Starting a Small Business in Your Local Community

Image via Pexels

Blog by Matt Williams

Creating a small business is one of the best things you can do for a local community. Building a successful small business can be challenging, time-consuming, and risky. Still, there are many reasons to do so. After all, business creates job opportunities; in 2020, 440,306 small businesses created jobs in Ontario, Canada alone. It’s better to pay taxes in your local community than elsewhere, too. Small businesses boost local GDP and can create new career opportunities — not just for you, but for your employees. If you implement the correct business practices, you can create an excellent local business that enhances the local community and economy. Read on for some steps to getting started with building a small business in your local community.

Pick a Suitable Business Idea

The most significant hurdle for many wannabe entrepreneurs is finding a suitable business idea. The best way to find a profitable business idea is to see what the local community is missing. Is there anything that frustrates you about your local community? How can you improve it? What do other people complain about?

Once you identify something you can improve in your area of Ontario, determine whether you could start a business to solve that issue. It can be anything from housing, public transport, a unique restaurant idea, etc.

Have a Solid Business Plan 

There are many business investors in Ontario. It’s challenging — if not impossible — to get business investment without a robust business plan. Your business plan should detail your:

• Marketing strategy. Your business plan needs to show how you’ll find your customers and pitch your services to them.
• Financial planning. Without economic predictions backed up by solid numbers, you’ll find it hard to gain business investment. List your financial projections in your business plan.
• An executive summary. Your executive summary is a business overview and how it impacts the local community.
• Your HR strategy. Do you already have employees, and will you need to build a large team? Mention this in your business plan.
• Competition analysis. To build a successful business, you must beat your competition. Detail your competitors in your business plan and how you’ll differentiate from them.

Analyze Your Competition 

One of the main advantages of starting a small local business is having your competition directly under your nose. It enables you to monitor your competitors and adapt to their changes. How you analyze your competition depends on your industry. If you start a local restaurant, you can dine at competing restaurants and observe the food quality and service.

This may be harder if you’re competing with a local manufacturing firm. If that’s the case, you can hire an accountant to analyze your competition’s financial performance and decide how to outperform them. Your rivals will continuously pivot and change direction, and you must be aware of any changes.

Use Robust Accounting Practices 

Upgrade your company’s accounting software to grow your business, organize your finances, and store all your receipts. As a result, you’ll have less stress when it’s time to complete your tax return. Most importantly, it will give you a direct insight into your cash flow. If you don’t know how much money is coming in and out of your business, it’s a recipe for disaster.

Look After Your Health

When you start a small local business, you’re going to work a lot; there’s no way around that. That said, it’s essential to look after your physical and mental health. You can do this by hiking and spending time in nature. Take yourself to the Bruce Peninsula National Park or the Sleeping Giant Provincial Park. Ontario has a massive list of incredible hikes. 

Don’t forget to look after your staff members, too. Although the start-up phase can be challenging, encourage your staff members to stay physically active and take time off work.

Hire the Best Local Talent 

Hiring the best local talent will grow your business and help the local community. Develop a social media presence, participate in the local community, and learn about local talent to attract the best employees to your business. In addition, you may use local recruitment firms, social media, and freelance websites to hire excellent local talent. You can even use traditional job sites.

Other Ways to Grow Your Small Business 

Actively engaging in local community events can also build your small business. Here’s how you can do that:

• Attend local events. Attending local events is one of the best ways to get your local community involved with your business. There are many networking events in Ontario, Canada. These include sales events, startup events, and technology events.
• Reward the local community. Are certain members of the local community using your product or service continually? Reward them with special offers and make them feel appreciated. It can grow your business and create loyalty within the community.
• Although you may want to consistently work on your business, local community volunteering is an excellent way to gain business exposure.
• Host public events. If your business operates from 9 to 5 on weekdays, use your workspace outside of business hours to host networking events, motivational speaking events, or family events. Not only will your business gain exposure, but you’ll also help the local community.

Each of these efforts will help you refine your understanding of local issues and connect with your community, maximizing the contributions your small business can make.

Starting a Small Business Doesn’t Need to Be Difficult

If you use the tips in this article, the process of starting a local business in Ontario can become far more straightforward. Contact the author, Matt Williams at matt@wfmdepot.com  for more information on building a local business.

Want to have a voice in iCommunity.ca, the official newsletter of ICF Canada? Please send your blogs, announcements and other interesting content to John G. Jung at  jjung@icf-canada.com

 

ICF Canada   1310-20 Bay Street Toronto, Ontario M5J 2N8  www.icf-canada.com
Contact: John G. Jung at jjung@icf-canada.com 1-647-801-4238 cell

Want to change how you receive these emails?
You can update your preferences or unsubscribe from this list