Tips On Launching Your Hometown Business

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Tips On Launching Your Hometown Business

If your version of the American dream involves starting your own business, great! You’ll be among good company, as small businesses are the financial backbone of every community in the United States. Keep reading as Eye/Comm shares a few tips on how to get up and running, engage with your community, and turn a profit.

The Fundamentals Of Starting A Small Business

When you’re starting a business, you have to start with the basics. This might include defining and refining your idea, forming a legal business entity, such as an LLC, and setting up a home office. You’ll also have to have the skills and knowledge to run your business well, which often means going back to school. If you do choose to earn a degree before or during your time as an entrepreneur, consider going back to school online, and then make your choice in degrees carefully. One to consider: accounting. If you’ve never been particularly comfortable balancing books, completing an undergraduate program in accounting will ensure that you are fully prepared to read and understand financial statements and other accounting practices, including auditing and payroll.

Another basic and yet essential foundation of running a business is marketing. If you can’t efficiently market your business, you will likely miss out on a huge chunk of potential customers. But, which type of marketing is best for you? Often, the answer is a combination of different marketing tactics. This could include social media, direct mail, or, if applicable, in-store promotions. Eye/Comm has you covered in these areas and more.

Your Community Benefits More Than You Think

You already know that starting your own business gives you a chance to create your own paycheck and build your family’s wealth. But, what you may not have considered, which is arguably just as important, is the impact your small company will have on your community.

According to Forbes, small businesses actually have a greater influence on the job market than bigger companies. This is partly because there are simply more small businesses than major corporations. But, more than that, owning a small company gives you a chance to bring goods and services into neighborhoods that might not otherwise exist. One example: opening a food stand or small grocery store in an area known as a food desert. This is a location, often in the inner-city or deep in rural communities, where residents have minimal access to fresh food.

Other examples of businesses that can have a positive influence, particularly in low-income neighborhoods, are tutoring, childcare, and athletic programs.

How To Decide On A Business

Deciding on which type of business that you’ll start is a highly personal process. You might piggyback off of your current skills, performance self-evaluation, or do a market analysis to determine deficits in your local area. If you choose the latter, plan to spend some time with your local Chamber of Commerce, which will likely be more than happy to help a new business, especially if it serves unmet needs. You also need to look at your budget, ability to obtain financing and other funds, and whether or not facilities are available for your specific type of business.

Launching your own business is an exciting endeavor. It can help you break away from someone else’s timeclock and build a legacy for yourself and your family. But, just as importantly, starting a small business will benefit your hometown in many ways, from giving residents access to needed products and services to creating jobs for your friends and neighbors. Before you get started, do your research. Know what you want to do and take steps to ensure that you have the skills and knowledge to get it done.