Your local community could be the ideal location for your new business because you most likely know the area like the back of your hand. However, there are many other reasons why you should begin your business journey in an area you're very familiar with. The following guide offers insight on why you should consider starting your business right here in Cambridge and how to put yourself on the path to success.
How your business could benefit locals
When it comes to serving the local community, you'll probably be more aware of the needs in your hometown than most. For example, you may be acutely aware of the need to generate jobs for those with disabilities, or maybe you see a need for innovation in your town because your town is lagging behind when it comes to technology. That said, there are some general ways your business could enhance the community.
Uplifting your community economically
When businesses choose to serve and be served by their local community, this ends up benefiting the local economy in many ways. For example, you may decide to use local vendors instead of sourcing your supplies from out of town. Or you might decide to partner up with another business in your town because a mutual partnership might be beneficial to you both. Whatever you decide to do, keeping it local is one of the most effective ways of boosting your local economy.
It's better for the environment
In the event you do decide to start a company locally, you most likely won't have to do so from scratch because you'll at least have a foundation to start with which means there'll be less of a chance of you having to scramble about to source resources from here, there and everywhere. This is great for the environment at the end of the day because you'll be reducing your carbon footprint dramatically as a result.
How to get noticed in your community
Of course, a business is only successful if there are local people who buy from you. Therefore, you should want your business to get noticed by the Cambridge community - and quickly if you want to boost your company's chances of success. There are many ways of doing so, including:
Participate in local events
One of the easiest ways to get your brand the exposure it deserves is to do as the locals do by participating in local events. Furthermore, you could use events like these to network and build relationships with the local residents so that marketing your business is more of a breeze than a complicated exercise.
Volunteer when you can
Taking part in volunteer programs is another way to build valuable relationships with the people in your town. Moreover, you'll be giving of your time and resources to needy causes - what better way to show your community that what matters to them matters to you too?
Launching your new business
Certainly, you'll need to handle startup tasks such as deciding on a business structure, applying for an Employer Identification Number, and choosing a name for your business.
When it comes to choosing a business structure, establishing an LLC could be the ideal starting point for you because of its many benefits, including increased flexibility (should you want to change the ownership structure one day), less paperwork, tax benefits, and the fact that your personal assets will be protected in case of litigation against your business. The LLC registration process can be a bit complicated, which is why it’s wise to work with a formation agency to file your paperwork for you. Look closely at LLC reviews to find a reputable agency to work with. An unbiased review site that includes a few different businesses’ customer ratings, price points, and TrustPilot ratings is a great place to start.
Choosing a name for your business is also important. You want it to stand out while paying homage to the products and/or services your company will offer. Digital.com recommends using these business name generators if you’re strapped for ideas - they’ve all been verified as trustworthy (read: not spammy) websites that don’t sell your ideas or information, and that don’t have hidden fees.
Lastly, even if you don’t have a robust marketing plan in place, you should at least create a company logo. This way, you can create eye-catching business cards right away, and you’ll have a graphic to use on your website, social media profiles, and other marketing materials down the road. You can even create your own logo without spending a small fortune on a graphic designer if you use an online tool with great user reviews and no hidden costs, like PlaceIt, Shopify, and Canva.
If you were ever unsure of where to start your new business, we hope we’ve inspired you to stay right here in beautiful Cambridge. To get even more support when launching your new venture, become a member of the Cambridge Chamber of Commerce!
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