A Guide to Building a Thriving Business
You have dreams of opening your own business, but maybe you’re not sure where to start? Each year, countless entrepreneurs find themselves at the same crossroads. But starting and succeeding with a business doesn’t have to be overly complicated.
At Mighty Red Barn, I work with social venture start-ups and established businesses to develop and test product ideas, build community, and establish governance and decision-making frameworks. I also am a volunteer mentor with SCORE, a non-profit organization that supports the US Small Business Association. SCORE is the largest network of free volunteer small business mentors in the nation, a great resource for new entrepreneurs in any business area.
Building a New Business: The Basics
Before we get into the secrets for success, let’s cover a few basics every business needs:
Business Plans
A plan will keep your small business organized and working towards your goals. SmartAsset notes that some must-have sections for your business plan include:
Business description
Breakdown of offerings
Ownership structure
Check out the free resources SCORE provides for business plan templates, courses and webinars, and mentoring.
Business Structure
When choosing a small business structure, many entrepreneurs choose to register as either a limited liability company or a sole proprietorship. Limited liability partnerships are another option. These entity types offer favorable tax benefits, but have different paperwork requirements and means of protecting your assets in case there’s legal action against you. ZenBusiness provides resources for learning more about forming an LLC in my home state of Wisconsin (and other states as well).
Strategic Branding
Your brand is your business. Many small business owners recognize this and choose to set up a DBA (doing business as) to lend legitimacy and flexibility to their startups. With a DBA legally established, you will have more freedom to offer new products and services.
Small Business Marketing Tools points out that branding is more than a logo: it is about creating a unique vision and identity for your business within the community. You should think about what you would like your new company to be known for locally and what sort of values or causes you may wish to promote in the local community. There are several strategies you can employ to build brand loyalty, from referral discounts, excellent customer service, to good corporate citizenship.
Startup Funding
To get the planning and branding resources you need, you also need to seek out the right startup funding for your new business. Again, SCORE has resources to help you identify funding sources, First, you need to estimate your expenses, forecast your revenues, and develop a budget and financial projection. The exact amount required will depend on the sort of business you’re opening and whether that business will need any of the following:
Permits or licenses
Office or retail space
Taxes and insurance
Extras to Help Your Business Thrive
You need the essentials to get started but these extras can help you succeed:
Local Networking Events
If you want to get the word out about your new business, you need to network with other local business owners and community members. These entrepreneurs can grow to be your mentors, sounding board, or simply sources of advice, encouragement, and support when needed. Networking via local meetups is also a good way to find those first few customers.
Joining your local chamber of commerce is another step you can take to network with others and grow your new business. Most chamber websites offer resources to local businesses and business owners, but you can also check to see if the local organization is holding meetings.
Community Engagement
You can also consider attending events in your community to find these connections and ensure your voice is heard. This sort of community engagement will not only uplift your business, but seasoned corporate heads agree that businesses should take an active role in the communities where they operate.
Another important channel for community and customer engagement is, of course, social media. In addition, social media is a powerful tool for any entrepreneur and can help you connect with your audience, bring awareness to your business, and reach your overall goals.
You can turn your dreams of owning a business into a reality. It just takes some planning and some hard work to see your vision take off and thrive. Also, remember to give back and support the local community as its members support you and your new business. That sort of collective support and connection can be so powerful.
When the time comes to look toward growth and expansion, you want dedicated support every step of the way. Turn to Mighty Red Barn to learn more about socially-beneficial growth strategies that can put your business on the right path to long-term success.
