Questions?
1. What basic skills do I need to run a business?
2. What business should I choose?
3. What do I need to start my business?
4. How long will it take to start a small business?
5. How can I get my business certified as minority or women owned?
6. What insurance should I have?
7. Do I need to obtain a Federal Identification Number?
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.
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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