Texas has long been recognized as a hub of economic growth and opportunity, consistently setting records for job creation and economic expansion. Now, small businesses are the backbone of this success, employing nearly half of the state’s workforce and contributing significantly to Texas’s vibrant economy. In recognition of the vital role that small businesses play, the Governor’s Office of Small Business Assistance offers a wealth of resources to support both budding entrepreneurs and established business owners. Among these resources is the Governor’s Small Business Resource Portal, a comprehensive tool designed to provide tailored assistance and information to help businesses thrive in Texas.
Who Can Use It?
The Governor’s Small Business Resource Portal is invaluable for a wide range of users, including:
Aspiring Entrepreneurs: For those considering starting a business or becoming self-employed, the portal offers essential guidance and resources to help turn ideas into reality.
Early-Stage Start-Ups: Businesses in their initial stages (0-2 years old) can find targeted support to navigate the challenges of early growth.
Businesses Moving to Texas: Companies relocating to Texas can access resources to facilitate a smooth transition and integration into the local economy.
Established Businesses: Whether a small business with 1-3 employees or a larger enterprise with up to 100+ employees, the portal provides ongoing support and growth opportunities.
Benefits
The portal offers numerous benefits, including:
Tailored Assistance: Customized resource lists are provided so that users receive the most relevant information and support based on their specific needs and business stage.
Comprehensive Support: The portal covers a wide range of topics, from funding and licensing to business growth and networking.
Convenient Access: The portal is easy to use, with resources that can be printed or emailed directly to you.
Local and State Resources: Allows users to connect with local and state resources so that they can tap into regional support systems and opportunities.
Key Features
The Governor’s Small Business Resource Portal includes several key features:
Federal, State, and Local Resources
Business Advice and Growth Assistance
Funding Sources
Licensing and Permitting Information
Additional Specific Resources
Small Business Assistance Team Contact Information
How It Works
Using the Governor’s Small Business Resource Portal is straightforward and user-friendly. The process involves answering five simple questions to generate a customized list of resources. Here’s a step-by-step guide:
Fill in Your Current Business Position: Select the option that best represents your business’s current position. Choices include thinking about starting a business, early-stage start-up, moving to Texas, or established business with varying numbers of employees.
Add in any Special Business Designations: Indicate if your business is non-profit, veteran-owned, woman-owned, or minority-owned to receive resources specific to these categories.
Add Your Location: Provide your city in Texas to connect with local resources.
Select Your Industry and Business Type: Select your industry and the specific type of business. This ensures that the resources provided are relevant to your sector.
Specify Any State Agency Services: Specify any state agency services you are interested in, such as business registration, permit information, state taxes, or employer services.
Choose Any Additional Resource Options: Choose from additional resources, including start-up support, funding information, exporting advice, public procurement, networking, business training, and emergency management resources.
Once you complete these questions, this portal will generate a customized resource list that you can print or email for easy reference. This tailored approach ensures that you receive the most relevant and helpful information to support your business journey in Texas.
Steps to take control of your bookkeeping and create a process for monthly close and reconciliation of accounts.
It’s the end of the month, and you have no idea if your financial reports are correct or showing the right numbers. If you’re asking yourself, is this right?! Then, you need to create a process to make sure all accounts and transactions are categorized and reconciled on a monthly basis. So, how do you build confidence in the numbers your accounting system is showing you?
When I’ve shown clients how to do their bookkeeping, I try to keep the process simple and something that doesn’t take over their time or brain space. It’s not a good look for me if the client walks out overwhelmed.
Steps to take control of your bookkeeping:
One day each week to categorize for 1 hour
First week of the month to finalize reconciliation
Second week of the month to review financial reports
One Day Each Week
One hour each week to be on top of your transactions. If you keep this time sacred and focus for 45 minutes to 1 hour to ensure the weekly transactions are categorized, then it won’t feel so overwhelming by the end of the month. I’ve worked for companies that had 100s of transactions each month, and when I didn’t stick to this rule, I spent days at the end of each month catching up. It didn’t feel good, and I don’t wish the experience on anyone. So, do yourself a favor and keep this hour each week. Your future self will thank you.
First Week of the Month
Once you’ve finished categorizing your transactions, you’ll use the first week of the month to reconcile your accounts for the previous month. Reconciliation is where you make sure your accounting system matches your statements. Ending balances for the account in your accounting system should match ending balances from your account statements. Sometimes, there may be differences due to the timing of the ending date, but it shouldn’t be massive. Reconciliation ensures every account on your balance sheet statement is correct, and you can defend the numbers shown.
