stores 2
Credit Unions 1
Diet and Weight Reducing Centers 1
Drilling Oil and Gas Wells 3
Drinking Places (Alcoholic Beverages) 1
Drywall and Insulation Contractors 1
Electric Power Distribution 2
Electrical Contractors 4
Family Clothing Stores 2
Floor Covering Stores 1
Florists 1
Fossil Fuel Electric Power Generation 1
Full-Service Restaurants 6
Funeral Homes and Funeral Services 1
Furniture Stores 1
General Medical and Surgical Hospitals 1
Gift, Novelty, and Souvenir Stores 1
Golf Courses and Country Clubs 1
Grantmaking Foundations 2
Hardware Stores 1
Ice Manufacturing 1
Insurance Agencies and Brokerages 5
Jewelry Stores 1
Landscaping Services 1
Limited-Service Restaurants 10
Machine Shops 2
Musical Instrument and Supplies Stores 1
Natural Gas Distribution 5
New Car Dealers 1
Newspaper Publishers 1
Nursing Care Facilities 1
Offices of Certified Public Accountants 3
Offices of Chiropractors 2
Offices of Dentists 1
Offices of Lawyers 3
Petroleum Bulk Stations and Terminals 1
Pharmacies and Drug Stores 1
Pipeline Transportation of Natural Gas 1
Radio Stations 1
Securities Brokerage 1
Tax Preparation Services 1
Testing Laboratories 2
Tire Dealers 1
Title Abstract and Settlement Offices 1
Veterinary Services 1
Video Tape and Disc Rental 2
Vocational Rehabilitation Services 1
Water Supply and Irrigation Systems 1
Wired Telecommunications Carriers 2

Forming a Company in Monahans, Texas

It's essential 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 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. If you are starting a business in Texas, you don't necessarily have to incorporate in Texas. In fact, you can incorporate wherever you want. 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 Company Formation. You may also want to seek the advice of an attorney. Finally, if you are starting a business in Monahans, Texas, our information on Incorporating in Texas may be a useful resource if you decide to incorporate in Texas.

Don't Skip the Business Plan

A business plan is vital in laying a solid foundation for your business success. Indeed, a business plan is a written description of the future you envision for your business. Not having a business plan is a recipe for disaster.

To learn more about business plans, read Business Plan Contests. You can also get free business counselors available to you through your local SCORE chapter in Texas.

Raising Money for Your New Venture

Getting your Monahans business the capital it needs to succeed is not an easy task. To obtain business financing, you will need to hear a lot of rejections before you finally find a funding solution that works for you.

Take advantage of our many articles on raising capital, such as 504 Loans.

For Monahans entrepreneurs who need startup capital, browse our List of Texas Angel Investors and our List of Texas Venture Capital Firms.

Getting the Word Out About Your New Startup

To grow your Monahans business, you need a solid marketing plan.

You can learn plenty about marketing on our site. Advertising on Google 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.

Never Give Up

You have a dream -- starting a business in Monahans. To achieve your dream, you have to persevere, even when the odds are against you.

From this point on, you control your own destiny.

This site is all about helping entrepreneurs in Monahans and elsewhere to achieve real success. We believe entrepreneurship is an amazing engine for job creation in Monahans, neighborhood development and overall economic health.

More Entrepreneurial Resources for Starting a Business in Monahans, Texas

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

 

 

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