Wondering how to start an economic development business? We take you step-by-step from start to success.
(article continues below)
How to Create a Winning Economic Development Company Business Plan
If you've done your homework, you already know that writing a business plan is the most critical thing you can do for your company.
We'll add one more voice to the chorus – writing a solid business plan is the most important thing you can do for your startup. If you take your business plan seriously, the end product will be a document that will guide your company through the critical first year and beyond.
Here's something else you should know: Business plans help prevent key startup mistakes. Lacking a solid business plan, many startups find themselves rudderless and incapable of executing consistent decision making processes, while committed business planners rely on their plans to guide all of their decision making and short-term planning efforts.
Check Out Competitors
Long before you open an economic development business within your community, it's worthwhile to see how strong the competition is. We've provided the link below to help you get a list of local competitors in your city. Complete the form by entering your city, state and zip code to get a list of economic development businesses that are close by.
How are you going to successfully complete with existing firms? It's important that you never underestimate the competition.
Find Good Remote Business Advice
Once you've finished assessing the competion, it's essential that you speak with somebody who is already in the business. If you think owners of nearby economic development businesses will give you advice, think again. It'd be crazy for them to teach you the business.
On the other hand, an individual who has an economic development business in a different city may be more than happy to give you a few tips, given that you don't compete with them in their area. In that case, the business owner may be more than happy to discuss the industry with you. It can take a while to find an entrepreneur who is willing to talk, but it's well worth the effort.
How does one go about finding an economic development business founder that lives outside of your area?
It's easy. Here's a link you can use to find a mentor outside of your area.
Should I Buy or Launch an Economic Development Business?
Unfortunately, many inexperienced economic development business entrepreneurs approach ownership with the mistaken idea that a startup is their only option when they could also pursue a business acquisition.
Unless you have compelling reasons to launch a new business, buying an existing economic development business may be the better choice.
An acquired economic development business is a known quantity; a startup is less certain because its forecasts depend on estimated outcomes. In a best case scenario, you'll be able to locate a turnkey operation with proven profitability and a well oiled business model.
Don't Rule Out Franchising
If you are a newbie entrepreneur, you ought to think about leveraging the success of an established franchise network.
Before you get too far along in your plan to open an economic development business, a smart move is to assess whether purchasing a franchise might 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 an economic development business, these resources will come in handy:
If you came here to learn about selling to economic development businesses, you're in the wrong place. Try these resources instead:
If you are interested in starting a different kind of business, please browse our directory of guides below.