How to Start a Business in Dallas
Starting a business in Texas requires more than just coming up with a unique idea. Here are six steps to help you learn how to start a business in Dallas.
1. Create a Business Plan
The first step to starting a business is having a plan. Your business plan acts as a road map to your business’s future and helps you make wise decisions along the way. Having a plan will help you see the bigger picture, prepare for the future, and make it easier to formulate important decisions.
As part of your business plan, you should tackle questions like:
• What business am I in?
• What is the vision and mission of my business?
• Who is my customer? What do they value?
• What is my target market?
• How will I make money?
• What do I need to get started?
• What is my operating budget?
• Who is my competition? What makes me different from my competition?
• What is my sales and marketing strategy?
• Do I have the talent I need? How will I onboard, train, and develop new people?
• How will I measure success?
• What are my short- and long-term goals?
Answering these questions will help establish a foundation for your business that you can always rely on.
2. Get Funding
Initial funding will help pay for necessary startup costs, but there are a few options for how you can get that startup funding.
In this approach, you pay for the startup costs out of your own pocket. You invest your savings to start your business.
• Friends and family
Your friends and family may be willing to help you cover the initial startup costs of your business. They may provide the cash you need to get started, but you should always have a written agreement if they do so, including a payment/repayment plan if necessary.
Crowdfunding sites like Kickstarter, Indiegogo, Patreon, or GoFundMe are changing how companies get investments. Beginning companies can post their business plan and initial concepts on a crowdfunding site, and then consumers can choose to invest. Crowdfunding operates outside the normal financial structures and helps you get capital quickly.
• Small business grants
A small business grant gives you the funding you need without having to pay it back.
• Small business loans
Banks and other lending institutions let you apply for a small business loan. Because it is a loan, you will have to repay the lending institution back, but they will cover the startup costs and more.
3. Determine a Location
You have to determine where your business is going to be situated. It can be tempting to run your business out of your garage, but that can lead to complications as your business expands—or when you need to deal with clients.
Instead of wasting a large part of your budget on an expensive lease, consider using a virtual business address or day offices from Davinci Virtual.
Your company can have a virtual address that puts you in the heart of downtown Dallas. A virtual business address allows you and your employees to work from home while having a professional address. It also allows you the use of a prestigious address for your business license, business cards, and website. A virtual business address in an established, respected building or area even places your company on even footing alongside other major businesses.
Another alternative to signing a lease is using Davinci day offices, which allow you to rent a professional office space for a day at a time. This lets you have a clean, modern workspace when and where you need it.
4. Register Your Business
Up to this point, your business has just been a dream on paper. Once you register your business, it’s official. As part of registering your business, you need to choose a registered agent (a person or business that accepts tax and legal documents for your business) and get an Employer Identification Number (EIN) from the IRS.
Depending on the structure of your business, you may also have to form an LLC, corporation, or nonprofit entity.
5. Obtain Permits and Licenses
You should contact the county clerk and ask about any local licenses and permits to ensure your business is following all Dallas County laws.
6. Set up Business Banking Accounts
Even if you choose to self-finance your business, your business’ finances should be kept separate from your own. A business account will protect your personal identity, improve the image of your business, and simplify tax preparation.
Choose Davinci Virtual Offices
Davinci can help you as a new small business owner in Dallas. Check out our site for more tips about how to start a business in Dallas.
Contact us with any questions you have, and a Davinci Virtual representative will quickly get in touch with you to help.