When it comes to business, big doesn't always mean better. In fact, according to the Small Business Association, small businesses make up 99.7 percent of all employer firms in the US. And while these businesses account for just 48 percent of private sector employment, they create more than 60 percent of new jobs.
Starting a small business right here in the Allen Fairview area can have a number of benefits for our local community, both for your business and for the people who live there. Here are a few things to keep in mind if you're thinking about taking the plunge.
One of the biggest benefits of starting a small business is the impact it can have on the local economy. Small businesses are key drivers of economic growth, job creation, and innovation.
When you spend your money at a locally-owned business, more of that money stays in the community. That's because local businesses tend to buy from other local businesses, and they also reinvest their profits back into the community. This creates a positive ripple effect that can help to boost the local economy.
What's more, small businesses are often the backbone of vibrant and thriving downtown areas. They add character and charm to a community, and they make it a more attractive place to live, work, and play.
Another benefit of starting a small business is the ability to build strong relationships with members of the local community. When you're a part of a small business, people get to know you and your story. They see you as a real person, not just a faceless corporation.
This personal connection can be a powerful thing. It can help you to build trust and credibility, and it can make people more likely to support your business. There are a number of ways to engage with your community, such as volunteering, sponsoring local events, or simply getting involved in conversations online and offline.
There are a few basic tasks you'll need to handle when starting a business, no matter if you're located here in Allen Fairview or another area. These include things like obtaining the necessary licenses and permits and choosing a business structure. To learn what permits, licenses, and other credentials you’ll need to operate, visit your city website.
When it comes to choosing a business structure, you should take some time to learn about the different entity types and the pros and cons of each to determine what makes the most sense for your situation. Keep in mind that many entrepreneurs in Texas opt for an LLC formation, which offers tax advantages and personal asset protection should your business ever be in legal hot water. Working with an online service to file your LLC paperwork ensures that your company is legally compliant with Texas state and federal laws. Read the reviews, TrustPilot star ratings, and pricing information listed on third-party websites to find a company you can trust will do the job right.
You'll also need to create a business plan, which will serve as a roadmap to success for your venture. Your business plan needs to include several details, including a company description, market analysis, and preliminary marketing plan. This is a crucial task for launching your business, so if you don’t feel confident in your ability to draft one, hire a professional to write your business plan. A hiring website is a great resource for comparing the prices, portfolios, and work experience of these specialists, so utilize one to help you match up with the best candidate.
Once you have all of these tasks taken care of, you'll be well on your way to starting a successful small business in your community.
One of the key aspects of starting a small business is hiring staff. This can be challenging, but there are a few things you can do to make it easier.
First, take some time to figure out what kind of staff you need. Do you need full-time employees or part-time workers? What skills and experience will they need? Once you have a good understanding of the type of staff you need, you can start to look for candidates.
There are a number of ways to find potential employees, such as job postings, online job boards, and word-of-mouth. Once you've found some candidates, be sure to conduct thorough interviews to find the best fit for your business.
When you’re ready to promote your business, the best approach will vary depending on your target audience and budget. Some common marketing strategies include creating a website or blog, using social media, and running online or offline ads. This is also a great time to initiate some sort of community event or sponsorship.
Word-of-mouth is another great way to promote your business. When you provide excellent customer service and deliver quality products or services, people will start to talk about your business. You’ll want to have business cards to hand out to these folks, so be sure to have plenty that you can give out yourself and ask others to hand out when referring your product or services. SmallBizGenius offers a great top-5 list of business card printing services based on client testimonials, pricing, and quality of product, and it’s worth referencing in your search for a service provider.
No matter what marketing strategies you decide to use, make sure you're consistent and persistent. It takes time and effort to build a successful small business, but it can be done with the right planning and execution.
There are many benefits to starting a small business in your local community. These businesses can help to boost the local economy, engage with the community, and provide much-needed jobs. If you're thinking about starting a small business here in the Allen Fairview area, be sure to do your research, put together a solid plan, and join the Allen Fairview Chamber of Commerce for all kinds of resources that will help you succeed locally and beyond. With some hard work and dedication, you can make it happen!