Start a Small Business to Benefit the Greater Flagstaff Community

Small businesses are the backbone of the American economy. In fact, according to the US Small Business Administration, small businesses have created millions of jobs in the United States over the past few decades — even more than what big businesses created in that time span. Not only do small businesses provide much-needed goods and services to local communities, but they also drive economic growth. If you're thinking about starting a small business in the Greater Flagstaff community, here are a few tips to get you started.

Why You Should Start a Small Business

There are many reasons why starting a small business is a great idea. For one, small businesses benefit the local economy by keeping money within the community and supporting other local businesses. Additionally, starting a small business gives you the opportunity to be your own boss and control your own destiny. And last but not least, owning a small business is an excellent way to generate additional income and build long-term wealth.

Creating a Business Plan

One of the most important steps in starting a small business is creating a business plan. A business plan is essentially a road map for your business that sets forth your goals, strategies, and milestones. A well-crafted business plan will help you raise capital, attract investors, and secure loans. It will also force you to think through every aspect of your business, from your target market to your marketing strategy to your financial projections.

Do you need help putting all of this information together? No problem. There are lots of software options that can help you draft your business plan and cross off all of the elements it should include. You can reference an objective review website like this one to help you find a program that falls within your budget and makes sense for your industry.

The Benefits of an LLC Structure

If you're starting a small business, you may be wondering what legal structure is best for your company. One popular option for small businesses is the limited liability company (LLC). LLCs offer several advantages over other business structures, including personal asset protection, flexibility, and tax benefits. Ensure your LLC is set up correctly from day one by using an online formation service. There are many of these types of agencies to choose from, so do your research. These ZenBusiness reviews by BestLLCServices.com are one such resource that can provide insight into a well-known company (including its TrustPilot rating, price, and corporate history), and the website offers a discount code you can use to set your LLC up for free.

Marketing Your Small Business

Once you've got your business up and running, it's time to start marketing it to potential customers. There are many different marketing channels you can use to reach your target market, including online advertising, social media marketing, email marketing, and traditional advertising such as print or radio ads. The key is to experiment with different marketing channels and find out which ones work best for your particular business.

Implementing Strong Accounting Practices

Last but not least, it's important to implement strong accounting practices from day one. This means tracking all of your income and expenses meticulously and keeping accurate financial records. Doing so will not only help you stay organized and on top of your finances, but it will also help you prepare for tax season and avoid any potential audits down the road. If you’re not a born math whiz, you can rely on the help of small business accounting software to handle all of these to-dos for you. Shopify notes that Freshbooks, QuickBooks, and Xero all have a loyal following thanks to their easy-to-use bookkeeping features and various price points to accommodate almost any budget.

Starting a small business is a great way to support your local community while also generating additional income and building long-term wealth. If you're thinking about starting a small business here in Flagstaff, be sure to create a comprehensive business plan and choose the right legal structure for your company. Additionally, don't forget to market your business effectively and implement strong accounting practices from day one. Finally, be sure to join the Greater Flagstaff Chamber of Commerce, which will open up all kinds of opportunities for your small business. Follow these tips, and you'll be on the road to success!