Second Week of the Month
The second week of the month is when you can review your financial reports with yourself or your team. Your numbers finally look right to you, and you know it’s right, so the next steps are to analyze your numbers to see if you spent too much on expenses, made enough sales, or have enough cash flow. This is where the fun begins, and you can use your numbers to plan for the next month or quarter.
Depending on how many transactions you have in a month, you can definitely truncate the steps and combine your reconciliation and financial review weeks into one. Having a repeatable process will make sure you’re confident in the numbers your reports show. If you start as a one-person team, this process makes sure that you can transition the work to another employee week by week until they can do it.
About the author:
Anwuli Chukwurah is a versatile finance professional with a track record of starting new finance organizations and scaling them for growth in fast-paced entrepreneurial environments. She has over 6+ years of experience working with small business owners, startups, and nonprofit organizations to help connect finance with their business goals. She aims to ensure her clients become comfortable and adept at navigating their numbers. She works with clients at Woolichooks and writes a newsletter for non-finance folks.
Ivan Garcia is the Vice President of Lending and Community Manager at SouthStar Bank, with 15 years of mortgage experience. In his role, Ivan focuses on expanding SouthStar Bank’s presence along Austin’s Eastern Crescent. Moreover, Ivan prides himself on being able to provide opportunities for home ownership in historically underserved communities. He is also the Government Affairs Chair for the National Association of Hispanic Real Estate Professionals Austin Chapter and was named a NAHREP Top 100 Regional Loan Officer in 2021.
What is a fun fact about you?
I am a foster parent.
How has working at EGBI benefited you professionally and personally?
Working with EGBI has helped me better understand clients. Being able to hear their stories and what their business plans are makes me a better banker. It helps me gain insight on how I can better help my clients.
What motivated you to become involved with EGBI, and how has your role evolved over time since you started volunteering?
I love seeing how excited and passionate new entrepreneurs are about their business. I am motivated by the resourcefulness and resiliency of EGBI clients.
What personally resonates with you about EGBI’s mission and work?
I see my dad in EGBI entrepreneurs. My dad worked so hard at his job and still did side jobs to earn extra money. I see how some EGBI entrepreneurs are taking the next step in turning their side jobs into a full business. EGBI empowers people to make a way for themselves in this economy and equips them to prosper.
In what ways have you utilized your experiences and knowledge base to enhance the learning experiences of participants in your role as an instructor at EGBI?
I have been in the mortgage business for 15 years and have helped so many first time homeowners go from unsure to confident buyers by planning and education. Using this experience of planning and education helps me as I engage participants in the workshops.
What would you say to someone considering volunteering with EGBI?
Do you love that rewarding feeling? Invest time in EGBI entrepreneurs!
What was the most rewarding experience you’ve had in your role as an instructor for EGBI?
Inviting coworkers to volunteer for the Marketing Research night and seeing the joy they had engaging with participants.
Retirement often symbolizes the end of one’s career— a time to relax and enjoy the fruits of labor accumulated over decades of hard work. However, for some individuals, retirement marks the beginning of a new chapter filled with entrepreneurial aspirations and the pursuit of lifelong dreams. Contrary to conventional wisdom, starting a business after retirement is not only feasible, but can also lead to remarkable success. This article explores the phenomenon of entrepreneurship in later life, drawing inspiration from iconic examples such as KFC and Home Depot founders, among others.
The Rise of Late-Life Entrepreneurship:
In today’s rapidly evolving business landscape, age is no longer a barrier to entrepreneurial success. With advancements in technology, access to resources, and changing societal attitudes towards retirement, more individuals are venturing into entrepreneurship during their golden years. The decision to start a business after retirement often stems from a desire for personal fulfillment, financial independence, and the opportunity to leave a lasting legacy.
The Advantages of Starting a Business After Retirement:
Experience and Expertise: Retirees typically possess extensive experience and expertise gained throughout their careers. This knowledge base can be invaluable when starting a business, as they have likely encountered various challenges and developed effective problem-solving skills.
Skill Set: Years spent in the workforce often result in the acquisition of a diverse skill set. Retirees may have honed skills such as leadership, communication, project management, and networking, which are crucial for entrepreneurial success.
Financial Stability: Many retirees have achieved a level of financial stability by the time they retire. This financial security can provide a safety net when launching a business, reducing the stress associated with financial uncertainty.
Flexible Schedule: Unlike younger entrepreneurs who may have familial or career obligations, retirees often have more flexibility in their schedules. They can devote as much time as they desire to their business ventures without the constraints of a traditional nine-to-five job.
