Weatherford Democrat

Local News

July 31, 2012

Getting a small business started

WEATHERFORD —  

Preparation, preparation, preparation.

Anyone wanting to start a small business needs to follow that simple guideline, and a few more, in order to have a chance to succeed. Business consultant Randy Thomas with the Tarleton State University Small Business Development Center told a group Friday that 66 percent of all small businesses fail within the first three years because of a failure to plan as well as inexperience and poor location.

“Between 2008 and 2010, 200,000 small businesses failed in this country,” Thomas said. 

Small business is the “backbone” of most economies, Thomas said. Getting a small business started requires some advance work, but is well worth it in the long run.

Getting things going will require a business plan, which most banks will want to see if you need a loan. It helps reduce the risk by analyzing all aspects of the business. 

“It’s kind of your resume,” Thomas said.

Once someone has an idea, a SWOT (strengths, weaknesses, opportunities, threats) analysis should be done to help focus on potential problems and advantages of the business and to determine if such a business is feasible.

There is software available with templates to help you, but much of your plan should be written. Including a business description, management, a marketing plan and strategy, a table of contents and a business summary will all help a bank see what you are about and give a clearer picture of whether your plan is feasible, Thomas said.

If a bank denies your loan, the Small Business Administration offers loans of up to 75 to 80 percent of what is needed. 

Business owners then have to become either a sole proprietor, forming a partnership, or become an LLC. Each has its advantages and disadvantages, Thomas said. He urged checking the tax implications with an attorney or accountant before deciding.

Text Only
Local News
  • 0727 loc peaster ffa.jpg Peaster FFA students attend state convention

    The 86th Texas FFA Convention was recently held in Fort Worth. Peaster’s Hannah Ford completed her year of service as a state officer. 

    July 27, 2014 1 Photo

  • Parker County Heritage Society to meet Aug. 19

    Parker County Heritage Society will meet Aug. 19 in the home of Nathan and Abby Hamessely at 410 W. Spring St. at 7 p.m. 

    July 27, 2014

  • AgriLife to offer parenting classes Aug. 19, 21

    The Texas AgriLife Extension Service of Parker County will offer parenting classes on Aug. 19 and 21, 2014, at the Parker County Agricultural Services Center. The classes will be from 1-5 p.m. each day and will include lunch. The cost to attend the class is $10 per person for the two-day class. Scholarships are available.

    July 27, 2014

  • CASA receives national certification for its efforts

    WEATHERFORD – CASA Hope for Children of Parker and Palo Pinto County has just been awarded certification by the National Court Appointed Special Advocate (CASA) Association. This certification recognizes that CASA Hope for Children is in compliance with National CASA’s high standards for quality child advocacy.

    July 26, 2014

  • 0725 loc whs ffa.jpg Weatherford FFA attends state convention in Fort Worth

    Members from the Weatherford FFA chapter attended the 86th annual Texas FFA State Convention July 14-18 in Fort Worth.

    July 26, 2014 1 Photo

  • DAILY RECORD: Marriages and deaths

    Marriages and deaths recorded from July 16, 2014 to July 22, 2014. This information is being provided as a courtesy by the Parker County Clerk. Every effort is made to see that the information is correct and complete. The Parker County Clerk is not responsible should there be an error within the information provided.

    July 25, 2014

  • Dept. of State Health Services releases Aug. schedules

    Texas Department of State Health Services immunization clinics for August:

    July 24, 2014

  • 0723 loc WC upward bound.jpg Traveling the path to success

    Several factors aligned to set Louriann Villa on the path to success including a mother she considers a hero, the Weatherford College Upward Bound program and scholarship funds.

    July 23, 2014 1 Photo

  • Weatherford DAR to host summer workshop

    Weatherford Chapter-DAR will be hosting the District II summer workshop with 94 members from across North Texas attending on Saturday, July 26, from 8:30 a.m. to 2 p.m. at North Side Baptist Church.

    July 23, 2014

  • Painting with a Twist/Painting with a Purpose

    Looking for a fun night out? Join us for the Parker Paws Painting with a Purpose fundraiser from 7-9 p.m. 

    July 20, 2014

Must Read
Top News
House Ads
AP Video
Rodents Rampant in Gardens Around Louvre House to Vote on Slimmed-down Bill for Border Looming Demand Could Undercut Flight Safety Raw: 2 Shells Hit Fuel Tank at Gaza Power Plant Raw: Massive Explosions From Airstrikes in Gaza Giant Ketchup Bottle Water Tower Up for Sale Easier Nuclear Construction Promises Fall Short Kerry: Humanitarian Cease-fire Efforts Continue Raw: Corruption Trial Begins for Former Va Gov. The Carbon Trap: US Exports Global Warming UN Security Council Calls for Gaza Cease-fire Traditional African Dishes Teach Healthy Eating 13 Struck by Lightning on Calif. Beach Baseball Hall of Famers Inducted Israel, Hamas Trade Fire Despite Truce in Gaza Italy's Nibali Set to Win First Tour De France Raw: Shipwrecked Concordia Completes Last Voyage Raw: Sea Turtle Hatchlings Emerge From Nest Raw: Massive Dust Storm Covers Phoenix 12-hour Cease-fire in Gaza Fighting Begins