7 Steps to Starting a Successful Local Business

7 Steps to Starting a Successful Local Business

7 Steps to Starting a Successful Local Business

Small businesses bring character to their communities, and they’re a great way for veterans to pursue their interests and work for themselves. What’s more, they’re also an integral part of small economies, and many people prefer shopping from mom-and-pop retailers rather than buying from large corporations. You may have a great idea for a small business, but there’s one important question: How do you get started?

The following tips will help prepare you for the realities of opening a small business, presented below by VeteransPlus.

The Benefits of Small Businesses

Why are small businesses so important to their communities? Strong Towns states that small businesses create jobs, keep money flowing through the local economy and provide tax revenue, and often partner with charities in the area to give back. Plus, entrepreneurs who were born and raised in a particular town have a vested interest in making it a better place!

Planning and Budgeting

Maybe you already have a business idea in mind, but you need to flesh out the nitty-gritty details with a business plan. In addition, you’ll have to create a business budget. In these documents, you can write down everything from your marketing strategy to your estimated expenses.

Form an LLC

While you can technically launch your business without choosing a structure, filing for this process early on is in your best interest. With LLC status, you’ll be able to establish limited liability for your company, therefore protecting your personal assets. Plus, forming an LLC will grant you special tax benefits and management flexibility, and thankfully, the process doesn’t require much paperwork! You don’t necessarily have to pay high fees for a lawyer to file - instead, you can either file by yourself or use a budget-friendly online formation service.

Invest in the Right Equipment

Whether you’ll be renting a brick-and-mortar office or retail space or working from home, you’ll need to invest in the proper equipment to manage your day-to-day operations. Check in with other entrepreneurs to see if they have any used equipment they could sell you for a lower price. If you plan to run your business from home, you’ll definitely want a pair of noise-cancelling headphones to block out distractions so that you can fully concentrate. Shop around online to get the best deal! You should also shop for a sturdy desk, a comfortable chair, and a printer.

Hire Local

By hiring local residents, including fellow veterans, you can help more people in your community find gainful employment! To choose the right candidates, SurePayroll recommends creating clear, specific job descriptions, asking for referrals from people you know and trust, and establishing a structured interview process. You could even try running an ad in the classifieds of your local paper or using sites like RecruitMilitary. If you know anyone in your area who is looking for work, and you think that they have the skills to help you build your business, why not reach out and offer them the opportunity to interview?

Use Free Online Tools for Marketing

Nowadays, it’s easy to find tools and apps that can help you run your business. For example, if you’re starting an online marketing campaign for your business, you'll most certainly need graphics. If you don’t already have a logo, look online for a free custom logo maker that can help you create one that best represents your business. You can also find free tools to help you make flyers, banners, and all sorts of images you can use for your business. When you’re on a budget, these free tools can make all the difference.

Spend Time Networking

During your first year or so in business, you’ll likely have countless questions about how to improve your company, boost your sales, and become a better manager for your team. The best way to get personalized advice is by networking with other local entrepreneurs! You could consider becoming a member of your local Chamber of Commerce, attending local events for your industry, and even connecting with small business owners owned by veterans in your area through social media. Don’t be afraid to ask questions after forming a personal connection with someone - they want to see you succeed, because your success is the community’s success!

Becoming a small business owner allows you to serve your community while making a living. It’s hard work - but it’s also very fulfilling! With these tips, you’ll be ready to move forward with your business launch and onward toward success.

 

Photo via Pexels