Small businesses thrive when they have the support of their local community since there are benefits involved for everyone. Small business owners create more local tax dollars, which are put back into the town; a supportive community means more sales opportunities for the business. It’s important to get out into your neighborhood and join in which will help you stay connected to your neighbors and other small business owners. When you’re ready to tackle some of the necessary tasks to get your business up and running, these tips will help you get started.
Consider securing a new name
As a business owner, perhaps you’ll eventually want to branch out and sell a new product or service that’s separate from your small business. In this case, you’ll want to consider securing a DBA, or “doing business as” name. A DBA also comes in handy in the event that you’re unable to secure a domain for your website that’s the same as the name of your business, requiring you to sell under a different moniker.
Do some research
Once you have the name of your business in place, do a little research to figure out how to approach your business within the community. Talk to local entrepreneurs to find out if they have any concerns or advice to share. This is also a great opportunity to get a feel for whether anyone is interested in partnering with you for cross-promotion ideas or community events, which will benefit you both. You’ll also be able to gauge the interest in your business as well as get a feel for some potential competition--a crucial step for any business owner. Go prepared with business cards to hand out, and let them know what your business will bring to the table. The more open you are about sharing your plans, the easier it will be to garner support and future customers.
Where will you operate?
After you’ve done some legwork, it’s time to think about how and where you’ll operate your business. Having a brick-and-mortar store certainly makes it easier to interact with the community and other business owners, but it’s often much more cost-effective to run a home-based business. There are pros and cons on both sides and there are several factors that go into this decision, including how much space you need for inventory, whether you’ll have employees, and where you stand on funding.
If you’re planning on working with a remote team, start the process of finding capable candidates. For example, when creating your website, you can work with freelance web developers and designers. Explore online job platforms and look at candidates’ reviews, rates, and experience. Freelance web developer rates can vary dramatically depending on a developer’s experience and skill set.
Get your money in place
Having the right type of funding is an essential step in starting any business, and there are several options to choose from. You might secure a loan, look for investors or partners, or start a crowdfunding campaign to help you raise money for startup costs. Whichever path you choose, you’ll need to detail it in your business plan so that lenders can see a clear view of your preparedness for the next few years. For expert business plan services that can ensure you get the funding you need, turn to BizPlanPlus!
Keep in mind that some people choose to keep their day job or side gig for a while after starting a business in order to have a cushion since it can take a year or more for profits to start rolling in.
No matter what type of business you want to start, having local support can make a huge difference in your success. Don’t be afraid to get out there and start networking, and look for a fellow business owner who has experience in the area and can help you through the process of getting started.
Dean Burgess started Excitepreneur to explore the areas of entrepreneurship that are often overlooked, and share with current and aspiring entrepreneurs the stories and lessons he has learned. He fully believes entrepreneurs will lead us to a more exciting future.
You can find Dean at Excitepreneur.net
"If opportunity doesn't knock, build a door" -Milton Berle