Ventura County is a place with remarkable economic vitality, thanks to a high number of investors, both local and foreign. The county is a perfect destination for anyone who intends to start and run a business. However, start-ups in the county face challenges similar to start-ups in other regions, including lack of finances, stiff competition, and legal non-compliance. With that in mind, here are five tips on how to start and grow your business successfully in Ventura County.
- Research the Market – Before starting a business in Ventura County, you should first conduct market research to identify a viable business opportunity. This is important because some businesses may perform better than others. For instance, six key industries make up the backbone of Ventura County’s economy. They include construction, health services, hospitality and leisure, agriculture, technical/professional/scientific services, and manufacturing. This means that starting a business in any of these industries is likely to give you an upper hand in the success of your business.
- Prepare a Business Plan – Once you have a feasible business idea, the next step is to prepare your business on paper. This involves writing a business plan that guides you on every aspect of your intended business. A business plan should contain information such as the name of your business, type of products or services to be offered, business location, sources of funds, marketing strategies, possible risks, and risk mitigation strategies. The business plan may also come in handy if you intend to apply for loans.
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- Obtain Licenses and Permits – It is illegal to operate a business in Ventura County without valid permits and licenses. Therefore, ensure you obtain these documents before opening your doors to customers. Failure to comply with the regulations may result in lawsuits, penalties, or fines. In early 2021, for example, the Ventura County Board of Supervisors filed lawsuits against 18 businesses that defied public health orders. Therefore, it is prudent to stay legally compliant to avoid lawsuits and similar issues that may jeopardize your business.
- Register with Business Support Organizations – Ventura County provides a conducive environment and the right resources for businesses to thrive. Several organizations are in place to support start-ups through the provision of resources. For example, the EDC Small Business Development Center (SBDC) provides free counseling services, funding, and low-cost training programs to small business owners. SCORE Ventura County is another entity that offers no-cost mentoring, webinars, and workshops, all aimed at educating entrepreneurs on starting and growing their enterprises. If you need a loan for your business, you will get the necessary help through the Business Assistance Program. Take advantage of these low-cost mentorship and training programs to grow your business in Ventura County.
- Further Your Education – Markets keep changing, so you need to keep up with the trends to stay relevant. One way to stay ahead of the trends is to further your entrepreneurship education. Ventura County offers opportunities for continuing education through LinkedIn Learning, Creative Live, Ventura Adult and Continuing Education (VACE), and Santa Barbara City College School of Extended Learning. The knowledge you gain from these training programs will enable you to remain resilient in the market and grow your business.
For more tips on how to grow your start-up in Ventura County, contact Business Forward Ventura County now. We provide valuable resources to inspire and drive small business success.