First Bank Texas Blog

Growing Your Small Business in Texas

While you undoubtedly learned a lot when starting your business, growing and funding an existing business requires a different strategy than financing a startup.

As a proud small business owner, you’ve established your company, taken the time to build your finances, and discovered what has worked and what has not. Now, you are ready to move onto the next phase of small business ownership: business expansion and growing your profitability. First Bank Texas can offer helpful advice on creating a business case and ironing out the details of your business growth strategy. 

While you undoubtedly learned a lot when starting your business, growing and funding an existing business requires a different strategy than financing a startup. These simple but essential steps can help you grow your small business and set you up for success.

Expanding your small business

There are several ways to grow your business in Texas. You may be looking to launch a new product or service, expand to a new location, merge or acquire a business, ramp up production, franchise, hire new employees, streamline your processes, license your products or expand into new markets. 

You can also grow your small business through marketing strategies. Aligning yourself with a similar business, expanding marketing efforts, building your online presence, targeting new markets, and winning marketing contracts can all help increase your business presence. Your next big move could involve several of these expansion strategies. With multiple business growth strategies in play, you’ll want to ensure your business can withstand expansion and achieve success. 

Seek business advice and do your research

Before you embark on your business growth strategy, you may want to seek advice from a trusted business counselor or one of our commercial lenders at First Bank Texas. The Small Business Administration offers several no cost resources to small business owners in Texas. 

With the help of a commercial lender from First Bank Texas, you can discover growth strategies that suit the vision for your growing business and get insight into how to present your business case when seeking funding. With branches throughout Texas, First Bank Texas’s Commercial Lenders are here to help with your financial needs.

Having worked with a multitude of Texas business owners, First Bank Texas can provide a realistic outlook of the local economy and recommend next steps. We can also help you streamline operations with tools like Point of Sale Solutions and Remote Deposit.

Before moving your business forward, take time to assess the past and current business climate. Timing is everything, so if you’re planning to launch a new product line or service or expand into new markets, do your research to ensure there’s sufficient demand before investing valuable resources.

Update your business plan

Return to your original business plan and update it to project future growth. If you’re looking to scale your small business, hire more staff or streamline your processes, iron out your current model to be sure you can grow steadily without sacrificing quality or your core business. Once you’ve worked out the details, update your business plan and outline your expansion.

Update or develop a marketing plan 

Once you’ve determined your business expansion plan, consider updating or developing a formal marketing strategy. Growing your business in Texas will involve new internal and external audiences as well as stakeholders. Outlining how you’ll communicate with these new audiences, both online and offline, is necessary when change is imminent. 

Investing time and money in developing a scheduled marketing plan, with a dedicated budget, is essential. Focus your marketing efforts on the tactics that deliver the highest return on investment and align best with your brand image. You can also run this by your business counselor and banker for objective feedback. 

Seek financing to expand your Texas business

When you are ready to grow your business and have developed and reviewed your business and marketing plans, a First Bank Texas commercial lender can help you understand your financing options. 

Depending on your goals for small-business expansion, you can consider applying for a variety of funding options, including SBA loans, working capital loans, term loans, agricultural loans, commercial real estate loans, equipment loans, lines & letters of credit, and other small business lending options. 

Trust First Bank Texas to help you find the proper financial solutions and resources to grow your business. With a team of expert commercial lenders and years of experience, First Bank Texas is the smart choice to help your business grow and thrive in Texas and beyond. Learn more about our SBA loans and other business financing options.

Contact us today to discuss how we can help support your business expansion and business growth strategies in Texas.

Finance your expansion projects and equipment purchases