Starting a Small Business in Abilene

Author: Evan Simmons
Work Readiness
Published: Friday, 13 Jun 2014

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Are you dreaming of becoming a small business owner? Do crave to be your own boss, or just have an idea that you know will succeed if you can just pull it all together? Starting your own business, even in a thriving economy, can be challenging on many levels but there are many resources to help you along the way.Any successful entrepreneur will tell you that to successfully get your small business up and running not only takes preparation, it takes financial smarts.A good first step is to make a business plan, a realistic outline of your plan of attack. It should include the summary of your business (what it will do), the objectives, personnel, the market it is aimed at, a financial outline (including the month you expect to break even), products and services, how much funding it?s going to require to get up and running, and as many specific details as you can include.From there you?ll need to request an Employer Identification Number from the IRS, register withthe State of Texas to pay taxes and obtain a sales tax permit, and comply with employee regulations by registering for unemployment with the state and providing worker?s compensation insurance.Aside from these practical first steps, the overall consideration you will need to be considering is the financial structure of your venture. The foundation of any business is money. Do you have start-up capitol or will you need to apply for loans and look for investors? If you?re like many of us, having a comprehensive understanding of the financial side of starting your own business can be a daunting task. This sort of intellect doesn?t come naturally to all of us, and that is why there are many local organizations dedicated to help getting entrepreneurs on track. Here at Junior Achievement, we try to reach people while they?re still young, to instill in them a firm understanding of financial preparedness and the ntellect for how to use their money wisely. Many of the youth we mentor go on to become business owners.Abilene is a good place to start your new business as there are is a great support network in place and encouragement for residents to shop locally. Recent Abilene small businesses such as Abi-Haus, Barley Hoppers and the Mill all started with a plan, found appropriate spaces geared towards the service they were offering, and got the financial smarts to get their business going.Although starting a small business can often be an uphill struggle, it can also be a rewarding, successful venture for those who are prepared for the challenge.