3 things you need to start a business in Austin

Why is business booming in Austin?

Small businesses and startups flock to Austin for its unique, lively, and well-supported business community. The city’s wide range of resources make Austin one of the top cities to start a business. Their business community and energy makes starting and relocating businesses in Austin less restrictive.

But even with Austin’s amazing supply of resources and collection of business advocates, there are some things your startup needs in order to develop in the city. 

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What do you need to succeed?

Of course, starting a business is always scary, and the struggle doesn’t end once you’re up and running. When entering a market that’s experiencing a huge boost, it’s important to recognize the barriers. When business picks up, taxes follow. Competition rears its ugly head. 

Austin is one of the best cities for business in the US for many reasons. As the capital of the nation’s leader in business growth, you can imagine the amount of competition and energy that keeps the city pushing forward.

If you plan to start a business in Austin, you’ll need three key factors.

1. Originality

Your business must be one of a kind. That’s not to say that your business has to reinvent the wheel. 

Austin celebrates its weirdness. No, I’m not poking fun; it’s even a quality that Austin’s Chamber of Commerce flaunts on their website.

Businesses in Austin have to be unique and interesting. Businesses like Webexpenses thrive because they offer a solution to a problem while providing the most efficient and user friendly integrations. Businesses that can be themselves while meshing well with the needs of their clients and the processes of partners are at the heart of Austin’s startup success.

Austin is known for its unique businesses, like cooperative pubs, full-service movie theatres, and buy-one-give-one retail stores, that turn traditional business structures on their heads.

Even with their uniquenesses, there are a few common traits among the best Austin businesses, old and new, and those include the sense of community, charity, and environmental consciousness.

2. A constantly expanding network

Your business network needs nurturing. Austin makes getting in the loop easy. 

One of the most important things for businesses anywhere is its community connections. It’s hard not to build business relationships in Austin. With the community events, advocacy groups, and social media groups that are available for startups and small businesses, business owners can find the support they need, and can return the favor to similar startups.

Connections don’t just need to be similar sized businesses. Get involved in meetups, discussions, forums, and seek guidance from business mentors.

At the top of the list for business help is the City of Austin’s resource for starting a business as well as its many programs, including BizAid Business Orientation. BizAid provides courses and coaching services for small businesses and startups, and information that can be difficult to locate and understand.

Additionally, take advantage of the community of entrepreneurial and corporate veterans, who have the knowledge and experience to help you sort out your business strategy, plans, and direction. 

Your business connections can help you understand the necessary licenses, permits, taxes, and regulations.

Austin is home to an abundance of skilled workers with diverse specializations. You will find the talent you need for any task, so long as you look.

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Additionally, Austin has seemingly unlimited access to incubators and accelerators, all seeking aspiring and dedicated entrepreneurs. Check out this list of interested sponsors

3. Money 

The originality of many Austin businesses can only go so far. Especially in a city as up-and-coming in business as Austin. The expenses, in terms of rent and tax are rumored to be too much for many. But that’s what happens when a city’s population increases rapidly, and business starts to boom.

Of course, Austin isn’t known to be the cheapest place to start a business. However, unlike many cities in the US, there are numerous organizations built to support and advise new and growing businesses. The key is to keep your eyes open and to, well, see tip number two.

Yes, cash is hard to come by when starting a business, and sometimes even more so trying to make ends meet. 

But don’t let your business plans crumble for fear of failure. Any business is a risk, and Austin recognizes that. Take advantage of the business resources that are available leading up to your business’ opening and throughout its development.

Support options for Austin businesses

From grants to loans to rebates, the City of Austin has a collection of links and resources to keep you informed, funded, and growing. Crowdfunding, government grants, Venture Capital, and business loans can help get your business the funding it needs to get up and running.

For instance, BiGAUSTIN is a nonprofit offering training programs and loans to small businesses. They’re particularly well-known among women-and minority-owned businesses. BiGAUSTIN lends up to $15,000 to start-ups and up to $50,000 for established businesses.

The Texas Commission on the Arts is invested in funding small businesses and projects. 

There are countless non-profit and commercial lenders in and around Austin. Additionally, you should check out the various chambers of commerce that advocate and assist minority small business and startup business owners.

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Conclusion

2019 has been good to Austin’s entrepreneurs and new businesses. Join the many startup teams that benefit from Austin’s business community and resources.

* This blog provides general information and discussion about global business payments and related subjects. The content provided in this blog ("Content”), should not be construed as and is not intended to constitute financial, legal or tax advice. You should seek the advice of professionals prior to acting upon any information contained in the Content. All Content is provided strictly “as is” and we make no warranty or representation of any kind regarding the Content.