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EDUA 7300 Final project Oct 2024
Jessika Ledezma
Created on October 16, 2024
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Transcript
How to start a small business
Start
Presented by Jessika Ledezma EDSR 7300
Get to know me
Jessika Ledezma Business Advisor SRSU-RGC Small Business Development Center
Eagle Pass office
3107 Bob Rogers Dr., Eagle Pass, Texas 78852 830.758-5022 Proud Member of the Texas South-West SBDC Network
What is an SBDC?
The Small Business Development Center (SBDC) is a network of centers across the United States that provides support and resources to entrepreneurs and small business owners. SBDCs offer free or low-cost consulting services, workshops, and training on various aspects of starting and managing a business, including business planning, financing, marketing, and regulatory compliance. They seek to help small businesses grow and succeed by providing access to expertise, resources, and networking opportunities tailored to the needs of local communities.
Find your SBDC
Choose a Legal Structure
Objectives
Obtain Necessary Licenses and Permits
Explore Additional Resources
Build Your Brand
Establish a Strong Foundation for Growth
Click on each objective to go the specific slide
Why It's Important to Seek Help from the SBDC When Starting a Business?
Personalized Business Consulting
Workshops and Training Programs
Free or Low-Cost Resources
Read more about it
sTEPS TO START A SMall BUSINESS
Selecting a Legal Strucure
Limited Liability Company (LLC)
Sole Proprietorship
A Limited Liability Company (LLC) offers liability protection while maintaining some flexibility in management. LLCs are popular among small businesses for this balance of benefits. A They can be owned by a single individual or by multiple people.
A sole proprietorship is the simplest form of business, but it comes with personal liability. You and the business are considered the same legal entity, which means you have full control, but you’re also personally responsible for all liabilities.
More information
More information
Partnership
Corporation
A partnership is when two or more people share ownership of a business. It’s relatively easy to form, but it requires clear agreements between partners to avoid disputes down the line.
A corporation offers the most protection from personal liability but comes with more formal requirements. Corporations are more complex but offer the most protection.
More information
More information
Licences and permits
Local
Federal
State
State permits and licenses are often required, especially for businesses that engage in certain activities or professions. Each state has its own set of regulations, and complying with them ensures your business can legally operate and avoid penalties.
Every business needs to comply with local regulations, and this often means obtaining permits or licenses from your city or county. Depending on your city, you may need local business licenses to operate. Local permits vary depending on your business location and type.
In addition to local and state requirements, certain businesses also need federal permits or licenses to operate legally. At the federal level, many businesses must comply with additional regulations depending on the industry in which they operate.
Federal licenses and permits
Most Commonly Required Permits in EP
Texas Business Licenses & Permits Guide
Texas State Comptroller
In Texas, the State Comptroller plays a key role in regulating businesses, particularly when it comes to taxes. In Texas, businesses need to register with the State Comptroller for tax purposes. If your business will be collecting sales tax, you will need to register with the Comptroller’s office. Make sure to familiarize yourself with the deadlines to avoid penalties.
Texas Online Tax Registration Application
Employer Identification Number (EIN)
An Employer Identification Number (EIN) is like a Social Security number for your business. EIN because it allows you to open a business bank account, apply for business licenses, and file tax returns. Applying for an EIN is free and can be done quickly through the IRS website.
Apply for an EIN online
Employee Hiring Process
Hiring the right employees is crucial for the success and growth of your small business.
When hiring employees, define roles and comply with labor laws.
Effective hiring processes help you attract and retain talent, reduce turnover, and enhance team performance.
Forms for New Employees
Recordkeeping
Is important for tax preparation and legal compliance.
Helps manage finances and track growth. Record keeping is crucial for the success of any small business
Ensures legal compliance, reduces the risk of penalties, and helps evaluate performance and identify trends and areas for improvement.
Best Practices for Small Business
Marketing your business
Marketing is a critical component of any successful business. Start by identifying who your customers are and how you can meet their needs. Marketing is key to growing your business. Use online platforms to build your brand. Click on each circle to learn tips on each platform
Additional Resources
Rio Grande College- SBDC Website
Eagle Pass Chamber of Commerce
Small Business Administration
SCORE
Test your Knowledge!
Test your Knowledge!
thank you!
References