Have you been dreaming of owning and operating your own business? Have you had an idea that never came to fruition? Business is booming in South Texas and your commercial idea can be a part of that success. Before dotting your I’s and crossing your T’s, however, the Alamo Economic Development Corporation (EDC) wants for you to ensure that your business is set up for success with the points outlined below.
Determine Your Interest
It’s easy to dream about your future business, but dreaming is only a fraction of the process. Clarify your business’s focus. Are you a general clothing store or do you want to only sell women’s fashion? Will you concentrate on high school or university students? Go into detail on what you plan to sell or distribute. Find your business niche and run with it.
Where are your customers? Is your first city of choice McAllen or Edinburg? Bigger cities can drive up the costs of opening a company. Look into the outskirt regions of major cities for better retail location deals, incentives and prices. Also look into smaller cities like Alamo, where there is a $500 million retail potential within a 10-minute radius. Successful, locally owned businesses and national chains have made a home in Alamo, and so can you.
Create Your Business Plan
Developing a business plan is planning for success. You can find free business templates online and customize it to your needs. When creating your business plan, have backups for every situation. Check out your competition and why your choice of location will work.
Funding for your business can feel like a big step. To be honest, it is. Know that there are various financial options available, from local incentives in Alamo to programs like LiftFund.
Local Business Retention Program
The Alamo EDC fulfills its commitment to business retention by supporting local commercial organizations like the Chamber of Commerce and promotional events such as community festivals. We assist businesses on a case-by-case basis depending on the number of jobs created or saved, the investment or equity contribution of the business and the long-term self-sustainability of the project. This is basically the economic impact of the project and the project’s fit for assistance to local, state and federal programs.
USDA Programs and Grants
USDA Rural Development isn’t limited to businesses in Alamo. It forges partnerships with rural communities, funding projects that bring housing, community facilities, business guarantees, utilities and other services to rural America. The USDA provides technical assistance and financial backing for rural businesses and cooperatives to create quality jobs in rural areas. Rural Development works with low-income individuals, state, local and Indian tribal governments, as well as private and nonprofit organizations and user-owned cooperatives.
PeopleFund’s financial and educational assistance efforts have helped thousands of people’s dreams of owning a business come true all across the United States. They even have tailored programs like PeopleVet and PeopleSpring to help your business get the boost it needs.
For over 20 years, LiftFund has provided credit and multiple services to small businesses and entrepreneurs lacking access to loans from commercial sources all over the United States.
The Tax Increment Reinvestment Zone (TIRZ)
TIRZ is a tool that allows governments to designate a portion of tax increments to finance improvements to promote development of defined areas. The city records the sum of the ad valorem property tax at the time of creation for the properties within that zone and allows tax financing for projects within identified areas.
As an up-and-coming businesses owner, you aren’t going to know it all. This is perfectly normal, but it’s essential to seek out help or advice when you need it. In South Texas, there are resources to help you accomplish any task your business might be struggling with.
UTRGV’s Small Business Development Center
UTRGV’s Small Business Development Center provides business training with management and technical assistance seminars to strengthen business performance and sustainability. Seminars led by professional advisors range from pre-business planning to marketing, bookkeeping, accounting and management.
Alamo EDC Seminars
Throughout the year, the Alamo EDC holds seminars for businesses looking to invest or open and those needing guidance. Seminars are led by local experienced business owners. Look for these seminars on the Alamo EDC calendar!
More Information for Your Business
Looking for more seminars or an in-depth overview of how Alamo can benefit your business? Contact us online or call 956.787.6622.