Access to Networks: Retirees often have extensive networks built over their professional lives. These connections can open doors to potential clients, partners, suppliers, mentors, and investors, facilitating the growth of their business.
Challenges and Considerations:
Limited Access to Startup Capital: Retirees may face difficulty securing funding for their business ventures, as traditional sources of financing such as loans or investors may be hesitant to invest in older entrepreneurs. This can necessitate creative solutions such as bootstrapping or seeking alternative funding options.
Technological Barriers: Keeping pace with rapidly evolving technology can be challenging for retirees who may not have grown up in the digital age. Learning to navigate new software, online marketing platforms, and e-commerce tools may require additional time and effort.
Health Concerns: Aging brings about increased concerns about health and longevity. Retirees may worry about their ability to manage the physical and mental demands of entrepreneurship, especially if their business requires long hours or involves physically demanding tasks.
Transitioning Skills and Mindset: Moving from a structured career to the dynamic world of entrepreneurship requires a shift in mindset and skill set. Retirees may need to adapt to new ways of working, embrace uncertainty, and develop entrepreneurial traits such as risk-taking and innovation.
Examples of Late-Life Entrepreneurs:
One of the most celebrated examples of late-life entrepreneurship is Colonel Harland Sanders, the founder of Kentucky Fried Chicken (KFC). Sanders began selling his famous fried chicken recipe from a roadside restaurant in Corbin, Kentucky, during the Great Depression. However, it wasn’t until he was in his sixties that he franchised KFC, transforming it into a global fast-food empire.
Similarly, Bernie Marcus and Arthur Blank co-founded The Home Depot in 1978 when they were both in their fifties. Despite facing skepticism from industry experts, they built The Home Depot into the largest home improvement retailer in the United States and revolutionized the retail industry.
Ray Kroc’s story with McDonald’s also exemplifies the potential for late-life entrepreneurship. Kroc joined McDonald’s in 1954 at the age of 52 and played a pivotal role in expanding the company through franchising. His vision and determination propelled McDonald’s into a global fast-food giant.
Additionally, Grandma Moses, renowned for her folk-art paintings, began her artistic career at the age of 78. Despite her late start, she achieved widespread acclaim and became a prominent figure in the art world.
These companies represent prominent examples of how retirement can be utilized in creating successful companies… something you can do too!
Tyrone Meredith initiated his journey into entrepreneurship with his company after accumulating a decade of experience in the HVAC industry. Motivated by his extensive knowledge, he pursued and successfully passed the State Contractors exam. Following this achievement, Tyrone strategically developed the brand identity for his venture, Tyrone A/C & Heating Inc. With meticulous attention to detail, he navigated the incorporation process, establishing a solid foundation for his business. Equipped with determination and essential resources, including a truck, Tyrone entered the realm of entrepreneurship.
Tyrone shares a bit about his journey.
How did you hear about EGBI?
I found EGBI by contacting the City of Austin Small Business Development Office. I called looking for a business mentor and they referred me to EGBI.
How has EGBI helped you?
EGBI helped me to build the confidence to market myself and also believe in my vision. They coached me and recommended a host of individuals to assist with advertising and marketing. They introduced me to Mayor Kirk Watson among other people. This gave me the confidence I needed to know that “I am enough as I am and the sky’s the limit.” The lunch engagements helped me become more outgoing and overcome my fear of rejection. My world is truly as I make it.
What are you working on now?
Currently, I’m focused on expanding the reach of my company’s services through marketing initiatives. By attracting more customers with their HVAC needs, I aim to increase our revenue and solidify our position in the market.
If you were to start all over again, what would you do differently?
Looking back, I would prioritize allocating more resources towards advertising from the start, rather than waiting a decade to do so. Additionally, I’d make proactive investments in retirement planning to secure my financial future more effectively.
What inspired you to become an entrepreneur?
Have a better quality of life and to have more control of my personal time as a whole.
Where do you see yourself in five years?
I envision myself making smarter investments and expanding my team by hiring at least one additional full-time technician. Furthermore, I aim to elevate our brand visibility by increasing our advertising budget by $10,000.
What’s your biggest challenge?
My greatest challenge lies in finding the right individuals who can complement my skills and knowledge where they fall short.
What’s the best piece of advice you received?
The good thing about success it, it is in your hands. And the bad thing about success is, it is in your hands!!!
What advice would you give someone starting their own business?
Embrace the discipline required for success, and you’ll spare yourself the anguish of regret down the road.
