We’re well into 2018, meaning you’ve more than likely started your New Year’s resolutions. While the majority of resolutions involve a healthier diet, more exercising or better spending habits, there are some entrepreneurs who have their sights set on something grander. The new year is the best time for any entrepreneur to take the next step in becoming their own boss. The Alamo Economic Development Corporation (EDC) wants to bring you closer to your goal by sharing some of the most important tips for starting a business in South Texas.
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Narrow Your Idea
As an entrepreneur, you should know which service you’ll be offering. Whether it’s baking deliciously sweet cupcakes or designing your own shirts, narrow down the product or service. Consider all of your ideas and decide which are best suited for your vision. Although this tip might seem obvious, one idea can create a snowball of others for creative and passionate minds. The key is to narrow them all into one.
Research Your Market
Analyzing if you have a viable idea for the market around you is crucial. Evaluate the demand for your product or service. This will also highlight potential competitors. Take note of similar competitors and find out how they approach the market and evaluate how you’ll stand out in comparison. Research will help you refine your business idea and figure out what will work.
Establish a Business Plan
Your roadmap to success is established within your business plan. It should be customized to your commercial needs to guide you through each stage of starting and managing your company. It should contain a framework of how your business will make money, costs, if investors or loans are necessary and if your product can create revenue. To learn more about establishing a business plan, click here.
Look for Financial Assistance
Finding alternative sources of assistance is a vital step in growing your business. Either through a bank loan or investor, having a business plan will help you obtain much needed finances. In the Rio Grande Valley, there are local organizations willing to assist your start-up. They offer loans or can help you secure one elsewhere. Two prime organizations that can help are LiftFund and PeopleFund.
Explore the Best Locations
It’s all about location, location, location. Most entrepreneurs want to be at the center of town and, while this makes sense, remember that taxes and rent will be higher. Consider locating on the outskirts or in a city nearby. With considerably lower rent and/or taxes, your business can have more flexibility in other areas like marketing or hiring more people.
Working with You
Starting a business is hard work, which is why the EDC works just as hard to make sure that your business has the foundation it needs to launch and grow effectively. Find out how we can help you with incentives for your business that perfectly suit your expertise.