Looking to be your own boss and get the ball rolling on a small business in Fort Worth? Great! Small businesses play a big role in supporting local economies. But before you can start reaping the benefits (and challenges) of entrepreneurship, you need to take some key steps to get your business up and running. Here's what you need to do to start a business in your local community.

Why You Should Start a Locally-Based Company

Small businesses make a huge impact on their local communities. They create jobs, stimulate the local economy, and support the community through charitable giving. In addition, small businesses are often more responsive to their customers than big businesses, because they are able to provide a more personal level of service. This is why it pays to open a small business in your community. Here is how to do it.

Outline Your Business Plan

The first step in starting any business is to outline your business plan. This should include your goals for the business, how you plan on achieving them, and what you will need in terms of finances, personnel, and resources. You can hire a professional business plan writer from a hiring agency if you think you need extra support in creating a strong document. You can interview a few different candidates about their experience and pricing to help you find the right match. While this type of help will cost money up front, it’s worth the investment. Once you have a solid business plan in place, you can move on to the next steps. 

Calculate Your Startup Costs

The next step is to calculate your startup costs. This will give you a clear idea of how much money you need to get your business off the ground. Keep in mind that many costs — such as office space rental, equipment, inventory, and marketing — will be ongoing expenses, so make sure to factor those in as well.

Register as an LLC

Once you have an understanding of your financial situation, it's time to register your business as an LLC (limited liability company). This will help protect your personal assets from being seized if your business is sued or faces other legal troubles down the road. You can work with an online agency to file your LLC paperwork for a fraction of the price of what an attorney costs, but be sure to do your research on a few different services before choosing one. These BestLLCServices.com reviews can help you make a decision — pay attention to client feedback and TrustPilot scoring in particular — and Best LLC Services also offers a discount code so you can file your LLC for free.

Affordable Marketing Strategies

Now that your LLC is official, it's time to start marketing your business affordably. There are a number of ways to do this, such as through social media, email marketing, and good old-fashioned word-of-mouth referrals. This is another area where a professional’s expertise will come in handy. A freelance marketing consultant can be hired affordably on a contract basis, and you can use a website like this one to compare the profiles of several candidates to ensure you find someone at the right price with experience in your industry.

Implement Sound Accounting Practices

Last but not least, make sure to institute sound accounting practices from day one. This means keeping track of all income and expenses, maintaining records of all transactions, and preparing financial statements on a regular basis. Doing so will not only help you stay organized and on top of your finances, it will also make tax season a breeze come springtime.

These are just a few of the key steps you need to take when starting a small business in the Fort Worth community. By outlining a solid business plan, calculating startup costs, registering as an LLC, marketing affordably, implementing sound accounting practices from the get-go, and utilizing the resources from your Fort Worth Hispanic Chamber of Commerce membership, you'll set yourself — and your business — up for success!