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, we 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.
Launching a Business
Maybe you’re curious about launching your own small business, and you’re wondering how to kick off the process. You’ll first need 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 perks.
Use the Right Tools
You’ve probably heard the adage, “Work smarter, not harder.” It’s advice that’s going to serve you very well in the business world. 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. Using a PDF form filler makes your document-signing process simpler and more efficient, and you’ll also immediately have a digital record to refer back to as needed.
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. The Initiative for a Competitive Inner City (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. Better employment opportunities means a better quality of life for residents of your community. Small businesses play an important role in local job creation.
Whether you live in a popular tourist destination or your area doesn’t get many visitors, 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 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 area, attract more tourists to your community, and employ people seeking local opportunities! With these tips, you’ll also be ready to start your own company.
Join the Greater Wyoming Valley Chamber of Commerce for more great resources that will help you build a winning business!