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For millions of Americans, the ultimate dream means starting their own small business, especially one that is integrated and beneficial to their local communities. Pulling yourself up by your bootstraps is more possible than ever, especially if you use tools like loans, community polls, and more to determine which type of business you should start.
The Chronicle News breaks down how you can start a business that benefits your community.
Why Start a Small Business?
In short: because it provides benefits to you and your community! Starting a small business:
● Brings commerce back to your hometown, as opposed to putting money in the pockets of big corporations
● Gives you a reliable source of income
● Gives you something to be proud of aside from working for another person or company
Plus, many people want to start small businesses to pursue their lifelong dreams. Ultimately, starting a small business is the American dream for these reasons and more. There’s no reason why you can’t follow that dream in your local community starting today!
Getting Things Going
No matter the type of business you wish to start, you first need a business plan and an idea. With that in mind, draw up a quick list of all the business ideas that sound thrilling to you based on your personality, skills, and desires. Examples of small business ideas include:
● Restaurants
● Auto mechanic shops
● Stores
● Theaters
● Farms
● Breweries
When you come up with your core business idea, be sure to draw up a business plan. A business plan will be necessary if you wish to acquire financing such as a loan from a bank or credit union. It'll also ensure that you stay on track as you get your business off the ground.
Get a Degree (Optional)
Not sure whether you have what it takes to launch a successful business? Or do you want to acquire a couple of hard skills you can leverage to break into a particularly competitive niche in your area?
In both of these cases and more, you can set yourself up for success by going back to school and getting a degree in business. A bachelor’s degree or even a master’s degree in business, like an MBA, can do wonders for improving your business knowledge and giving you the tools, you need to thrive in your economic environment.
Even better, many of the best business degrees can be acquired online. These enable you to acquire your diploma even when you work full-time (either pursuing your entrepreneurial ambitions or working a regular job) or caring for family members. Just make sure that you choose an online school that’s fully accredited and that has competitive tuition rates!
Engaging With the Community
It may also be a good idea to engage with your local community. Ask what they would like to see from a small business starting up soon and be sure not to start a business that is already well represented in your town.
For instance, if your local community is already swamped with pizza restaurants, starting another one isn’t a recipe for success! Plus, engaging with your community is important so you know you have a customer market ready to go once your business begins.
If you know your local town is in dire need of a new movie theater, you can rest assured your revenue stream will be consistent once you open your doors for the first time.
Tasks to Accomplish when Starting a Business
As you come up with the outline for your small business, will have several major tasks to accomplish, including:
● Securing financing for any materials or retail space you may need. A loan or a cash advance can help you get the funding you need to get your business up and running
● Coming up with a business name and registering with your local state’s government and county clerk’s office. Make sure your name is memorable, relevant to your industry, and not taken!
● Apply for an EIN or employer identification number if needed (and if you plan to have employees under your supervision)
● Purchase the supplies and materials you need. Again, a business plan may help you figure out your minimum budget to get things started, as well as your profit margins
Build a Business You Can Be Proud Of
Starting a small business that benefits your community is great for everyone, including you! You can provide a necessary service or luxury to the people you care about, plus make a tidy profit on the side. So long as you start your business with a plan and the right mindset, there’s no way you won’t succeed!
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