How to Launch a Local Business in Your Community
Have you always wanted to be a business owner? You’re not alone! Research shows that two-thirds of Americans want to open a small business. Launching a local business is a fantastic way to realize your entrepreneurial dreams and support your community at the same time. Unfortunately, fear of failure is one of the biggest obstacles holding people back from becoming their own boss. And this is justified. Launching, running, and growing a business is a major undertaking—and one that does not come without its share of risks.
That said, you shouldn’t let fear deter you from chasing your dreams! There are a number of steps you can take to ensure you enjoy success as a local business owner. To help you get your bearings, VR Business Sales presents the following guide packed with great tips and resources for prospective local business owners like you!
Small Businesses Benefit Local Economies
Did you know that small businesses make up 99.9 percent of all businesses in the United States? These small businesses create over a million jobs every year! Unlike major corporations that funnel money out of local economies, small businesses contribute to local communities by keeping money close to home. Small businesses also better understand the needs of their community because they are incredibly customer-oriented. As a result, local customers are more likely to remain loyal during tough times, like the current coronavirus pandemic.
Investing in Business Training
So, you’re ready to launch a local business. But where do you start? Pursuing an education in business is a great way to get the ball rolling on your new venture. While a degree isn’t required to launch and run your own business, it can certainly help you get ahead. The skills you learn in school will help you run your business efficiently—and legally—so you can minimize financial hurdles and time-wasting roadblocks. As Home Business Magazine explains, continued education will enable you to create valuable professional connections, inspire your employees, avoid burnout, apply your knowledge, and stay up-to-date with industry trends and innovations.
If you want to sharpen your business skills, consider attending university and enrolling in an MBA program. Online schools make it easy for business owners to pursue an education on the side, so you don’t have to postpone your business launch to get the training you need. A great MBA program will teach you everything you need to know to become an impactful and effective business leader.
Accessing Small Business Resources
Funding issues are some of the biggest obstacles facing new business owners. Luckily for you, small business owners have access to a wealth of funding and educational resources through government programs and nonprofit organizations. Start by joining your local Small Business Administration (SBA) for loan and grant information, free classes, and local resources that can help you navigate the launch of your business and keep things running smoothly as you explore new growth avenues.
When to Hire Help
As you get your business up and running, it can be tempting to try to do everything yourself. While you can save a lot of money with the DIY approach, you can also waste a lot of precious time this way. Sometimes it’s worth it to pay a professional to help you out! This is especially true for tasks that fall beyond the limits of your skillset, whether it’s website development, graphic design, writing, marketing, or social media management. Hire freelancers or employees who can help shore up your weaknesses and give your business a competitive advantage.
When it comes to the actual logistics of running a business, most first-time business owners struggle with effective employee management. Running a team is a skill that takes time to master. Be prepared to make mistakes and learn from your experiences on the job. With that in mind, there are a few ways to simplify things. For example, you can easily streamline your payroll process with the help of specialized payroll software. You can also find software to help you track employee performance, onboard new hires, schedule shifts, and keep your workforce engaged. Your employees are your most valuable asset, and you want to do everything you can to keep them happy.
Building Your Community Presence
Running a local business is all about building and maintaining a local presence. Many small business owners hold onto a “build it and they will come” mentality. But the truth is that if you don’t get out there and market your business to your community, you won’t be able to compete with the established businesses already offering similar products and services to your target audience.
To run a successful local business, you must focus on your local presence. Attend meetings and trade fairs to build relationships with others in your industry, nurture connections with people in your local SBA, and participate in local festivals to promote your business and engage consumers. You could even sponsor a local event or pitch an idea for a cross-promotion with another local business. There are so many ways to get involved in your community, so don’t sit back and wait for customers to find you via word-of-mouth. Get out there!
If you’ve always wanted to become an entrepreneur, launching a local business is the best way to go about it. Building a local business will benefit you and your neighbors by creating jobs and keeping money in your economy. The best part? You get to be your own boss and make the calls! Increase your chances of enjoying success with your small business by taking the time to do everything right, from meeting legal requirements to managing your employees.