Start a Business
Hey there, fellow entrepreneur! Let me tell you why the City of Fate, Texas, is an absolute gem for setting up shop. First off, picture this: you're in the sweet spot of the Dallas-Fort Worth area. So, you get all the perks of being close to DFW without losing that small-town magic. The best part? The folks here are like one big supportive family. You'll feel right at home, and that community spirit can do wonders for your business.
But wait, there's more! Fate isn't just about warm fuzzies; it's got some serious business mojo too. The local policies are all about cheering you on. The staff at the City Fate are top-notch, meaning you won't be stuck in the slow lane when it comes to plan reviews and approval processes. And when it comes to talent, Fate's got your back with a skilled workforce ready to jump in.
Here's the real kicker: Fate isn't just sitting still – it's growing like crazy. More people moving in means more potential customers knocking on your door. Plus, there's a bunch of networking events and local projects that'll help you spread the word and make connections that matter.
So, picture this: you, your business, and the City of Fate creating something awesome together. It's a match made in entrepreneurial heaven! Let's get started! 🚀
10 steps to start your business
Starting a business involves planning, making key financial decisions, and completing a series of legal activities. (Resources from the U.S. Small Business Administration)
Conduct market research
Market research will tell you if there’s an opportunity to turn your idea into a successful business. It’s a way to gather information about potential customers and businesses already operating in your area. Use that information to find a competitive advantage for your business.
Write your business plan
Your business plan is the foundation of your business. It’s a roadmap for how to structure, run, and grow your new business. You’ll use it to convince people that working with you — or investing in your company — is a smart choice.
Fund your business
Your business plan will help you figure out how much money you’ll need to start your business. If you don’t have that amount on hand, you’ll need to either raise or borrow the capital. Fortunately, there are more ways than ever to find the capital you need.
Pick your business location
Your business location is one of the most important decisions you’ll make. Whether you’re setting up a brick-and-mortar business or launching an online store, the choices you make could affect your taxes, legal requirements, and revenue.
Choose a business structure
The legal structure you choose for your business will impact your business registration requirements, how much you pay in taxes, and your personal liability.
Choose your business name
It’s not easy to pick the perfect name. You’ll want one that reflects your brand and captures your spirit. You’ll also want to make sure your business name isn’t already being used by someone else.
Register your business
Once you’ve picked the perfect business name, it’s time to make it legal and protect your brand. If you’re doing business under a name different than your own, you’ll need to register with the federal government, and maybe your state government, too.
Get federal and state tax IDs
You’ll use your employer identification number (EIN) for important steps to start and grow your business, like opening a bank account and paying taxes. It’s like a social security number for your business. Some — but not all — states require you to get a tax ID as well.
Apply for licenses and permits
Keep your business running smoothly by staying legally compliant. The licenses and permits you need for your business will vary by industry, state, location, and other factors.
Open a business bank account
A small business checking account can help you handle legal, tax, and day-to-day issues. The good news is it’s easy to set one up if you have the right registrations and paperwork ready.
Don't fret! There are several complimentary resources to keep things rolling. We recommend scheduling a FREE consultation with the Small Business Development Center of Collin / Rockwall County. The SBDC is a partnership between the U.S. Small Business Administration, the State of Texas, and Collin College. They provide no cost business consulting to businesses and residents of Collin and Rockwall Counties. Low and no fee workshops and seminars are open to the public and scheduled on topics that are essential to business success.
Ready to schedule an appointment? Fill out the form here and be sure to let them know the City of Fate sent you 😉: https://collinsbdc.com/get-started/