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Monica Malorgio Talks Being Your Own Boss

You know you want to start your own business, but where do you start? The Greater San Marcos Partnership and The San Marcos Area Chamber of Commerce are excited to bring you, BizTalks, a free talk series which is open to the public and targeted to local entrepreneurs. Lead by successful business owners in our area, we highlight the hardships they have faced and share tips for helping you get started! 

In January, BizTalks emphasized the benefit of writing a business plan, giving helpful advice on the basics of starting your own business and highlighted the perks (and challenges) of being your own boss. Monica Malorgio (formerly McNabb) detailed her own journey through the creation and raising of her San Marcos Real Estate Firm, McNabb and Co. Real Estate Services. 

Meet Monica Malorgio

Monica made San Marcos her home when she transferred to Texas State University in the Fall semester of 1998. She pursued her BBA with a focus in Economics and graduated in 2000. Continuing her academic career, she went forward to earn an MBA from Texas State University in the Fall of 2005, achieving this degree while 7 months pregnant with a 3-year-old in tow. 

Since then, Monica founded her own local San Marcos Real Estate company in her home office. This business is now housed in a commercial location of its own, hosts more than 18 associate agents, includes a property management division, and celebrates increased sales of 36%.

Monica is a first generation American citizen; her father immigrated from Italy in 1976, and she feels enormously blessed to truly be living the American Dream. She resides in San Marcos, raising her 2 daughters, Giuliana (15) and Gabriela (12).

Today, Monica encourages young entrepreneurs to gain the courage and information necessary to be successful with your own entrepreneurial dream. Read her advice for how to start a business below. 

1. Write a Business Plan - The most important thing an up-and-coming entrepreneur can do for themselves is to write a business plan. Once you have discovered that you can offer something that people need, it is time to start planning out how you are going to maintain a successful business. 

2. Identify the Pros and Cons - With any industry, job, or new project, there are inevitable advantages and challenges. On the topic of starting your own business, some of the top audience inspired points included controlling your own time and setting your schedule to your needs. On the other hand, while you can work in your pajamas, you wear many different hats in which you may not have much expertise. There is no safety net in regard to where your next paycheck is coming from, or even any assurance that you will succeed. To combat this, Monica suggests finding a specialty or niche, which can give you an advantage that sets you apart from the competition. Determining what makes you unique and offering what the competitors don't can enable you to have a strong foundation for starting your own business. 

3. Define Your Competitive Advantage - While writing your plan, keep in mind, what are my strengths and weaknesses? What do I need help with? If you try to take on everything individually, you are likely to spread yourself too thin and your work will suffer. Don't be afraid to ask for help! Monica established a competitive advantage by cultivating a reputation as a as being young, unique and vibrant San Marcos Realtor. Furthermore, she identified that being the same age as a first time home buyer helped her to effectively relate to her clients. She understood their communication style, social media preferences and the best way to appeal to them. Whether your own unique advantage may be a better price, experience, niche, office space, communication style, or anything else, capitalize on it! 

4. Nail Your Marketing - Now that you have refined what you will be doing, how will you market it? Effectively reaching your target market is the key. Build your brand with a good name and logo that resonates well with your potential clientele. Monica introduced her new business under the name Bella Villa Realty. She liked the Italian flare, but realized putting her name on something instilled trust with her clients more so than a piece of Italy in San Marcos. Once your name is your brand, you will be committed to making it look good at all times. As you start your business, a strong launch will set your place in the community. Introduce yourself with an initial launch party and relaunch parties to celebrate any relocations or expansions. As your business progresses and keeps growing, this cycle continues. Community involvement and presence constantly promotes your brand well and encourages past clients to continuously return to your and your company. 

5. Make Sure You've Done Financial Analysis - You have made it this far! now, it is time to get your business off the ground. None of your plan is made possible without financial support and a growth strategy. There are many ways to finance a new business. It is essential to properly evaluate start up costs and budget accordingly. To learn more about what method is right for you, Inc. suggests 10 Ways to Finance Your Business to help you decide. https://www.inc.com/guides/2010/07/how-to-finance-your-business.html

Monica went the grassroots route and self-supported her business. Out of her house, there were no overhead costs besides paper and a printer. After a few years, she had more agents, more business and more profits. She knew that if she wanted to expand even more, taking out a loan would be inevitable. For a long time, having less overhead was appealing. However, once she saw her new growth potential, she realilzed that investing in the overhead on an office would ultimately be a net benefit for the company. The crazy thing is - none of this was part of her original business plan!

6. Thriving Means Adaptation - Always be ready for new opportunities that you may have never expected. They can be scary and always look like work. They are never wrapped up in a sparkly package with a bow, but in Monica's case, she was able to acquire SMTX Property Management. Now, this serves as a constant income stream in an industry that is otherwise 100% commission. After hours of constructing, editing and revising the plan to its most "perfect" state, it is important to understand that is should also change and develop. Industries change, people's needs change and businesses should mirror that. Starting your own business can be tricky. Having a business plan as your roadmap can help get you started, but staying open to unexpected opportunities can give you the chance to be your own boss.

Didn't make it out to BizTalks this month? No Problem! The entire presentation is posted on Facebook Live via the GSMP page. As you can see, this event is a great opportunity for local entrepreneurs curious about starting their own business. Like us on Facebook to see where the next BizTalks will take place on February 21st and 4 PM. You can also stay up-to-date by subscribing to our monthly e-newsletter, GSMP Reports, at this link. https://visitor.r20.constantcontact.com/manage/optin?v=001Olbj1iTXQSVwrkx3x-nH_RYvt9d5DySZaB6l7S4MI_cj0yPGr7kqtxmp1vSho2oL7VFZKfyd8vOpnQWDguaQABgizmaB8NxD5F1mDAjF8_vAr0ljg3fxXjLfSZ1d9QglKmv3zaS7oS3c7tuGzMxCG3Y2md1nr8-ap_3I90zDYRS6ZJTL-gzoCeCQWmJv5DyP

 

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