Nearly 80% of businesses in Dallas are classified as small businesses, employing nearly 40% of the City's workforce. Small businesses account for a significant number of jobs and play a key role in growing tax revenue. Small business is fundamental to workforce development, especially in minority, immigrant and under educated population communities. A small business is generally defined as having less than 20 employees, with micro businesses generally defined as having less than 5 employees.
Small businesses struggle for survival and tend to have a very high failure rate, especially in the first years after start up. In certain industries, the failure rate is as high as 90%. Small business success is dependent upon sound management and administration, procurement opportunities, and access to capital, talent, and markets.
Interested in creating your own business? Our Small Business Quick Reference Guide can help, providing the following information:
- An Introduction to Small Business: What is a small business, understanding your business startup costs, and developing a business plan
- Selecting a Business Structure: Determining the business structure that works best for you
- Selecting a Business Name: Selecting your business name and getting it registered
- Taxation: What are your tax responsibilities, local to federal
- Permits, Approvals, Licenses & Regulations: Determining the best location for your business and getting the necessary permissions
- Additional Information: Home-Based Business Regulations, in English en español.
Want more? Download the full guide here.