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STARTING
YOUR BUSINESS
Questions?
What basic skills do I need to run a business?
Starting a business can be challenging and previous business
experience can be an important success factor. First hand knowledge
of business and its four functional areas – management,
operations, marketing, finance – and an understanding
of the role of technology, contribute to a solid foundation
and provide a basis for making informed business decisions.
What business should I choose?
Business experience is a plus, and the right kind of experience
gives you an edge. Having worked in the industry you choose
for your new business gives you insight and know-how that can
be invaluable. Combine your background in the industry with
strong management skills and you are on your way to success.
What do I need to start my
business?
The Texas Road Map
to Starting a Business contains directions to get your business
off the ground and help strengthen our state economy along the
way. This booklet covers eight essential steps to starting a
new business.
Para visión el mapa de
camino de Tejas en español, chasque aquí.
How
can I get my business certified as minority or women owned?
Federal, state and local government agencies as well as large
private sector corporations have different eligibility requirements
and application processes for certifying your business. The
common denominator is that the business MUST be at lease 51%
owned and controlled by one or more individuals who are eligible
for certification. Consult your target customer to determine
which certification(s) they accept. Then, learn the requirements
and rules to determine if you are eligible to apply.
What insurance
should I have?
An important aspect of your business is a well-planned insurance
program. Types of insurance you should consider are:
• Property Insurance
• Liability Insurance
•
Product Liability Insurance
•
Automobile Insurance
• Workers'
Compensation
• Disability
Insurance
• Business Interruption
Insurance
• Health Insurance
• Life Insurance
Do I need to obtain a Federal
Identification Number?
Sole proprietorships without employees can use the proprietor's
social security number as a business identification number,
providing the proprietor uses his or her own name for the business.
Using a different name and/or hiring employees requires obtaining
a federal identification number from the Internal Revenue Service
(Form SS-4, Application for Employer Identification Number). |
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