4 Key Strategies for Building a Business in Houston, TX

Are you getting the entrepreneurial itch? Perhaps you want to launch a business idea you have or use this time to build a part-time business. But it’s wise to analyze how we do business and how we can transform our work moving forward. Recent economic and societal shifts have brought many pain points to the forefront, but they have also allowed a level of innovation and ingenuity the likes of which haven’t been seen in this generation.

If you feel like now is the time to act on your own business starting dreams, do it! Take a look at these key methods from the East End Houston Chamber of Commerce for potential small business owners to start their journey to great success in building their business.

1. Take Care of Business Necessities

Before you dive too deeply into business ownership, you’ll need to take care of a few must-do tasks. Creating a business plan is an important first step. This blueprint for your company needs to include details like the products and/or services you’ll offer, your target customer base, and a market analysis that includes your competitors.

Another important aspect of your business plan will be the type of structure your company will operate under. For example, an LLC in Texas offers protection of your personal assets and tax benefits, making it a good option for many new entrepreneurs. If your goal is to save on self-employment taxes and be able to claim deductions on financial losses in your business, a Texas subchapter S corporation may be a better fit.

You should also look into funding opportunities. The Small Business Administration is a great place to start when looking for loans and grants, and you can check with your chamber of commerce about local funding programs.

2. Invest in the Right Technology

One of the strongest tools in any small business owner’s arsenal is technology. Innovations have come a long way over the last year, and companies can reap the benefits. For instance, Built In notes that artificial intelligence can help us increase productivity and bring a better customer experience to the folks doing business with us.

Yet another example: any small business owner needs integrated bookkeeping software to stay on top of all the operation’s accounting needs. Choose software that helps you streamline organization and storage of receipts so you can maximize tax deductions while staying compliant. The right platform will also provide insights on your business’s cash flow so you can run your operation more efficiently.

To build a successful business, you’ll also need some go-to tech basics, such as a headset for handling client calls, dual monitors so that you can work efficiently, and reliable WiFi so that you’re always online and ready for business.

3. Invest in Organization Solutions

It may be that you are building your business after the failure of another. But a small business setback can be a huge win for anyone. Investing in organization for your business—i.e., data organization solutions, formal structures in place for employee benefits, or tools like invoicing or project management software—can improve performance and help you get the job done right.

Some of the biggest benefits of organization for small businesses include:

• Streamlined business operations

• Consistent and timely paychecks

• Ability to invest in your company’s future

• Improved employee performance and productivity

• Improved customer relationships

In other words, when your data is organized properly, it’s easier to find and easier to analyze. There are many ways to organize, but a simple and free way to keep your office paper-free is to adopt editing and storing your files digitally. For instance, you could try a PDF online editor to review coworker’s drafts of, say, an important proposal. As a team, you can add comments, highlights and virtual sticky notes to draw attention to particular places that need attention. Then, you can save the feedback in a digital file for easy access when needed.

4. Market at Every Opportunity

Invest in marketing solutions that put your business in the public’s consciousness and improve your standing in your particular vertical. Creating and maintaining an online presence, cultivating a social media persona, and interacting with your customers on an informal level can all help elevate your brand.

But you have to have a brand first. The first step to building a recognizable brand is to have an eye-catching logo. The good news is today it’s easy and inexpensive to create free custom logos online, and you don’t have to be a trained graphic designer to do so. Then, use the logo on your social media accounts and business marketing collateral. As you grow your business, you may want to hire consultants to assist you in solidifying your business’s brand. After all, these kinds of consultants have the right kind of experience to make knowledgeable suggestions for what you do with your brand moving forward.

Make a Plan and Make it Happen

As with all business ventures, it’s critical to have an eye on your goals for the quarter or year before investing energy into any of these schemes. One thing is for certain, however. Small businesses are not going away anytime soon, and it’s your job to ensure your company is around for the long haul. Using these tactics, you can have great success building your small business.