Guide to Starting a Local Business
Guest Blog submission by Virginia Cooper
Starting your own business and becoming an entrepreneur can be exciting, especially if you’re doing it in your local community. Your business benefits you directly, and so does the community you live in. Audientum shares some tips on starting a business in your local community.
Create a Budget for Start-Up Costs
If you already have an idea for your business and are ready to take things to the next level, it’s time to put your plan into action. You'll need to work out how much money you can allocate to start-up costs and monthly expenses. The first stage of starting any business is raising start-up capital.
Do Some Research
It takes a little legwork and research, but one of the best ways to figure out if starting your own business is right for you is to talk with local business owners. They can tell you what they wish they'd known before getting started. If all goes well, you may even find someone willing to mentor you.
Create Your Branding Strategy
Define who you are as an entrepreneur and how you want to appear professionally. Take time to think about your brand:
What do you do?
What values does your business embody?
What sets you apart from other businesses operating in your area?
How can you align these thoughts with something that represents your company uniquely and authentically?
Invest in Invoicing Software
Invoicing software for small businesses is crucial for managing customer payments. This software accepts credit and debit card payments along with ACH bank transfers, which makes it more likely you’ll get paid quicker. You’ll also be able to schedule recurring invoices to bill your customers.
Select Your Location
Location is everything when it comes to starting a business. If you’re running an online business from home, location doesn’t matter quite as much — but if you intend to sell products or services directly from your office space, finding the ideal location is critical.
Get Licenses and Permits
Before you can open your doors to customers, you must get some things squared away. Even if you operate under an assumed name or doing business as (DBA) name, you may still need some licenses and permits. You may need a state license, a federal tax ID number, or various local permits or certificates.
Consider Your Business Entity
Limited liability companies protect business owners from personal financial risks, including those that arise from lawsuits and debts. When you form an LLC, your personal assets are protected from all debts, claims, and damages that may occur within your company.
Build Your Network
If you want your business to thrive, engage with those around you. Get involved in your community by becoming a member of social organizations and participating in local events, which will build your network and allow you to demonstrate value.
Careful Planning and Community Engagement Are Key
In business, one of your primary tasks is marketing yourself. How you do that depends heavily on your industry, but it’s not just about putting up an impressive website and driving tons of traffic — it’s also about engaging with your local community.
Audientum can help your business implement efficient work processes and strategies to scale your business. Call 303.351.7945 to set up a consultation.