How Small Businesses Make a Positive Impact on Communities
Becoming a business owner can change your own life for the better – and your community!
Today, I will share some resources to help you prepare for a business launch, as well as a few inspiring reasons why small businesses are so crucial to the health of communities.
I am going to discuss how small businesses make a positive impact on communities.
Launching a Business
You’re curious about launching your own small business, and you’re wondering how to kick off the process. Naturally, you’ll want to outline a basic business plan first, as well as a budget.
You’ll also need to choose a business structure. Lots of small business owners enjoy the benefits of LLC status, which include limited liability and tax benefits.
Hiring a lawyer to file your formation documents for you can be costly, so you may want to file on your own or use an online formation service. To find the best service for your needs, check out reviews for a few different services to weigh your options.
Learning Entrepreneurial Skills
You’ve heard the adage, “Work smarter, not harder.” Well, that applies to the business world, as well. Running a business can be stressful but there are plenty of tools that can make the job a little easier.
For instance, if you have contracts to sign, here’s a solution that allows you to do so online, meaning your interactions with vendors and freelancers will be clearer and more efficient.
On the other hand, what if you’d love to start a small business in your community, but don’t feel confident in your entrepreneurial skills? To remedy this, you may want to further your education with a business degree.
You could study business management, accounting, communications and marketing, and other subjects! If you’re busy handling family and work responsibilities, try looking into an online degree program so that you can fulfill all your obligations while studying.
The presence of small businesses can revitalize your city’s downtown and neighborhoods that currently lack resources and amenities. If you’ve noticed that some areas of your city are under-appreciated and have hidden economic potential, you can be the change you want to see.
ICIC states that in inner city environments, small businesses give people the chance to work where they live, rather than commuting outside of the city. Overall, small business growth helps create vibrant neighborhoods where residents come together to work and live.
New Job Opportunities
It’s no secret that small businesses drive job growth! Oberlo states that small businesses create 1.5 million new jobs each year, which accounts for 64 percent of all new jobs created in the United States. Better employment opportunities mean a better quality of life for residents of your community!
Whether you live in a popular tourist destination, or your area doesn’t get many tourists, new small businesses can attract more visitors. Travel Pulse states that 97 percent of tourists prefer to shop or eat at small businesses when they’re on vacation.
People want unique travel experiences that they can’t have at home, so small businesses are typically included on travel itineraries!
Increased Tax Revenue
Local governments need tax revenue to fund essential public services. Without a strong economic engine, communities will lack the necessary tax revenue to ensure that these public services are well-run.
This is where small businesses come in. Even though small businesses do not generate as much revenue as large corporations, they still contribute valuable tax revenue to their communities. This money is used to finance everything from local school systems to emergency services.
Opening a small business can bring all kinds of benefits to your community. You can bring new life to your neighborhood’s downtown, attract more tourists to your area, and employ people seeking local opportunities! With these tips, you’ll also be ready to get your business degree under your belt and start your own company.
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