Business Development Resources
Starting a business is an exciting proposition, but it can also be incredibly challenging. The Georgetown Chamber of Commerce is committed to helping small business find the resources they need to dream big, create jobs and expand their opportunities.There may not be any guarantees in business, but you can improve your chances of success with good planning. We've put together a step-by-step guide to help you open your doors for business.
Write a Business Plan
A good business plan guides you through each stage of starting and managing your business. This is essentially your road map for business success. Your business plan should outline the purpose, structure, financing and advantages over your competitors.
Choose Your Location
This is possibly the most important decision you'll make. Choosing a business location requires precise planning and research. Consider looking at demographics, assessing your supply chain, staying on budget and understanding state laws and taxes.
Choose Your Name and Register
Choose a name that reflects your brand identity and then make sure you protect it. In general, sole proprietorships and partnerships need to register with the county clerk’s office. If you decide to incorporate, register with the Secretary of State's Office.
Fund Your Business
There are several ways to fund your new business, including a bank loan or micro loan, applying for credit through personal financing, crowd funding, angel/venture capital investors, securing a federal loan and other alternatives such as raising money from family and friends.
Determine the potential tax responsibilities of the new business with federal, state, and local tax authorities. Federal tax obligations are filed through the Internal Revenue Service. State tax filings are done through the Comptroller of Public Accounts. For questions about local business and property taxes, consult your county’s appraisal district or tax assessor-collector.
Licenses and Permits
Determine necessary licenses, permits, certifications, registrations, or authorizations for a specific business on the federal, state and local level.
Business Employer Requirements
Determine federal and state employer requirements. There are various laws relating to the employment of personnel.
Please note that new business owners should always seek the guidance of a professional tax consultant, accountant and/or attorney to help verify that all legal requirements are met before opening up a business.