Launch your dream business with these insights

Image of an entrepreneur girl holding a clipboard ready to ship a package. — *Entrepreneurs have to wear many hats. From operations to marketing to finances | Photo by Tima Miroshnichenko*

Consider starting a local business and making a positive impact! It’s exciting, but it can also be daunting. To succeed, you need more than just a good idea. You need to size up your competition, get support from your community, create a buzz, meet compliances and manage costs. To help you in your entrepreneurial journey, The Local Brand® keeps bringing you tips on starting up. This article summarizes tips on how to calculate startup costs, set up an LLC and create job opportunities while boosting your local economy. Let’s get started!

Small Business, Big Impact

Small businesses are the backbone of local economies. According to the Small Business Administration, small businesses create two out of three net new jobs in the United States. By starting a business in your local community, you’re not only creating jobs, but you’re also contributing to the overall economic growth of your area. When your business does well, it supports other local businesses and stimulates the local economy.

Calculating Startup Costs

Before you launch your business, you need to know how much money you need to get started. The startup costs include everything from rent, equipment, inventory, marketing, and legal fees. Make a list of all the expenses you need to start your business, and then do your research to find out the costs of each item. Once you have a total estimate, you can figure out how much financing you need.

Set Lofty but Attainable Goals

If you want to achieve big things, you need to set big goals. In fact, setting a b.h.a.g. (Big Hairy Audacious Goal) can inspire you to push onward through any obstacle. So be ambitious, specific, and practical. Check this out if you aren’t sure how to create your own b.h.a.g.

Navigating Regulations

Every state has different regulations for businesses. These regulations can include licensing requirements, registration, taxes, and permits. You need to make sure you comply with all the regulations before starting your business. Do your research on the local, state, and federal regulations that apply to your industry.

Registering as an LLC

When starting a small business, it’s important to consider registering it as a limited liability company (LLC) to protect your personal assets and simplify the legal structure of your business. There are online formation services available that can help streamline the process. These services can assist with filing necessary documents, obtaining necessary permits and licenses, and even providing registered agent services.

Marketing on a Budget

Every business needs to market itself to attract customers. But marketing can be expensive. Fortunately, there are ways to market your business affordably. For example, you can create a website for free using platforms like WordPress or Wix. You can also use social media platforms like Facebook, Twitter, and LinkedIn to reach your audience without spending a dime. Consistent content creation and search engine optimization can boost your online visibility.

Keeping Your Small Business Finances in Order

Keeping track of your finances is essential to the success of your business. You need to have a proper accounting system in place from day one. This includes setting up a separate bank account for your business, tracking your income, and expenses, creating financial reports, paying taxes on time, and reconciling your bank statements regularly. You can use accounting software such as Quickbooks or Freshbooks to make these tasks more manageable.

Making an Impact with Video Marketing

As part of your marketing strategy, utilizing YouTube as a platform can be an effective way to promote your small business. Not only can you create informative and engaging videos about your products or services, but you can also reach a wider audience through the platform’s search and recommendation algorithms.

Get a Business Degree

If all this sounds a little too intimidating, you could always try going back to school for a business degree first to give yourself an advantage over the competition. These days, enrolling in a bachelor of business degree is easier than ever, thanks to the flexibility of online educational platforms that allow you to proceed at your own pace, without requiring you to step away from your other responsibilities.

Starting a business in your local community can be a rewarding experience. By following tips like setting audacious goals, forming an LLC, going back to school, and using video marketing, you can ensure that you’re well-prepared to launch your business successfully. By doing so, you can contribute to your community’s economic growth and create opportunities for yourself and others.

This article is written by Naomi Johnson, creator of lifebasedbusiness.net for small business owners, creatives, solopreneurs, boss babes and bros, and side hustlers who are committed to designing their careers to accommodate how they want to live, instead of the other way around. Through her site, Naomi offers practical advice and inspiration to help others adopt the life-based business mentality and change their lives in immensely positive, fulfilling ways.

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The articles published under TLB Bureau are either written by our staff writers or are selected works from contributors who are featured by our publication and are published with permission of authors.