How to Start a Business in Austin, Texas [What to Know]
Austin, Texas, has been steadily gaining notoriety in the business world since 2017 when it was ranked as the no. 1 tech city in the world. To further add to that growing status, in 2018 Austin ranked as the second best city in the country for startup activity. So it would be a fantastic idea for any entrepreneur or company of any size to look to Austin when thinking about starting a new business or expanding their operations.
Here is a guide to help you start a business in Austin, Texas:
1. Select the perfect business idea
Deciding what business to start is the first step to starting any business. Think about your interests, your personal goals, and your abilities when you brainstorm business ideas you could bring to the real world.
2. Make a complete business plan
Having a well thought out plan will definitely help set your business on a solid path to success. After all you will be committing your time and money to this project and having a plan can be the difference between a sound investment and a risky bet. Your plan should include, at the very least, a name for your business, a full market research, a financial plan, a sales and marketing strategy, and you should pay close attention to finding the perfect location for your company in Austin.
Once you have found that ideal area, you may want to test it out without committing too many resources. A great way to do this is to establish a virtual office in one of the main office buildings in Austin. This is not only the most cost effective solution of establishing your business in Austin, it is also a great way to launch all your sales and marketing efforts right from a local business address.
A great complement to a virtual office is hiring a live receptionist service. This can help you stay on top of all business inquiries that come through your local telephone number. And once it makes sense for you to actually be physically present in Austin, you can book a meeting room or a private day office to work out of. All of this without having to commit to a long and expensive lease, especially since budgets tend to be very tight at the start.
3. Get Funding
There are many ways to fund your business. You can either put up all the capital yourself, you can get your friends and family to invest in your business, you can apply for a business grant, you can apply for a loan at a bank, or you can use a combination of these to get the money you need to get the ball rolling.
4. Register your business
To register a business you will need to choose which business structure, whether LLC, corporation, Non-profit, or any other entity type makes most sense to you. Additionally, Texas requires most entities to designate a Registered Agent within the state.
Choose Davinci Virtual Offices
Davinci is a good solution for small business owners in Austin. Contact us with any questions you have about virtual offices or office space rentals. A Davinci Virtual representative will quickly get in touch with you to help.