From the Desk of Your Virtual CFO
How to Create a Business Startup in Texas
So you want to create a business startup in Texas? As your Texas business tax preparation experts, we want to congratulate you on your decision to take the first step on the road to the Fortune 500!
I hope your journey is long, the scenery is awe-inspiring, the treasures are vast, and that you don’t lose your way, hit a tree, or fall off a cliff before you get there. Let’s begin with a map and a compass – The Business Plan.
The Business Plan – Phase One
Phase One of the Business Plan is to virtually Create Your Business! This is an exciting process of clarifying and defining your vision for your business. You are the entrepreneur; you are the master of your dreams, the captain of your ship. You are the one with the vision, the know-how, and the drive to take your vision and turn it into something tangible. No one else has that for YOUR BUSINESS.
Business Startup Texas: Ask The Right Questions
What is your vision?
What will your strategy be for creating and implementing your Vision (aka your Business)?
Do you have the expertise you need?
Do you have access to suppliers, equipment, vendors or services you need?
How will you access your markets?
How much time will this take initially and on an ongoing basis?
Will you need employees or other help?
Phase Two is to create the Financial Plan for your business. This is the first big trap where small businesses go off course. Hire a CPA to put together your plan or to review it, if you do it yourself.
Business tax preparation for Texas Entrepreneurs
Before we continue, we’d like to take a moment to offer our business tax preparer services for small business in Texas. We offer comprehensive tax and accounting preparation services to help you from start-up through all phases of success for your business.
You need a Financial Plan
Entrepreneurs who are gifted in their field, often do not see the need for a Financial Plan. Because their brains and talents are wired for bigger and better things than the tedious detail of turning dreams into numbers, they feel that the time and expense of a Financial Plan adds very little value to their vision. As a Virtual CFO who has seen untold collateral damage of lost dreams in the ditches on the sides of the road, I know well the absolute necessity of a Financial Plan. Many of those failed dreams could have become reality with the proper road map. Why start with a vague vision, when, with a clear plan, the vision can really become a reality? There is no way to know if the vision is viable until the numbers are crunched and vetted against reality. This can indeed be a painful experience, but it is an invaluable exercise for formulating a solid plan to reach the goal.
How much will it cost to start your business?
How much will it cost to maintain your business on an ongoing basis?
How much capital will you need?
Will the business make enough revenue to meet its expenses?
Will the business need financing?
Do you need partners?
Is the business model viable?
Identify problems and opportunities
What can be done to improve or maximize the outcome?
The Vision and the Financial Plan make up the Business Plan
It summarizes exactly what you want to do and how you will do it! Make sure you start strong and have a clear plan on where you’re going and what it will take to get there. Doing all this provides a much higher chance of building to success and mastering that destiny!
Coming soon – Next: My Business Plans are full speed ahead, now what?