EPCC Small Business Development Center Network for the South-West Texas Border
This week Art Anchondo, a SBDC Business Development Advisor, visit the College of Business to discuss and give insight on How to Create a Business Plan. He gave a lot of information on starting a business based on his personal experience.
He started his own apparel manufacturing company in 1983 and worked as President of the company for more than 20 years. The company was headquartered in El Paso, Texas with manufacturing facilities in Mexico. It produced apparel products for several brands in the U.S.
He talked about important facts to have in mind when starting a business. Mostly about financial topics, because banks look into that when you apply for a loan. He also spoke about personal financials and how to upkeep with them. Although, the first things should always be to have passion for your business, loving what you do.
In more detail, he gave recommendations for the pre-business plan. He mentioned the following:
One of the facts is that there is a small majority of business that are self employed (99% nationally) so why not try it out!
"Learn to Fly," he used this to say to learn the rules, and try new things, love what you do.
It is very important to keep connections, these are the persons who will help you along the way, and to always network!
As an entrepreneur, it will be necessary to make sacrifices and/or miss important events in life.
He advises that if you own a credit card, make sure to use it wisely, do not max it out, and pay it off! Do not cancel it! Your credit score for loans will be based on your personal credit. A great credit score is 650, but a better one would be 700 and above. One of the websites where you can check yours for free annually is at annualcreditreport.com .
Another thing Anchondo mentioned was to not allow for banks to discourage and send you away telling you to come back with a business plan. The first time you meet with a financial advisor, it would be best to take your personal financials, along with your personal net worth, credit score, and/or your resume so that the bank can see right away you will be a good candidate.
Lastly, he mentioned having an alternative finance plan. This can be done through crowd-funding.This practice will allow you to raise money from a large number of people through the Internet. There are many ways of doing so, it just takes your personal passion and drive to make your plan happen.
||Carla Villaverde||
