Texas Business Startup Guides
Start a Business in McKinney, Texas
Are you starting a business in McKinney, Texas? This article discusses the most important things to consider when opening a business in McKinney.
McKinney, Texas Demographic Information
McKinney has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for McKinney demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in McKinney.
Businesses
As a new McKinney entrepreneur, you may also be interested in the table below. It shows how many businesses there are in McKinney 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
Choosing a Business Name
Making the right decision when choosing a company name is very important. There are many decisions you'll make now that you can change later, but changing a company name years down the road is not very easy. So, choose a good company name at the outset.
Company names need to be easy to spell, easy to pronounce, and easy to remember.
To get up to speed on what makes for a good company name, we encourage you to read this useful article: Naming a Company.
There's one other important factor when naming a business. Since you are planning on starting a business in McKinney, it's imperative that you check now that no other Texas company is using the business name you want to use.
Company Formation in McKinney, Texas
It's very important that you form your business as a legal structure. Doing so will shield you from personal liability for business debts and obligations.
The entity you form can be a traditional C-corporation, a Limited Liability Company (LLC), or an S-corporation.
Incorporation 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. Just because you are starting a business in Texas, you don't necessarily have to incorporate in Texas. As it turns out, you are allowed to incorporate in any state you would like to. However, if you do incorporate in another state, you'll have to register as a foreign corporation in your home state.
There's a lot to know about forming a company. We recommend you read some of the educational articles about company formation that are availabe on our site, such as Dissolving a Corporation. You may also want to seek the advice of an attorney. Finally, if you are starting a business in McKinney, Texas, our information on Incorporating in Texas may be a useful resource if you decide to incorporate in Texas.
Do You Need a Business Plan?
A business plan is vital in maximizing the prospects of your new company. In effect, a business plan is a written description of the future you envision for your business. Starting a business without a business plan is a recipe for disaster.
If you want more information on writing business plans, we recommend reading Reasons to Write a Business Plan. A great resource for business planning assistance is the face-to-face free consulting available from your local SCORE chapter in Texas.
Where to Get Money to Start a Company
Getting your McKinney business the capital it needs to succeed is not an easy task. Bootstrapping, which means growing the business without outside funding, is the best alternative, but that's not a viable option for many startup plans.
To learn about raising money, we recommend you read the fundraising articles on our site, such as SBIR Funding.
For McKinney entrepreneurs who need startup capital, you'll want to take a look at our List of Texas Angel Investors and our List of Texas Venture Capital Firms.
Advancing Your Entrepreneurial Skills
Successful entrepreneurs know that they need to continually improve.
As an entrepreneur who lives in McKinney, Texas, you will want to take advantage of the many programs available at nearby Texas universities, colleges and community colleges. It's also wise to see if there are any networking groups or organizations in which McKinney entrepreneurs get together to network and trade their business experiences.
Next Steps
Most new McKinney businesses underestimate the number of challenges they will face.
If you choose the right business and love what you do, you will greatly increase your odds of success.
This site is all about helping entrepreneurs in McKinney and elsewhere to achieve real success. We have a wealth of experience in business start-ups, financing, marketing, sales and more...and we've made all of our knowledge available to you.
More Entrepreneurial Resources for Starting a Business in McKinney, Texas
Here are more links that we believe will help you be successful in starting a business in McKinney.
- Resources for McKinney, Texas Entrepreneurs - Browse a variety of resources we've collected to assist McKinney 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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