Be a Part of the Local Commerce by Starting Your Own Small Business in Des Moines, Iowa
If you love your community and have an entrepreneurial spirit, starting your own local small business may be the perfect career goal. According to the Small Business Administration, small companies account for two out of every three new jobs. Starting your own small company in the Des Moines community can benefit your neighborhood as well as make you feel more connected to the people in your town. Here is how you can get your local business idea started.
Your Community’s Needs
When you have an idea to start a new business, you have to make sure there is a need for the product or service in your community. Once you identify your niche for a small business, consider your experience and skills to see if it would be a viable venture for you to operate. You can do some basic research about your community’s current small business offerings and what products or services may be missing from the local area storefronts.
LLC Corporate Structure
After choosing a business idea, the next step is to form an LLC. There are benefits of forming an LLC, like flexibility, limited liability, easier paperwork, and tax advantages. Forming an LLC either takes a lawyer or a formation service. Formation services can be a great option on a budget as long as you read reviews of each service you’re considering. For example, these Zenbusiness reviews by BestLLCServices.com give you a great breakdown of the company’s corporate history, TrustPilot scores, and pricing. Plus, there’s a promotional code that enables you to file your LLC for free.
Your business will also need a formal business plan to get started. In your plan, you should detail how you will operate the company, what staff you need, where you will be located, and your target customer in the community. If this sounds like too tall an order to complete on your own, you can use a software program to guide you through the process. This resource from trueNorth compares business planning software options and offers ideas on how to make the most of this type of tool.
You must also seek funding to get your business going those first few months. In your business plan, work with an accountant to help calculate the necessary startup costs. If you don’t have the capital to open, seek funding from small business loans, grants, investors, or crowdfunding. There are more options than ever for raising capital through fundraising campaigns, so be sure to read the reviews and fee structures for several so you can land on the one that works with your needs and budget.
Local Tax Dollars
If your business starts off strong and demonstrates success, it can significantly benefit your local area. One of the top advantages of a local business is it generates local tax dollars for your neighborhood. This helps the community pay for roads, parks, schools, and other community features.
Local Economy Boost
Your community may also get a boost in its economy. When business is booming, more people will visit local shops to buy products and services. This has a beneficial impact on other local stores and helps them get more customers and sales.
Community Workforce Benefits
Hiring people in your community is a great way you can commit to your local economy. When there are plentiful jobs in an area, this helps keep the unemployment rate low and keeps more money flowing from consumers to businesses to the local government. This is a part of a thriving community.
Community Support and Engagement
Business operators who own local establishments can also engage more with their neighbors. It’s beneficial to both the business and the community for company leaders to be involved with local events. Companies can sponsor sports teams, hold fundraisers, participate in local events, and more to help mold their identity and support the area.
Starting your own business in the Des Moines community is a great way to be part of something that’s more than just a job. When you are ready to move forward, form a new LLC and write a business plan detailing how your local small business will be successful, and be sure to join the FuseDSM Chamber of Commerce to access additional resources that will help your company thrive.Photo: Pixabay