Are you opening a new business in the Lone Star State?
Texas boasts the world’s ninth-largest economy by GDP. When you consider the total volume of business happening in the state, it’s not surprising why many first-time business owners decide to open up shop here.
However, without a proven and results-driven launch procedure, your new business is destined to fail. There are a few mission-critical steps that you need to follow to streamline business operations and create raving customers.
So, how do you open a business in Texas? In this article, we’ll identify the key steps you need to follow to launch and manage a successful small business in Texas.
How to Open a Business in Texas: 6-Step Cheat Sheet
Texas is rated the best state to start a small business. Austin also qualified as one of the top new tech towns in the nation. Additionally, the state offers a variety of exciting programs and incentives for first-time entrepreneurs.
Before we dive into the step-by-step process for opening a new business in Texas, we’re going to let you in on the number one thing you can do to guarantee the successful launch of your new small business…
Are you ready for it?
You must invest in a modern point of sale (POS) system.
It almost sounds too easy, right?
POS Nation offers powerful payment processing, inventory management, and promotion management capabilities within our easy-to-use POS system. It’s one of the reasons why we’re routinely ranked as a best-in-class POS system for small business owners!
Beyond investing in an advanced POS system, here are the steps that you must follow to open a business in Texas.
1. Create a Business Plan
Start by drafting a business plan. Whether you plan on opening a retail store, liquor store, tobacco shop, or any other type of business, you’re going to need a solid plan.
There are several vital elements that we recommend including in your business plan, including an executive summary, company details, company description, management policies, market analysis, funding information, and financial goals/objectives.
As you write your business plan, try to answer the following questions:
- What does your business do?
- Does your business serve an addressable market?
- What products/services does your business provide?
While fairly rudimentary, answering these top-line questions will help you to think more clearly about your organization’s mission and goals.
RELATED READING: The Best Business Plan Checklist for New Owners
2. Register the Business
Next, register your business. Before registering, it’s important to first identify local regulations related to your unique business type. The most common types of business structures are sole proprietorships and partnerships. After incorporating, you must register and file the business name with your local county clerk’s office.
Typically, registering a business can range from $300-$750. However, you may incur additional costs depending on any sector-specific forms (tobacco, liquor) that you’re required to submit.
RELATED READING: How to Apply for a Liquor License in 5 Easy Steps
3. Secure Business Permits
You may be relieved to know that obtaining a business permit in Texas is relatively straightforward. However, if you plan on opening a liquor store in the state, there are some serious permitting requirements that you’ll need to comply with.
For a complete list of permitting requirements for liquor store business owners, visit the Texas Alcoholic Beverage Commission.
At a minimum, business owners must secure a Use Tax Permit and Sales Tax Permit. Other than that, Texas does not require general business permits. Of course, other stipulations may apply based on your unique industry.
Additionally, unlike other states, Texas does not require business owners to obtain workers’ compensation insurance or health insurance for their employees. The state also doesn’t require private companies to acquire commercial property insurance.
RELATED READING: How Much is a Liquor License? 3 Top Factors
4. Register for Texas’ Workforce Solutions
Next, register for Texas Workforce Solutions.
This organization was created by the Texas Workforce Commission in partnership with local workforce development organizations. The program supports small business owners through the provision of attractive state/local tax programs and training.
Texas Workforce Solutions provides training vouchers upwards of $725 for full-time employees. Moreover, their Work Opportunity Tax Credit Program helps to reduce the tax burden for first-time business owners.
RELATED READING: 6 Best Accounting Tools for Small Business
5. Build and Activate Marketing Plan
Building a results-driven marketing plan is the key to your organization’s sustained success. There are a few crucial elements that you’ll want to consider here, including a list of your go-to marketing plays, information related to your target customers, anticipated results, goals, and more.
With this information, you can work on planning and executing your marketing advertising, and build a marketing budget to make it all happen. The most successful business owners commit to one (or more) of the following marketing tactics:
- Social media marketing
- Email marketing
- Video marketing
- Print marketing
RELATED READING: 5 Digital Marketing Solutions for Small Businesses in 2021
6. Point of Sale System Setup
Finally, invest in a powerful POS system.
POS Nation’s advanced POS system offers much more than payment processing. Our tool helps with inventory management, sales performance, analysis, marketing, employee management, printing, and more.
Unfortunately, other POS systems on the market totally fail to deliver the features that your business really needs to succeed. What’s worse is that you’ll end up paying hundreds (or even thousands) of dollars annually on mandatory fees!
POS Nation is different from the rest of the POS system vendors on the market.
We offer the exact features your business needs to start ringing in sales from day one – it’s that easy! We understand your unique needs and give you all the resources needed to streamline operations, improve the checkout process, and scale your business!
RELATED READING: What is the Best POS System for Small Business in 2021?
Finding the Right Point of Sale System for Your Business
Preparing to open a new business in Texas is no easy task. However, following the steps outlined above will dramatically improve your chances of success.
POS Nation knows what your business needs to succeed. As a result, we’ve been given the opportunity to work with thousands of small business owners and have helped process over a billion dollars in merchandise transactions nationwide!
Now that you know how to open a business in Texas, we want to help you get the most accurate information you need before making any purchase decision regarding your POS system.
We’ve created a simple guide to help you get started: The Retail POS System Buyers' Guide. In this guide, access the key questions to ask prospective POS system vendors, along with the step-by-step process of choosing the perfect POS system for your business.
