San Antonio: A Thriving Economy
San Antonio is the second largest city in Texas in terms of economic growth per capita, behind Houston. It is also one of the fastest growing cities in the country according to CNN Money.
If you’re going to start a business, you must following the correct federal and state protocol to gain eligibility. Whether you’re starting a service company or creating a product business, knowing these are essential to beginning on the right foot.
Drafting a Mission Statement and Business Plan
As any entrepreneur knows, drafting a mission statement is the first step to establishing a successful company. You need to visualize what you’re going to create before you spend time making it. Having a idea is one thing, writing it down, and the speaking it into existence is another.
While writing this plan, you’ll want to include the financial and marketing research plan. Knowing how much your company will cost to make and where it is going in the market is essential.
San Antonio business advisor Chris Degado says “The reason why most businesses do not survive is inadequate planning… They have no business plan, no financial plan, no marketing plan.”
File Business Structure
After writing down the mission statement, you’re next move is establishing a business structure. Are you starting a sole proprietorship, a general partnership, a corporation, a limited liability company, a limited liability partnership or an association?
Don’t get bogged down by the many option, these are mostly for tax purposes and perks. Figure out your niche and what kind of tax protocol you want to file and then move on.
Apply for Employer Identification Number (EIN)
The next thing you’ll want to check off you “starting a business” checklist is creating a employer identification number (EIN). You can obtain a EIN on the IRS website.
All U.S. businesses require an EIN. Once you complete your application, you’re EIN will be immediately issued to you. This is all done online.
Familiarize Yourself with State and Federal Employment Laws
After you have the foundation laid down for your business, becoming familiar with all state and federal employment laws is wise. Two of the most important are in regards to wages and workplace safety.
Wages & Hours
The Fair Labor Standards Act (FLSA) was prescribed to standard wages and overtime pay. This act is administered by the Wage and Hour Division. It enforces minimum wage and overtime pay. It also, restrict children under 16 to work.
Workplace Safety & Health
Occupational Safety and Health (OSH) act is administered by Occupational Safety and Health Administration (OSHA). This act enforces employers to provide employees with a safe workplace free of hazards.
Lucrative Small Business Ideas in San Antonio
For a list of lucrative business ideas in San Antonio see below:
Located in the Downtown San Antonio is Marriage Island – a islet in the middle of the city commonly used for weddings. Because of the city’s natural beauty, it attracts a number of couples yearly. If you have an eye for aesthetics and management skills. Offer people an option for a budget and people will come!
Livestock Health Advisor
The rodeo is massively popular in San Antonio. With that, Livestock Health Advisors are needed to watch animal health and profitability. If you have experience in animals and dietary health this would be a lucrative business to create.
Boat Ride Service
With the Riverwalk being so popular, starting a Boat Riding Service company is a no brainer. As Mark Twain said “during the gold rush it’s a good time to be in the pick and shovel business”. they say “when people are digging for gold, sell shovels”. As people come to the riverwalk, offer them a boat ride. You’ll be able to easily attract tourists.
Contact Us to Learn More!
Here at Sitterle, we value all of our entrepreneurial customers and we want to see you thrive in the great city of San Antonio! Feel free to contact us to learn more about our properties and how we can have you and your family enjoying life in one of our amazing, new homes. We’ll be sure to reply to your inquiry as soon as possible and we look forward to hearing from you soon!