Are you cut out to be a business person?
Do you know what business you wish to start?
Do you have working experience in this business?
Do you have enough money of your own?
Do you know your credit score?
Do you know your “owner’s draw”? (this is the amount of money you will need out of the business to live on) (Develop a PERSONAL BUDGET)
Have you attended the SCORE Seminar "Starting and Running Your Own Business?"
Have you stopped by a SCORE office for free, confidential counseling?
Select a business
Select a location
Select a business name
Develop a business plan (see below) (Do not skip this step... the research required here is critical to your success)
Create your business:
Select legal structure: Sole Proprietorship, Partnership, Limited Liability Company, S - Corporation, C -Corporations (may need legal help if you have partners). If Sole Proprietorship or Partnership, register your name (DBA) or stop by one of the County Clerk's office (for Harris County, call 713.247.2982; call our office for other counties)
Get Federal Employer Identification Number (FEIN) ( 1-800-829-4933 ).
If you have employees, register with Texas Workforce Commission and get an Unemployment Tax Account
Get a sales tax permit (if applicable) - Call 1-800-252-5555 or click here.
Get sales tax exemption certificate - 7011 Harwin #186 ( 713-777-1881 )
Find out reporting requirements for Franchise tax: 1-800-252-1381
Obtain a business license or permit and other understand regulatory requirements (if applicable)
Houston Business Solutions Center (832.393.0954).
Protect intellectual property (with Patents, Trademarks, Copyrights) (if applicable)
Develop a start-up budget
Working capital (cash needed until breakeven)
Obtain equity financing
From Yourself: Savings, 2nd mortgage, Borrow against 401k
From: Family; Friends
From: Partners; Investors
Obtain debt financing
Select a banker and apply for a business loan
Approach vendors and equipment suppliers for additional financing if necessary
Set the starting date
Identify human resources
Identify personnel and begin recruiting
Identify professional services:
Lawyer or Pro-bono Lawyer
Accountant (CPA, Book-keeper)
Set up a business checking account
Establish a line of credit (if necessary)
Credit Card and/or Check Cashing Protection Services
Line up suppliers
Set up physical business
Buy or rent property (obtain a lease)
Find a contractor to make improvements
Order furniture and equipment
Order office supplies
Begin Pre-opening advertising, sales promotion and Public Relations efforts
Order business cards and stationary
Develop a website
Order signage (Outside and Point of Sale)
Develop a message
Select a medium