Texas Business Startup Guides
Starting a Business in Rankin, Texas
Thinking about starting a business in Rankin, Texas? This step-by-step guide walks you through the major decisions you should consider before opening a new business in Rankin.
What Business to Start
An important decision is what kind of business you want to start. To stir your creative juices on what kind of business to start, take a look at Business Ideas That Don't Make Sense.
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 Bottlers Equipment & Supplies Business guide or our How to Start a Whitewashing Business guide.
Remember that your new startup will be located in Rankin. Think about what needs are currently being underserved in Rankin. Only by spending some time analyzing Rankin demographics can you decide if there will be strong demand for your business idea.
Rankin, Texas Demographic Information
Rankin has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Rankin demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Rankin.
Businesses
As a new Rankin entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Rankin 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.
Before you decide on a company name, run it by some prospective customers and see what they think. If they don't like it, it's probably a good idea to go back to the drawing board.
Numerous company naming issues are discussed in more detail in this article: Naming a Company.
As a final piece of advice, remember that because you are starting a business in Rankin, it's very important that you make sure no other Texas company is using the business name you want to use.
Company Formation in Rankin, Texas
It's very important that you are forming a legal entity that operates independently from you. Without a legal structure for the business, you can be held personally liable for the actions, debts and obligations of your company.
The entity you form can be a corporation, LLC, sole proprietorship, partnership or other structure.
Incorporating is a very common way to legally create a business entity. Of course, you have to decide which type of corporation to form and where to incorporate. Just because you are starting a business in Texas, you don't necessarily have to incorporate in Texas. In fact, you are allowed to 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'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 Subchapter S Corporations. You may also want to seek the advice of an lawyer. Finally, if you are starting a business in Rankin, Texas, our information on Incorporating in Texas may be a useful resource if you decide to incorporate in Texas.
The Role of the Business Plan
Having a business plan is vital in maximizing the prospects of your new company. Simply put, a business plan is a written description of the future you envision for your business. Not having a business plan makes you more prone to becoming a business failure statistic.
If you want more information on writing business plans, we recommend reading Business Plan Contests. You can also get free business counselors available to you through your local SCORE chapter in Texas.
Raising Capital for Your Venture
Getting your Rankin business the capital it needs to succeed is not an easy task. If you don't have a rich uncle to fund you, you'll need to be creative in how you approach your fundraising efforts.
Fortunately, this site contains dozens of articles on raising money, including one we recommend entitled Getting a Small Business Loan.
For Rankin entrepreneurs who want to raise money for a new venture, check out our List of Texas Angel Investors and our List of Texas Venture Capital Firms.
Now It's Up To You
You have a dream -- starting a business in Rankin. To achieve your dream, you have to persevere, even when the odds are against you.
From this point on, you control your own destiny.
This site is all about helping entrepreneurs in Rankin 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 Rankin, Texas
Here are more links that we believe will help you be successful in starting a business in Rankin.
- Resources for Rankin, Texas Entrepreneurs - Browse a variety of resources we've collected to assist Rankin 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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