Texas Business Startup Guides
Starting a Business in Lufkin, Texas
Thinking about starting a business in Lufkin, Texas? This step-by-step guide walks you through the major decisions you should consider before opening a new business in Lufkin.
What Business Are You Starting?
An important decision is what kind of business you want to start. If you are struggling with what type of business to start, read How to Evaluate a Business Idea.
For in-depth how-to guides on how to start specific businesses, browse our Good Businesses to Start section of our site. For example, you might be interested in our Starting a Fulfillment Services Business guide or our How to Start a Recreation Program Consultants Business guide.
Remember that starting a business in Lufkin has some implications. Think about what needs are currently being underserved in Lufkin. A critical consideration is whether Lufkin demographics mesh well with your startup concept.
Lufkin, Texas Demographic Information
Lufkin has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Lufkin demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Lufkin.
Businesses
As a new Lufkin entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Lufkin for each business category. By looking at this chart, you can get a general sense for how much competition there is in the business niche that you are pursuing.
Businesses
Is Franchising a Better Option?
As you drive around Lufkin, you'll notice that many local entrepreneurs have gone the franchising route. But is franchising the right option for you?
Most business experts recommend that you consider franchising as an option. We have many articles on franchises, such as Credit and Franchise Purchasing. Get a thorough education on franchising by browsing all of our Articles on Franchising.
You can find franchise opportunities by browsing our Franchise Opportunities Directory.
Sample franchise opportunities include Tiffany Marble Molds International Inc. and Just Fresh Franchise Systems, Inc.. Alternatively, you can browse franchise categories, such as Sports Franchises and Carpet Retail Franchises.
Note on Lufkin Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in Lufkin.
Naming the Company
A big decision when starting a company is choosing a company name. Believe it or not, choosing a good company name can be a big contributor to your business success.
Even if the name doesn't do it by itself, many naming experts believe there should be a story behind the name that ties into your company mission.
For other considerations regarding naming a company, we recommend this article: Naming a Company.
On a final note, given that you are opening a business in Lufkin, it's very important that you make sure no Texas company has already registered the company name you have selected.
Forming a Company in Lufkin, Texas
It's very important that you choose the right legal structure for your new entity. Without a legal structure for the business, you can be held personally liable for the actions, debts and obligations of your company.
When forming a company, you will pick from many company types, such as a corporation, LLC, sole proprietorship, partnership or other structure.
Incorporating is a very popular way to form a business. A key decision is whether to form and S-Corp or a C-Corp, and you also must decide in which state you will incorporate. If you are starting a business in Texas, you don't necessarily have to incorporate in Texas. As it turns out, you can incorporate wherever you want. For example, it's very popular to incorporate in Delaware, and incorporating in Nevada has become very trendy as well. Don't forget, though, that you will have to register as a foreign entity in all states that you do business in.
There are many nuances to forming a company. We recommend you read some of the educational articles about company formation that are availabe on our site, such as Company Formation. You may also want to seek the advice of an attorney. On a final note, since you will be starting a business in Lufkin, Texas, our web page covering Incorporating in Texas may be a useful resource if you decide to incorporate in Texas.
Don't Skip the Business Plan
A business plan is vital to the health of your new business. Simply put, a business plan describes what you plan to do with the business and how you plan to do it. Failure to write a business plan is a recipe for disaster.
To learn more about business plans, read Business Plan Software. You can also get free counseling sessions provided by your local SCORE chapter in Texas.
Startup Financing Basics
Obtaining startup financing for your Lufkin business requires strong organization skills and perseverance. The reality is that there is very little funding available for new small businesses, and you have to explore every possible alternative.
Fortunately, this site contains dozens of articles on raising money, including one we recommend entitled Business Incubators.
For Lufkin entrepreneurs on the hunt for startup funding, we have assembled a List of Texas Angel Investors and our List of Texas Venture Capital Firms.
Moving Forward
You have a dream -- starting a business in Lufkin. To achieve your dream, you have to persevere, even when the odds are against you.
Owning your own business will be a daunting task, but you can do it.
We are here to help Lufkin businesses to be successful. We want to be there for you to answer your business questions, whether you are a new Lufkin entrepreneur who is just getting started or you are already up and running with your new venture.
More Entrepreneurial Resources for Starting a Business in Lufkin, Texas
Here are more links that we believe will help you be successful in starting a business in Lufkin.
- Resources for Lufkin, Texas Entrepreneurs - Browse a variety of resources we've collected to assist Lufkin entrepreneurs.
- Texas Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in Texas.
- Houston, Texas Small Business Development Center - Serving 32 counties in Southeast Texas through 14 business consulting and training centers, the Small Business Development Center Network contributes to the growth and prosperity of the Texas Gulf Coast communities.
- North Texas Small Business Development Center - The NTSBDC Network promotes small business success by providing management education.
- Northwest Texas Small Business Development Center - The Northwest Texas Small Business Development Center was established with Texas Tech University in 1986. This regional program serves over ninety thousand square miles including ninety-five counties with a population base of approximately 1.8 million people. This region is serviced by six centers located in Lubbock, Amarillo, Midland/Odessa, Abilene, Stephenville, and Wichita Falls.
- South-West Texas Border�SBDC Network Texas Small Business Development Center - The South-West Texas Border Small Business Development Center (SBDC) provides consulting and technical assistance to the small business community.
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