Starting Your Own Business in Arlington
Do you have a dream of starting your very own small business? The idea is not far-fetched, and is a lot more likely to succeed once you have a working business plan and an audience who is receptive to the products or services you offer.
Understanding all of the steps necessary to build and launch a small business of your own in Texas is a great way to get started on a new venture that is solely your own. With complete knowledge of the steps required to launch your own business, move forward with a plan of action to obtain and use funds necessary to begin generating leads and sales.
Starting a Small Business in Arlington: Where to Start?
Before you can begin sharing and selling your products or services to your intended audience, there are a few steps to follow to ensure you are doing so legally in the Arlington area.
Consider the Purpose and Vision of Your Business
First, it is essential to consider the purpose and the vision you have for your Arlington, TX business. Questions to ask yourself at this stage include:
- Are you planning to launch your business locally as a brick & mortar shop or in rented office space, or do you prefer working online to maximize your reach and exposure?
- Who do you want to reach with your business and why will your customers choose to purchase products or services from you?
- What are the demographics of the individuals you want to reach? What is the age range, gender, location, and specific interest of those who may genuinely want to learn more about your business and all that you have to offer?
- How do you want your business to be remembered (as a charity, non-profit, or a for-profit organization that has a clearly defined purpose)? How do you expect prospective customers to discover your business and the products or services you provide?
Look at similar businesses in the Arlington area and do a little market research. It’s important to pay attention to how they use social media and what their most successful products or services seem to be.
Devise a Business Plan
Writing a business plan for your new venture is imperative. It’s the step that you should take well before you begin seeking funding or purchasing inventory to sell to prospective customers.
Devise a business plan once you have a clear understanding of how you intend to run your business and the type of consumers you want to target and appeal to once you begin selling your inventory. A business plan is necessary to remain organized and to stick with your plan of action whether you are in need of additional funding or if you simply require an itinerary to stick to as you launch your own business.
Obtain Necessary Business Training
If you are unfamiliar with entrepreneurship and running your own business, consider attending local free workshops in the Arlington area. In addition to workshops that are free of charge and dedicated to teaching individuals about standard business practices, it is also possible to learn more about running a business using free online courses, webinars, and tools.
The more familiar you are with the best practices, tax obligations and legal requirements of running a successful small business, the less likely you are to feel overwhelmed when making important long term decisions — such as applying for the financing necessary to get your business up and running.
Location, Location, Location
Consider the location you desire for your new business in the Arlington area and why you have selected the designated spot. It’s important to take into consideration the surrounding businesses and the amount of traffic you are likely to receive each day.
The location of a brick & mortar company is one of the most vital decisions that small business owners can make, particularly if they are in the retail or restaurant industries. Locations that do not receive large amounts of foot and driving traffic are much less likely to survive and thrive than areas that are packed with passersby and commuters each day.
Take the time to research individual locations that are currently for rent or sale based on their location and surrounding venues. Keep in mind the success or failure of past venues in similar spots to determine the best choice for your business based on the type of market or industry you want to reach.
File Appropriate Paperwork
Choose a business structure for your business. That means deciding whether you intend to run your business as a C or an S corp, operating as a sole proprietor, or opting for an LLC. Each type of business entity has its advantages and disadvantages, so you’ll need to understand that before you choose.
It can help to speak with a business attorney to learn more about each individual filing and what is required from you in the case of a lawsuit or rapid growth in a short amount of time. Selecting the right type of business model for your company is essential, and can prevent financial woes or issues related to stock and going public once your business begins to generate serious sales.
Financing Your Small Business
Financing your small business is likely to pose the biggest challenge, especially if you have never secured funding in the past or if you don’t have the best personal credit history — which is something that potential lenders will heavily consider, especially for a brand new business.
Work together with both angel investors and venture capital firms to learn more about funding opportunities and cash that is available to you based on your intended market and the type of business you own. Check with local banks to learn more about potential loans and funding available if you intend to take complete responsibility for the loan you receive personally. Small Business Administration (SBA) loans are also an option.
Register Your Business Name
Officially register your business name to conduct business sales and purchases in the local areas of Arlington. Once you have properly filed your business name and have a tax ID number, take advantage of the ability to order supplies, materials, and inventory with wholesale pricing.
Conducting business is much easier and without legal repercussions once you have completed the registration and filing motions. It is also imperative to file to pay both local and state taxes.
Obtain the proper insurance to run your small business, especially if you have a central location and a brick & mortar setup. Business insurance protects you both legally and financially from potential lawsuits to prevent losing your entire business over once incident with a customer or passerby.
Operating Licenses and Permits
Make sure that your business is ready to generate sales by obtaining any business licenses and permits that may be necessary for you to do business in Arlington. You may be required to have both bond and liability insurance depending on the type of storefront you are interested in.
Learn everything there is to know about being an employer along with the responsibilities you have as a business owner. From payroll taxes to HR, understanding employer responsibilities is a must for any new business manager or owner.
Starting a business in Arlington, Texas, does not have to feel overwhelming or impossible, even if you have never run a business of your own in the past. With the right tips, tools, and local resources, you can create a working business plan while obtaining the finances you need to turn your business idea into a successful small business.