Write a Business Plan
Put your vision in writing and prepare for growth with a business plan.
What is a Business Plan?
A business plan is a roadmap for your business, created by you. No matter what industry you’re in, a business plan can help you clarify what you do, what clients you serve, and how you can best serve them. It can also help you determine your expenses and funding, if necessary.
Why do I need a business plan?
Besides helping you articulate your own goals and challenges, a business plan is a common requirement to secure a loan from banks and other financial institutions. A business plan will also make it easier for you to work with organizations like Small Business Development Centers and Women’s Business Centers.
How do I create a business plan?
The U.S. Small Business Administration is a great resource for business plan templates and answers to other questions you may have.
Conduct Market Research
What is Market Research?
Market research helps you determine the demand for the goods or services your business offers. It can help you identify who your customers are, what they want, and how much they will pay. Market research can also help you identify any seasonal or location-specific trends related to your product or service.
Why do I need market research?
Understanding the market is critical to the success of your business. Without adequate market research, you may price your goods and services incorrectly, or target the wrong customers. Conducting market research early on can help you avoid many of the pitfalls facing new or growing businesses.
How can I conduct market research?
Market research can feel broad, but there are resources tailored to Manor’s local business community. A great starting point is the Retail Gap & Opportunity Analysis, which highlights key opportunities in the local market and consumer demand.
Seek Out Mentors
Starting or growing a new business can be difficult, but finding an inspiring mentor can make a meaningful difference. Experienced mentors can provide industry-specific knowledge, operations expertise and moral support to help you navigate the day-to-day challenges of running a business.
Resources:
Austin SCORE
Austin SCORE is a national network of experienced executives who are willing to share their experience, as volunteer mentors, to help entrepreneurs (start-ups and established). SCORE also provides workshops and courses in business education to help small businesses grow and prosper.
Texas State Small Business Development Center (SBDC)
Small Business Development Centers (SBDCs) are a partnership between the US Small Business Administration (SBA) and universities. They provide free marketing, financing, and business-related assistance to local entrepreneurs. There are over 40 across Texas.
Manor Chamber of Commerce
The Manor Chamber of Commerce supports the business climate throughout Manor, advocates and builds partnerships through policies and regulations, and fosters a feeling of community by creating a positive first contact for businesses, residents, and visitors.