So, you have a great idea for a business and the passion, experience and ability to back it up. Success should be all but guaranteed. But, maybe not.
According to the U.S. Small Business Administration, about 20% of startups fail. Half of all establishments survive five years or longer, and only one-third survive 10 years or longer. While this sounds a bit daunting for a prospective entrepreneur, there are some steps to take to help ensure the sustainability of your new business.
- Have a business plan in place. Not only will it clearly define the mission, values and goals of your business, it can help you think through each component of your business. It also can help you secure funding and help you strategize growth of your business.
- Know your market
To help start, expand and sustain women-owned businesses in Texas, Texas Woman’s University’s Center for Women Entrepreneurs is once again offering its Women’s Enterprise Training and Micro Grant Program. The program will award 10 women-owned businesses $5,000 each to start or expand their businesses. Awardees are required to complete a small business training course hosted by the CWE to receive funding. The course covers topics such as business plan development, marketing, legal and accounting and financing.
Past TWU microgrant recipients from Denton include:
- Cheryl Brown, Miracle Soul Spice
- Pamela Gilland, Cosmetic Scissor Sharpening
- Andrea Gorham, Tree Folk Farm
- Jennifer Guzman TB Winds
- Chrissy Mallouf and Darby Merriman, M. Squared Real Estate
- Khyra Parks, Prodigious Inc.
- Lee Ann Widyn and Lisa Moore, Denton Bridal
The deadline for applications is Friday, Oct. 25. For more information, FAQs and an application, visit twu.edu/center-women-entrepreneurs/for-the-community/microgrants or call 940-898-2894.