Small businesses are the backbone of American society and employ more people than all of the major corporations combined. But did you know that your small business – even an online business – can have major benefits for the people in your community? Today, SEOGDK takes a look at the perks of entrepreneurship and offers tips on how to get started.
Happiness is Homegrown
First and foremost, one of the greatest benefits of a startup is that you have an opportunity to indulge in your passion. Running an online business also means you get to work from home, which can help you balance your need to pay the bills with your desire to spend time with your family, strengthen relationships, and pursue your personal goals, such as your favorite hobby or traveling.
Why Startups Make for Good Local Businesses?
Even if you plan to run your business primarily online, everybody in your community benefits. A few of the key advantages of small businesses include:
- Job
Creation
Most of us can’t run a business on our own. We need people for everything from marketing and customer service to packaging and fulfillment. You can find a diverse range of possible employees right in your backyard, which has the added benefit of keeping money in your community. Further, local talent is less expensive and likely already has a contact list full of resources.
- Community Involvement
You do not have to have a brick-and-mortar location to have hometown pride. As a business owner, you can support organizations like schools and sports clubs within your local community. This is great for business and can improve brand recognition while establishing relationships with the people and organizations in your hometown.
- Tax Dollars Stay Close
You want as much money as possible to stay in your local area as taxes pay for important features, such as schools and transportation infrastructure. A quick tip here is to keep an eye on your accounting and invoicing practices. You want to select the best software for your business, which will make it easy to keep track of your purchases and donations to present to the IRS at tax time.
Tips on How to Start a Business from Scratch
If you’ve never owned an online business before, you’re in luck. Even if you plan to start with little more than an idea, barriers to entry are low, and you have many options to help you get started. A few suggestions here are:
- Pick a Concept
Choosing a concept is one of the most crucial steps when starting a business. If you're looking for a relatively safe option, consider ideas like consulting or reselling. Consulting allows you to leverage your existing expertise to help others, often with minimal startup costs, while reselling products—whether through online platforms or local markets—can offer flexibility and manageable risks. These types of businesses provide low overhead, are adaptable to different markets, and can generate steady income without requiring heavy initial investments.
- Do Your Research
No matter what business you’re in or what industry you plan to serve, you have to identify your competition first. Elmhurst University recommends that you spend some time looking at their content, which includes social media, press releases, and websites. You also need to identify your potential target audience based on whatever problem your solution solves. If you aren’t sure where to start, try searching on Google for your products/services to see what pops up.
- Create a Logo
Creating a logo for your business is a fun and essential part of establishing your brand identity. You don’t need to hire a designer right away—try using a free logo design maker online to bring your vision to life. Start by choosing a template that suits your style, then personalize it by adding your own fonts, images, photos, and colors. This hands-on approach not only saves money but also lets you craft a logo that truly reflects your brand’s personality and message.
- Choose a Memorable Domain
Your domain name is a huge part of your branding, especially when your business is largely online. When possible, choose a .com domain extension. Your domain should also be easily recognizable. Buying common misspellings of your business name is a good idea, too, which can then be set up as sites that redirect to your official online shop. Make sure to set your domain up on auto renewal so that you do not inadvertently lose your digital assets after your initial purchase. Finally, you’ll need a host for your website(s). There is no shortage of options here, so read up on the pros, cons, and costs of the top-rated providers to find the one that best meets your needs.
- Draft a Business Plan
Your business plan is a tool that can help you monitor your business’s development and growth. It’s also necessary if you plan to take on investors. Your business plan should contain several sections, including an executive summary, marketing plan, operational plan, organizational strategy, financial statements and projections, and funding sources.
While your business plan can change over time, it’s always beneficial to have a roadmap toward success laid out in front of you so that you do not get distracted as you build and grow your startup. Not sure where to start in creating a business plan? Take a look at these software options that will help you get the job done. Note that each has its own unique perks, and some even offer free trial periods.
- Decide when and If You will sell in the Future
When you first start a business, you likely are not thinking about selling, but it always pays to think ahead to know when to hold and when to fold. Even in the early stages, establishing an exit strategy can guide important decisions down the road. Have a conversation with yourself and your spouse or partner about when you want to retire or at what dollar value you can step away with enough to live comfortably.
- Getting Your Content Exposure
One of the key steps to success is ensuring your website gains maximum online exposure. This is where mastering content marketing techniques, such as SEO (Search Engine Optimization) and strategic keywording, becomes essential. SEO helps enhance your website's visibility on search engines, making it easier for potential customers to find you. Meanwhile, effective keywording involves incorporating relevant and frequently searched terms into your website's content, aligning with what your target audience is looking for.
Wrapping Up
Starting a business is an exciting opportunity, and when your business is primarily online, the entire world is a potential customer. It takes hard work, dedication, attention to detail (especially financial details), and passion, but ultimately, your business will have a huge impact on yourself as well as your local community. It is a labor of love that’s worth every challenge. So, get excited and get ready to enter the world of startup entrepreneurship
This post was proofread by Grammarly
