Starting a business can be difficult. According to the U.S. Bureau of Labor Statistics, 20 percent of small businesses fail within their first year. And, with 2.7 million small businesses in Texas, the state is both a welcoming place for new businesses, and a space where you will need to overcome stiff competition to survive.
What makes the difference between a successful business owner and one who is forced to close up shop? It often comes down to a few key traits that define your approach to business. Here is a look at 4 of the traits that most successful RGV business owners have in common.
While managing facts and figures may not be the most exciting part of running a business, sound financial management is central to the success of companies of any size. For small businesses facing tight profit margins, savvy budgeting can be the difference between survival and failure.
That is why budget-minded businesses owners are more likely to succeed. Being financially wise includes being able to do all of the following:
- Create budgets
- Stick to budgets
- Manage cash flow
- Reduce expenses
- Spend wisely
- Conduct financial planning
- Free up capital to reach future goals
- Conduct financial checkups
Part of making wise financial decisions for your business is finding the right office space. While renting office space can often be extremely expensive, particularly for financially limited small businesses, affordable and professional workspaces can help a business thrive.
Here at Via, we offer affordable, all-inclusive, and diverse workspaces for businesses of all sizes. If you hope to run a financially sound business, exploring these office spaces could help you find the right space at the right price.
Running a business has its challenges. When difficulties arise, how you handle them can either help or hurt your company. Successful business owners in the RGV consistently demonstrate resilience: The ability to keep going in the face of challenges, and the ability to get up and try again after experiencing a setback.
For example, the COVID-19 pandemic was an unexpected and near-fatal blow to many RGV businesses. In the struggle to stay afloat, those business owners who were able to pivot in order to navigate the turbulent pandemic waters (e.g Taking advantage of small business loans within the Valley, moving business online, etc.) fared much better than those who were not.
Persistence and creativity are key elements in resilience. Business owners who can think outside the box, take necessary risks, and keep going no matter what are far more likely to see their entrepreneurial dreams succeed.
Passion is the driver of any successful business owner. Because running a business does have many challenges (and long hours), loving what you do is essential in giving you the motivation you need to succeed.
This passion is also an important ingredient in getting others invested in your business as well. Employees who believe in your company’s mission. Customers who keep coming back because they love what you have to offer. Their passion starts with yours – And the stronger you feel about your company and goals, the more excited they will be as well.
Running a business involves taking risks, spending money, and making endless decisions. The only way to do all of this successfully is to do so with specific goals in mind.
Successful business owners in the RGV succeed in part because of their ability to envision, set, and pursue specific goals for their business. Perhaps they want to add a satellite office in McAllen. Maybe they want to increase sales in Edinburg. Maybe they need to target a new audience. Maybe they need a fancy suite for their beauty business.
These concrete goals, and the concrete steps necessary to reach them, are what turn a business from an idea into a thriving local company.
Here at Via Executive Suites, we want to help small business owners like you succeed in the Valley. That is why we provide all-inclusive, professional office suites throughout the Rio Grande Valley. With our low prices, and beautiful accommodations, you have everything what it takes to thrive in the Valley.