Tips to Start a Successful Business That Benefits Your Local Community

Guest post by Lucy Reed of Gigmine.co.

With technological advances making entrepreneurship easier than ever, now might be the time to take the leap and open a small business. Before you commit to an idea, however, you need to familiarize yourself with the process to ensure the best possible chance of success. This starts with a careful plan for your business, and a mind to make your venture beneficial to the community. 

Ready to learn more? Ted Vieira Consulting wants to help, and we offer up the followings on how to launch a local business and serve your community in the process. 

Consider How a Small Business Can Benefit Your Community

Starting a small business in your community can serve it in various ways. Perhaps the most obvious advantage is that it creates jobs. According to government officials, small companies account for 64% of new jobs created in the United States. Small businesses are also a great way to increase your town or city’s overall revenue, as money that is spent at your business goes right back into the community.

Plus, there’s no shortage of ways for your business to engage in the well-being of your community, whether through sponsoring local organizations or sports teams. And if you own your own space, you can even use it for public events.

Understand the Basic Tasks Involved in Starting a Small Business

One of the first steps in your endeavor is to write a business plan. The Small Business Administration offers templates to make this easier. Next, you’ll want to choose your business location: Will you own your space, or will your business be home-based? Consider how you’ll fund your business, and find out which licenses and permits you’ll need. These are just a few decisions you need to make, and there are plenty of useful guides you can read online that outline the various steps.

Consider an LLC When Filing Your Business

When filing your business, you’ll have several types of structures to choose from. One of the most popular choices is a Limited Liability Company. LLCs have special benefits that can be highly useful for small businesses. These entities offer greater protection since your business assets will be separate from your personal assets, which means your personal savings won’t be at risk in the event of a lawsuit. There are also tax advantages to LLCs, like avoiding double taxation and less paperwork. Plus, these days, you can immediately file online .

Marketing Your Venture

A marketing strategy is one of the most important components to running a successful business. Without a solid approach, it will be difficult to build your brand and your presence. As a new business, you might not have the funds for a major marketing campaign, but a savvy game plan can position you to make a splash right away. Your best bet is to connect with a dedicated marketing team like Ted Veira Consulting. They can help you with the basics like building a great website, creating content and coming up with a social media plan. As time goes on, and your business grows, you can dive deeper into their offerings to really set your brand apart. 

Set Up Your Space

Of course, you’ll need an office that allows you to focus on the tasks at hand, whether in a commercial space or at home. When you outfit your space, make a point to shop local as a way to meet other business owners, start networking and put money back into the community. 

For example, visit a local office supply space to purchase a desk and chair as well as any necessary equipment. Check out the local hardware store for shelving options, hooks and any lighting needs. If you want to outfit your space with secondhand finds, see what you can unearth at the local thrift store, and then find a top-rated local furniture cleaning service to make it look brand new. Most likely, you’ll find a coffee shop where you can become a regular too. All of these small steps lead to larger connections, which will eventually pay off for you and your business peers. 

Creating a small business may seem like a daunting task, but with a little know-how and experience, you can be on your way to owning a successful and profitable corporation that also gives back to your community.