What basic skills do I need to run a business?
What business should I choose?
How do I start a business ?
How long will it take to start a small business?
How can I get my business certified as minority or women owned?
What insurance should I have?
Do I need to obtain a Federal Identification Number?
What basic skills do I need to run a business?
Prior knowledge is the industry can be an important factor of success. It is also important to have an understanding of a business’ core areas – management, operations, marketing, finance, and technology used in the business, will build strong foundation and allow you to make knowledgeble business decisions.
What business should I choose?
Previous experience in a specific industry gives you an advantage for starting a business in that industry. Previous experience will give you insight and know-how that can be invaluable. By learning or having some management skills combined with your experience will help your business be successful.
How do I start a business ?
A free guide called
The Texas Road Map to Starting a Business gives assistance and directions to help get your business off the ground. This site includes eight essential steps to starting a new business.
How can I get my business certified as minority or women owned?
Federal, state, local government agencies and some large corporations have different eligibility requirements and processes for certifying your business. Typically a business MUST be at lease 51% owned and controlled by one or more individuals who are eligible for that certification.
What insurance should I have?
It is important to have an insurance plan in place.
Insurances you will want to consider are:
- Property Insurance
- Liability Insurance
- Errors and Omissions 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 having no employees can use the proprietor's social security number as a business identification number as long as the proprietor uses his or her own name for the business. If you want to use a different name or plan to hire employees will require obtaining a federal identification number from the Internal Revenue Service (Form SS-4, Application for Employer Identification Number).