With the slow return to normal (fingers crossed) after the end of the pandemic a number of people will be thinking of starting their own businesses to take advantage of the opportunities afforded as the economy recovers from the recession caused by the virus. We urge people making that leap to do all they can in preparation before doing it.
The truth of the matter is that four of five startup businesses fail within the first five years for a variety of reasons mostly associated with inexperience coupled with poor planning. It is not that the people starting the business do not have a good product/idea or that they are lazy, it is just that there is a lot more to being successful in a business than most of us realize.
First and foremost, one needs to understand the basics of the business one wants to start.
Most of us when exploring opening our dream business find that we will have to get financing in addition to risking our own life savings and likely investment from family and friends. This generally involves banking, creating a business plan and marketing expertise most of us do not have.
Luckily in Big Spring and Howard County there is a source of help in this regard. The Big Spring Economic Development Corporation contracts with an entity that exists to help startup and small businesses in general, at no cost to the entrepreneur.
Leading/EDG, based in Amarillo, has a consultant at the Big Spring EDC offices for appointments every other week, providing guidance in business plan preparation, the SBA loan application process, market evaluation (not a good idea to start an auto parts store when there are already four within a mile of the location being considered), advertising, staffing and a whole range of other issues that need to be considered before moving forward with a new business.
The consultant that serves Big Spring and Howard County is Cameron Winegar and you can contact him at 800-915-0566 to make an appointment. Mr. Winegar is backed up by the Leading/EDG team and can be the difference between failure and success.