Thinking about opening a housing and economic development business? We tell you what you need to know to get started.
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How to Create Effective Housing & Economic Development Company Business Plans
A great business plan will lay a strong foundation for growth in your startup housing and economic development business.
Business plans address a wide range of issues, including startup financials. Not surprisingly, lenders immediately turn to the financial section and use the accuracy of your forecasts to gauge the value of other parts of the plan.
With so much riding on your business plan, we recommend getting a firm grasp on business plan financial basics before you start writing the other parts of your business plan.
Check Out the Competition
Prior to launching a housing and economic development business in your area, it's a good idea to find out how many competitors you have. Use the link below to generate a list of competitors in your area. After following the link, enter your city, state and zip code to get a list of housing and economic development businesses in your area.
If there's too much competition, it may be wise to consider starting the business in a less competitive marketplace.
Finding a Non-Competitive Business Mentor
If you are interested in starting a housing and economic development business, it's a smart move to learn from folks who are already in business. If you think owners of nearby housing and economic development businesses will give you advice, think again. The last thing they want to do is help you to be a better competitor.
Thankfully, an owner of a a housing and economic development business in a different city may be willing to share their entrepreneurial wisdom with you, given that you don't compete with them in their area. In fact, they are often very willing to share startup advice with you. It can take a while to find an entrepreneur who is willing to talk, but it's well worth the effort.
How do you go about finding somebody who runs a housing and economic development business on the other side of the country to talk to?
Here's how we would do it. Try the useful link below and key in a random city/state or zipcode.
Housing & Economic Development Business Acquisitions: Financial Considerations
Worried about the financial aspects of starting a housing and economic development business? Most startup housing and economic development business owners are.
Financial risk management requires you to at least consider the possibility of setting your startup plans aside to explore acquisition opportunities. Many entrepreneurs buy an existing business for the sole purpose of tapping into the financial benefits of an established customer base.
An acquired business also has documented assets and earnings - a big advantage with lenders and investors.
Don't Forget About Franchising As an Option
A franchise gives you an edge by giving you access to a proven system developed by the franchisor.
Before you consider starting a housing and economic development business, you would be wise to investigate whether buying a franchise could increase your chances of success.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
These additional resources regarding starting a business may be of interest to you.
If you currently own a housing and economic development business, these resources will come in handy:
If you sell to housing and economic development businesses, you're in the wrong place. These resources are more appropriate for you:
If you are interested in starting a different kind of business, please browse our directory of guides below.