Start a Community-Backed Business With This Helpful Guide
Article by Dean Burgess
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Starting a business is a major undertaking, but when you have the support of your local community, the process is a much smoother one. Not only is it easier to reach out to customers this way, having other small business owners nearby to learn from and partner with will prove to be invaluable. The logistics of opening a business can be overwhelming without a well-thought-out plan, so don’t drown in the details. Think about how you can network in your neighborhood and look for ways that you and your community members can be mutually beneficial to one another.
Get to know your neighbors
The people who live and work around you will be wonderful resources when you’re ready to lay out your business plan. Get involved in the community by joining volunteer or outreach programs, and do some research by visiting other small businesses to meet the owners, buy their products, and find out more about their practices. Who is your potential competition? Who could you partner with to drive sales to your business once you’re up and running? The more you put yourself out there and network, the easier it will be for you to find support as you grow your business.
Talk yourself up
It’s important to think of some ways you can talk yourself--and your business--up while engaging with your community. What can you bring to the neighborhood? Small businesses are wonderful for the economy, but if there is a particular asset you can provide--such as partnering with farmers and crafters for locally-sourced ingredients or products--don’t be afraid to talk it up! Creating a professional website or paper catalog to pass out as you introduce yourself is a great way to let other business owners know what you’re about and how you plan to uplift the community with your ideas.
Protect yourself
Once you’ve networked a bit and have a business plan written up, think about how you can protect yourself financially. Owning a business means putting yourself out there for scrutiny and possible litigation, but forming an LLC will help you keep your personal finances safe while providing ample tax benefits. These days, you don’t have to rely on your own business know-how to form a limited liability company, as there are online options that will help you file the paperwork and keep you up-to-date on state regulations and requirements. This is an easy way to protect your small business and yourself, and the fees are minimal.
Consider how you’ll reach your customer base
Once you have peace of mind that you’re protected, you’ll need to consider how you’re going to reach your customer base, both within the community and on a larger scale. If your business will run out of your home, social media marketing will play a big role in your initial success. If you’re planning to have a brick-and-mortar store, think about how you can connect to customers and create brand loyalty. You might have a grand opening party complete with snacks, drinks, and music to introduce yourself to the neighborhood, then enact a creative loyalty program that provides discounts throughout the year to keep them coming back.
Starting a small business is a big job, but when your community has your back, it’s a much less stressful undertaking. Learning how to network is crucial, so look for social opportunities like conventions and expos that will help you learn more about the local business world. This will also be helpful in the event that you want to partner with another business owner.
Are you a creator looking to share your vision with others? Contact Bring Me 2 Life to find out how you can join the community.