Having your own business can be a lucrative adventure, but the setup can take a bit of planning. There are a lot of important steps you need to take before your business can really take off. Put your best foot forward by following these six tips. 

Choosing the Right Business Structure

There are several business structures to choose from, and each has different levels of protection and flexibility. Depending on your situation, one might be better for you than another. Texas sole proprietorships are easy to form and give you complete control over your business, but you are held personally liable for any business debts. An LLC in Texas, short for limited liability company, protects your personal assets from your company’s legal dealings. Corporations are completely separate from your personal assets, so they offer more protection and allow you to sell stock. An LLC S corp Texas filing offers reduced self-employment taxes, pass-through taxation options, and tax deductions on company losses. The easiest way to open any of these entities is to use a formation service, which will also help you save on attorney’s fees.  

Writing a Business Plan

A business plan is an essential document for any business. The document can be extensive, but it helps you get organized and devise a plan before you start your business. Detailing how your business is managed, what your products and services are, and what your financial and marketing strategies will be can help you figure out how viable your business idea is. 

Building Your Brand

You can build your brand over time, but you should create the foundation before you start your business. Your brand will be based on what values you establish and how you exhibit those values throughout your business. There's also a visual component to branding. Your color schemes, styling, and logo are all necessary to make your business identifiable in the market. When you create a logo, be sure to use it in all your marketing materials.

Creating a Website

Building a website can take a lot of work, but a company site houses all the important information about your business. It's an easy way to get leads, connect with customers, and even sell products if you’re involved in e-commerce. Some must-haves include contact information, search functionality, high speeds, and a blog. A blog where you can post shareable content is an easy way to utilize a search engine optimization strategy and get more traffic to your website. 

Get Funding

How much money you'll need depends on your business type. Studies show that most U.S. microbusinesses have around $3,000 in start-up costs, but you'll need much more if you plan on purchasing a location, inventory, or labor. You may need outside funding. Many startups turn to crowd-funding or loans to cover startup costs. At this stage, you should start using good accounting practices. Hire a bookkeeper or invest in accounting software that can help you stay on top of your finances.

Marketing

Proper marketing is essential for new businesses. You can gain interest in your business with a press release, but over time, marketing will involve nurturing leads and catering to regular customers. Take advantage of social media and make sure your website is listed as a business on Google. There's plenty of software that could help with marketing, from video editing to data tracking, so look for useful software that can increase the efficiency of your marketing efforts.

Once you get through the planning stage, you can watch your business take off. Start with figuring out your financial, marketing, and branding strategies and how you’ll structure your business before you take the plunge.

Membership in the Deer Park Chamber of Commerce offers a variety of networking opportunities as well as other valuable resources. Join us today!

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