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Business Formation & Planning Archives

Is An LLC The Best Business Entity?

The limited liability company (LLC) is one of the most popular business entities among emerging businesses. It blends characteristics of a partnership and corporation, without all of the formalities that come with forming a corporation. It makes a lot of sense for many new businesses. However, just because the LLC is popular does not always mean it is the best choice for a business startup.

What You Need To Know About Starting A Business In 2017

Have you decided that 2017 is the year that you are going to launch your business? Whether this is something that you have been dreaming of your whole life or you have only recently developed a passion for it, you need to make sure that your excitement to move forward does not cause you to overlook any of the things that need to be done to make a business a long-term success.

Have you heard about the Statute of Frauds?

Small and mid-size businesses have a lot to consider while forming and operating. Not only do you want to perform the service or work with the products dreamed up, but you'll also have to think about and make other business decisions. Some of those issues could be employing a staff, business taxes or paying the company bills.

A business plan is a crucial part of any startup

While it may not be the most enjoyable part of starting a new venture, Texas entrepreneurs can greatly benefit from putting a business plan together. In addition to being a crucial document when seeking outside financing, a business plan is important for internal purposes as well. It turns employees into team members who all work together to make the business a success. It also gives them an idea about how they are contributing to the company, and whether they are winning and meeting the company's goals or not.

Writing holistic business plans can translate into success

While most Texas entrepreneurs understand that writing business plans is important, many do not really understand how to write one that is effective. A good business plan is more than simply writing down where an owner would like to see the company go along with the steps to get there. It should be more encompassing so that the business plan can translate into success for the venture.

Balancing business and personal financial considerations

Entrepreneurs in Texas and around the country are generally a committed and focused group. They often spend most of their waking hours thinking of ways to grow their businesses or overcome obstacles that could be holding them back, but this single-minded approach does have its drawbacks. While savvy business owners may work tirelessly and enthusiastically, they also take steps to ensure that they are able to survive financially should they encounter setbacks.

How to succeed with a small business

Texas small business owners are usually a highly motivated group of people willing to put a lot of time and energy into their companies. Although they may have the willingness to do what it takes to succeed, most end up failing in just a short time. In fact, approximately 80 percent of small businesses close their doors for good within 18 months of launching.

Data, business intelligence and business planning

Companies in Texas and throughout the country have access to more data than ever before. While this data can be a boon to managers and owners, it can also be overwhelming. However, companies can harness business intelligence for their own purposes in developing a solid business plan.

Prudent financial planning can help new businesses survive

Texas residents who are thinking about starting a business of their own are sometimes hesitant to walk away from a steady paycheck. Even the most successful entrepreneurs have been known to struggle during times of economic upheaval, but prudent planning and clearly defined goals may help the owners of fledgling businesses to weather the storm and cope when revenues dip and bills begin to pile up.

How to build a successful business

While there are more than 20 million business start-ups in Texas and throughout the country, building a successful one requires smart planning and strategizing. While most business operators expect to make more money in 2016, many of them will fail because they lacked resources, a strong business plan and knowledge. Here are a few strategies that could help business owners avoid failure and gain success.