Your Community-Based Small Business

Don’t let the “small” in small business fool you. As of 2020, there were 31.7 million small businesses in the US. Of that number, 3.7 million were micro-businesses with one to nine employees. If you’ve dreamed of joining the 582 million entrepreneurs in the country by starting your own small business, now is a great time to do that. 

In this article, we offer the reasons why you should be a part of making your community the place to open your small business. 

Why a Small Business in Your Community?

Small businesses are what give neighborhoods their personality, their uniqueness, their flavor. For every $100 a consumer spends at a small business, $68 stays within the community. It’s hard to imagine anything that expresses the citizens of a neighborhood more than the small businesses they own and support. A walk down any row of shops in any town will tell you who they are by the displays in the windows and the aromas wafting from locally-owned restaurants. In short, a community is its small businesses. 

Find Your Niche and Let it Reflect You Community

Maybe you live in a college town and want to offer unique experiences for the students like a gaming truck or an ax-throwing party business. If you’re in an upscale neighborhood of upper-middle-class professionals, you could open a vintage map store or an olive oil shop. Is it a place where families live? How about a magic shop with performances, or an indoor trampoline venue with arcades and ice cream? Walk through your town, get a feel for its vibe, and find something not already offered, something that will make your business the town’s one-of-a-kind destination. 

Starting Your Business

You’ve chosen the business you feel is right for you and will be a great addition to your community. Before you can do anything else, you’ll need to write a business plan. You’ll need to come up with a name, and you’ll need that to structure your business. A limited liability company, or LLC, is a good option for most budding business owners, since it offers legal protections and tax benefits. Plus, LLCs require less paperwork to get them set up, and you can recruit an online company to handle your filing. You can find the best LLC formation service by checking out online reviews that include customer ratings, pros and cons, and pricing information for each company featured.

Research the best methods for marketing your business by seeing how other small business owners in your community spread their messages. You’ll want a brand that is best reflected in your business logo. There are online tools that will help you create your own, like choosing styles, colors, and fonts, and most are free to use. You can just plug in the basics and the app will display a variety for you to choose from. This resource offers a great breakdown of the best logo makers.

You should also look into tools that will help you with business operations, like invoicing if you’re a service-based company. Having an invoicing system in place ensures that you get paid on time in the full amount you’re owed with every customer transaction, so it’s worth the investment. Take a look at some of the top-rated invoicing software from a variety of brands at just about every price point.

While you’re creating your business, you may find you want to expand your knowledge to become an expert in things like marketing, management, and leadership by getting your MBA. Take advantage of an online course of study so you’ll have the flexibility of running your business and obtaining your education at your own pace and timetable. Make sure you evaluate the different programs available so you choose the one that best fits your needs and lifestyle.

Giving Back

Your community has supported your business, and you want to show your appreciation. To achieve this, many small businesses engage in charitable events and donate to local causes. Besides being good for your town, charitable gifts and events are good for your business in many ways. For one, donations are tax-deductible. Plus, they give your employees a chance to feel like they’re helping their friends and families, and you raise your visibility by being out in the community. It shouldn’t be the reason you give, but be aware that there are benefits to your generosity. 

Being part of what makes your community special can be one of the most satisfying reasons to open your own small business there. After all, you are the backbone of the local economy, enhancing the tax base that pays for schools, libraries, and parks. You’re creating jobs, and most of all, you’re helping to give your town its sense of self. 

Join the West Suburban Chamber of Commerce and Industry to make great local connections that will help your business bloom.