Small businesses are the backbone of the American economy. It’s estimated that about 627,000 small businesses open annually. However, many of these businesses fail because they don’t get proper backing.
A small business is a huge undertaking. Not only do you have to worry about the day-to-day operation of your business, but you also have to think about things like marketing, finance, and HR. It can be difficult to do all this alone—but you don’t have to! There are plenty of resources available in your community that can help you build a successful small business. Here are a few things to remember as you start reaching out for help.
Find a Mentor
One of the best resources available to small business owners is a mentor. A mentor has already been through the process of starting and running a successful business and can offer advice and guidance based on their experience. Many mentorship programs pair you with a mentor in your industry so that you can get specific advice about your challenges.
Networking
Networking is another great way to connect with people who can help you grow your business. For example, attend local business events, or join a professional organization related to your industry. Getting involved in your community will help you make valuable connections and give you visibility as a local business owner. Additionally, you should also consider social media.
Social media is home to more than 223 million Americans. These people have communities that are eager to support them and their interests. Use social media to share updates about your business or find new ways to offer value to your customers.
Utilize Local Resources
There are often organizations in your community specifically designed to help small businesses succeed. Here are three essential services you should always seek as a local business.
Accounting
The management of your accounting system is essential to your business’s success. Consider working with a local CPA to help you with your accounting, bookkeeping, and tax needs. This will ensure that your company stays afloat despite facing financial troubles.
Legal Advice
Whether you’re starting a new business or expanding an existing one, it’s essential to make sure you’re following local laws and regulations. A local attorney can help you stay on the right side of the law, so your business grows.
Marketing Advice
Marketing can be challenging when you’re starting, but getting advice from a local marketing expert can help you grow your business. In addition, you can learn about the latest trends and get recommendations on how to market yourself locally.
Get Involved in Local Politics
Local politics may not seem a prominent place to start when you’re trying to grow your small business, but getting involved can be very helpful. Keep tabs on local legislation that could affect your business, and get involved in the political process by attending city council meetings or volunteering for campaigns. Getting involved in local politics is a great way to ensure your voice is heard when important decisions about businesses in your community are made.
Bank on Local Lenders
Banks and other financial institutions continually look for opportunities to invest in small businesses in their communities. When you’re ready to seek funding for your small business, start by approaching local lenders first. They’ll be familiar with the market and more likely to provide the financing you need to get started.
Support Your Community
As a growing business, the most loyal customers you’ll have are the ones in your community. So take time to support other local companies and get involved with organizations that help those in need. This will benefit your business and make your community a better place for everyone. There are various ways you can do this.
Hire Locally
The first step to supporting your local economy is to hire locally. This will ensure that you’re supporting other small businesses and helping to boost the local economy. Then, when possible, look for ways to source products and services from other small companies in your community so you can continue to support the local economy.
Donate Your Time and Money
Another great way to support your community is to donate your time and money. This can take many forms, from volunteering at local shelters or donating goods to those in need to sponsoring local events or fundraising campaigns. Again, you can give back and support your community in many ways!
Growing a small business takes hard work, dedication, and determination—but you don’t have to go it alone! There are plenty of resources available in your community that can help you build a successful small business. So whether you’re looking for advice, funding, or political clout, reach out to the people and organizations in your area who can help you take your business to the next level.
