Galveston Financial Capital: Starting Your Business

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Questions?
1. What basic skills do I need to run a business?
2. What business should I choose?
3. What do I need to start my business?
4. How long will it take to start a small business?
5. How can I get my business certified as minority or women owned?
6. What insurance should I have?
7. Do I need to obtain a Federal Identification Number?
What basic skills do I need to run a business?
Starting a business can be challenging and previous business experience can be an
important success factor. First hand knowledge of business and its four functional areas
management, operations, marketing, finance and an understanding of the role of
technology, contribute to a solid foundation and provide a basis for making informed
business decisions.
What business should I choose?
Business experience is a plus, and the right kind of experience gives you an edge. Having
worked in the industry you choose for your new business gives you insight and know-how
that can be invaluable. Combine your background in the industry with strong management
skills and you are on your way to success.
Galveston Financial Capital
Starting Your Business
What do I need to start my business?
The Texas Road Map to Starting a Business contains directions to get your business off the
ground and help strengthen our state economy along the way. This booklet covers eight
essential steps to starting a new business.
How can I get my business certified as minority or women owned?
Federal, state and local government agencies as well as large private sector corporations
have different eligibility requirements and application processes for certifying your
business. The common denominator is that the business MUST be at lease 51% own ed and
controlled by one or more individuals who are eli gible for certification. Consult your target
customer to determine which certification(s) they accept. Then, learn the requirements and
rules to determine if you are eligible to apply.
What insurance should I have?
An important aspect of your business is a well-planned insurance program. Types of
insurance you should consider are:
• Property Insurance
• Liability Insurance
• Product Liability Insurance
• Automobile Insurance
• Workers' Compensation
• Disability Insurance
• Business Interruption Insurance
• Health Insurance
• Life Insurance
Do I need to obtain a Federal Identification Number?
Sole proprietorships without employees can use the proprietor's social security number as
a business identification number, providing the proprietor uses his or her own name for
the business. Using a different name and/or hiring employees requires obtaining a federal
identification number from the Internal Revenue Service (Form SS-4, Application for
Employer Identification Number).