October 19, 2017  
 
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Starting an Economic Development Agency

This advice is written for aspiring entrepreneurs who want to open an economic development agencies business. Read this article before you open up shop.

Wondering how to start an economic development agencies business? We take you step-by-step from start to success.
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Creating a Business Plan for an Economic Development Agency

One of the worst mistakes you can make as a small business owner is to not create a business plan.

A good business plan establishes both a framework and a roadmap for your business. If you don't have a business plan, your leadership will be handicapped, limiting your economic development agencies business's ability to succeed long-term.

The first step in creating a business plan is to develop a mission statement for your organization. From there, it's time to initiate the hard work involved with writing the rest of your economic development agencies company's business plan.

Take a Look at the Competition

Prior to launching an economic development agencies business in your town, it's worthwhile to determine how strong the competition is. Use the link below to find competitors in your city. After clicking on the link, type in your city, state and zip code to get a list of economic development agencies near you.

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 seriously contemplating launching an economic development agencies business, it's a wise move to talk to somebody who is already in the business. If you think owners of nearby economic development agencies will give you advice, think again. The last thing they want to do is help you to be a better competitor.

On the other hand, an individual who has an economic development agencies business outside of your community may be willing to share their entrepreneurial wisdom with you, as long as they don't view you as a competitive threat. Many business owners are happy to give advice to new entrepreneurs In my experience, you may have to call ten business owners in order to find one who is willing to share his wisdom with you.

How do you go about finding an economic development agencies business entrepreneur on the other side of the country to talk to?

Easy. Find them using our link below and start calling until you are successful.

Advantages of an Economic Development Agency Purchase

On a percentage basis, more entrepreneurs intend to enter economic development agencies business ownership through a startup than through a business purchase. However, many new entrepreneurs aren't experienced for the rigors of a startup operation.

There are a lot of factors that need to be considered in buying vs. starting a business. Although startup owners may have greater control over the shape and scope of their companies, they lack the advantage of a proven business model. Along the same lines, it can take years for a startup company to achieve brand recognition while an existing business may already be a trusted name in your target market.

Is Franchising the Right Option?

The chances of doing well in business immediately improve if you go the franchising route instead of doing it all on your own.

Prior to starting an economic development agencies business, you should determine whether buying a franchise could help you on your entrepreneurial journey.

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.

Related Articles on Starting a Company

These additional resources regarding starting a business may be of interest to you.

Free Business Plan Templates


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Already Own an Economic Development Agency?

If you already are in business and came here to learn about growing an existing economic development agencies business, these resources will come in handy:

Marketing an Economic Development Agency

Selling an Economic Development Agency

Are You Selling to Economic Development Agencies?

If you came here to learn about selling to economic development agencies, we've got better information for you elsewhere on our site. These resources are more appropriate for you:

Selling to Economic Development Agency

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