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Tips For First Time Entrepreneurs: How To Start A Local Business
The .Com boom of the 90s gave many people dreams of becoming the next big e-commerce giant. But, we still need brick-and-mortar businesses to serve our local communities. From consumers who have yet to adopt an all-online shopping policy to hands-on services that can’t be duplicated digitally, there are many reasons to start a local business in your neighborhood. If you’re keen to start a local business, Sure Leader shares the following tips to help you make your startup dream come true!
How To Start A Local Business: The Basics
When you’re getting ready to start your first business, it pays to get familiar with a few of the steps you’ll need to take before launch. Obviously, you have to decide what you want to do. Then, it’s time to focus on branding. Picking the right name, or more specifically the right domain name, is crucial. This helps to establish and maintain your brand.
Next, you’ll want to create a logo that fits your business. In a perfect world, you could connect with a marketing agency to handle this task, but this can be a pricey endeavor. Instead, try tapping into a custom logo maker to create this yourself. Today’s tools make it easy for novice designers to design bespoke logos that look expertly crafted.
Part of your branding includes having an easy-to-use website. And this is one area where you don’t want to skimp. Aside from your logo, it’s where people get their first impression about your business, and you want a website that looks professional. In this case, connect with Amy from Sure Leader for web development expertise that results in a stellar website you can be proud of.
Once you have a logo and website, you can register your Idaho LLC. This type of entity is a great choice for new business owners in that it provides both asset protection and tax perks. Fortunately, this is a task you can easily manage online with a formation service.
Further, if you plan to run a home-based business, you’ll want to speak with your HOA president or contact your local city codes department to find out if you can. Some areas restrict in-person businesses run from a residential zone.
Before you move forward, you’ll also want to consider local needs. To start a business, you have to have customers. How do you find them? Start by doing market research. Find out where there are deficits in your local market. While this sounds like a complicated process, you can get started doing something as simple as posting a Facebook poll in your local buy and sell groups. SurveyMonkey explains that this is a straightforward procedure and, with the right service helping you, you can collect and analyze data on everything from events to customer satisfaction.
More Than A Profit: The Benefits Of ‘Mom-and-Pop’ Shops
When you start a local business, there’s a good chance you’ll be dubbed a mom-and-pop shop right off the bat. While that might conjure up images of tiny businesses with no profit margin, the truth is that these small local businesses are huge in the American economy. In fact, small businesses make up more than half of the economy, and they do this by providing jobs and contributing to the local economic structure.
More than just jobs, when you run a small business, you have an opportunity to also support other entrepreneurs by keeping your own money local. You may also be in a greater position to benefit charities that offer outreach programs to your friends and neighbors. Metro Family Magazine also points out that small shop owners get to build relationships with their customers.
Perhaps most importantly, when you start a local business, you are in a unique position to bring much-needed goods and services to underserved areas. For example, you might open up a small grocery store in a food desert, which DoSomething.org explains are low-income areas with limited healthy food options. Another example is opening a mechanic shop in an area without easy access to automotive services.
If you want to start a local business, you have to know where to get started. Choosing a name, zeroing in on your branding efforts, knowing the laws, and doing your research are all important first steps toward your own financial freedom. It takes work, but becoming an off-line entrepreneur is a rewarding endeavor that can benefit you, your family, and your community.
Dean Burgess started Excitepreneur to explore the areas of entrepreneurship that are often overlooked, and share with current and aspiring entrepreneurs the stories and lessons he has learned. He fully believes entrepreneurs will lead us to a more exciting future.