Does your neighborhood lack any of the essentials? Do you have to call services on the opposite side of town to get what you need? Gaps in the services readily accessible to your community can be solved by one person: you. If you’ve ever wondered how to start a local business, Gro.Haus shares a few essential pointers to lay the groundwork and give you a nudge into the world of entrepreneurship.
Identify a Want or Need Nearby
You may have already noticed that your area is rife with potential business opportunities. It’s practically a guarantee that you aren’t the only person around who feels this way. Likeminded people such as this are your target market: your future clients and customers. Determining this neighborhood niche (one that you truly care about) and developing a strategy to capitalize on it is goal number one.
Create a Plan
Once you have a clear vision regarding what kind of company you want to build and why, it’s time to hammer down the specifics of how it’s going to launch, operate, and generate revenue. How can you take a business idea from the purely conceptual stage and manifest it in the physical world? If you want to know how to set up a new company right, here are a few prominent cornerstones that should be included in your business plan:
Company Description: Write an explanation of the product/service you’re offering, what the goal is, and why it will be successful. This helps you, future customers, and investors understand the business.
Business Structure: Is it a partnership, sole proprietorship, or limited liability company?
Funding Requirements: Do you want to use traditional banks, crowdfunding campaigns, or local investors?
Set Up an Accounting System
Accounting is a key part of your business plan that deserves special attention from day one. Besides helping you stay in compliance with both state and federal regulations, well-organized finances provide you with a comprehensive snapshot of how your company is doing now and projections of how it will do in the near future. Understanding your cash flow makes for more efficient operations.
From tax deductions and grants to pandemic assistance programs and angel investors, an accounting system you use and the professionals you outsource are always integral to your company’s continued growth. Find an accounting solution that simplifies saving and organizing receipts so come tax time, you can take advantage of deductions.
Engage Your Community
Why settle for taking out two birds with one stone when you can drop an entire flock all at once? Apologies to the bird lovers out there — if done correctly, experts say that the critical step of community engagement can achieve that for you. Gaining exposure for your company through local business partnerships, charity events, contests, festivals, and more helps accomplish the following related steps on your journey:
Refine and develop your product through direct community feedback
Find and vet a local dream team of employees, partners, and suppliers to boost the economy through new jobs, investments, and press
Conduct market research to get an idea of how many of your neighbors are interested in your offering and how much they’d be willing to pay for it
Your Community Needs You
No matter what, just get started. Remember why you’re doing this and focus on the locals who will benefit most from your business. Follow the plan of action that you’ve created, keep track of every dime, and connect with your community to successfully advance your new enterprise.