Opening a New Enterprise in Your Hometown

03/21/2022

By Gloria Martinez,

It should come as no surprise that communities thrive on small businesses – including artists and craftsmen, and the creativity and passion they bring to their communities. Despite the risks, taking your passion and talent and starting your own company is advantageous – both for you and for your local area. Here are some tips to help spark fresh ideas and create positive momentum for you, your business, and your town.
 
Invest in Neighboring Professionals

Whatever your talent is, a great deal of your initial time in a startup will be devoted to building your customer base. Marketing, accounting and legal setup are all important aspects of running and operating a successful venture. If you are not comfortable or familiar with particular duties, hire professionals to ensure you get a good start and an advantage to growing your name and reputation. This also saves you the time and energy you need to serve your customers well.
 
Confer with friends, family, your banker and other business owners for referrals within your local area. Give a neighboring online social marketer or accountant your business, and your chances of reciprocation in new clients increases. Depending on your inventory and supplies required, research vendors within your town to acquire from and support before you look elsewhere. 
 
A nearby attorney can manage the filing of your company or you can file yourself or use a formation service to avoid lawyer fees. Research the benefits of forming a limited liability company. Some of these benefits include less paperwork, more flexibility, tax advantages and limited liability. Each state is different, so check your state's regulations before filing.
 
Invest in Yourself

Having a special talent or great idea does not necessarily make you a savvy businessperson. Consider enrolling in an MBA program to build your business acumen and sharpen your management and strategy skills. Leadership, self-assessment and self-awareness are further benefits of this type of education that can lead to successful entrepreneurship. Other advantages to fine-tuning your management skills are becoming better at communicating, organizing, problem-solving and delegating.
 
Online MBA programs make it easy to obtain your Master of Business Administration degree on your own schedule while tending to work and family. Even if you are hesitant about launching a new venture at this time, you can begin working towards your entrepreneurial dreams now. Make sure the online school is accredited and that it offers tuition at competitive rates.
 
Invest Time in the Community

Keeping your startup local brings goods and services into your community that otherwise may not have been close by. It also brings more tax money into the area for schools and various services as well as creates new jobs. However, simply opening your doors isn't enough. The more you are engaged in your neighbors, the more everyone benefits.
 
There are various ways to engage in the community. You can volunteer, donate, partner with other businesses or sponsor an event, fundraiser or nonprofit. Be active, inspire change and watch your business and surrounding environment expand and prosper. Joining the Chamber of Commerce has more than just networking benefits. One study shows that 63% of consumers are more likely to purchase your goods and services if they know you are a chamber member. 
 
Entrepreneurship is a rewarding venture. Invest in yourself and your town to enhance personal growth and economic stability in the community. Be active in supportive associations and network with other industry leaders to bring substantial growth to your business and local society.
 
Visit the Small Business Exchange for all the resources your new business needs to succeed!