If you run a small local business, you can capitalize off your close-knit community in many ways. Consumers in your area may be eager to support a locally owned company, for example, while you can leverage the familiarity of your community to nurture loyal customers. Plus, you have the opportunity to give back to your community, for example by supporting local charities and providing jobs.
This guide from MeyerPink Law explains how small business owners can make the most of their roots and help improve community health and wellness.
Get Your Community Business Off on the Right Foot
Before you start looking at ways to lift up your community, make sure your business is properly set up to help. Start by registering your company as a legal entity with your state, like an LLC. A limited liability company reduces the paperwork burden, offers tax perks, and improves flexibility.
If you have questions about which legal entity you should choose or any other small business-related legal issues, contact MeyerPink Law for a consultation.
Create Jobs for the Community
Once you’ve registered your company, apply for an employer identification number, EIN, with the Internal Revenue Service, IRS. It’s free to get this number, which is like a social security number, but for businesses. You will need this number to hire employees.
When hiring, look to your community. You can create jobs and put money back into the economy. To find area talent, use online job sites but also consider localized options, like job boards posted on university campuses or at area coffee shops.
Prioritize Local Suppliers
In addition to using local employees, you can also help build a thriving community by supporting other local businesses. One way to do this is to source goods and supplies from your area.
For example, if you have a restaurant, you might go to your neighborhood farmer’s market for produce instead of buying from a major chain retailer. The United States Department of Agriculture has a directory of farmers’ markets you can consult.
Support Local Charities and Nonprofit Organizations
Another great way you can help build up a healthier, happier community with your business is by donating to local charities and nonprofits. You can scope out organizations in your area using online databases. You can also combine your charitable and your promotional efforts. For example, if you sponsor a local school sports team, you’ll probably benefit from some free advertising. They might put your business name on their jerseys, for instance.
Host Community Events
Bringing people together through events is another way you can help foster community well-being. This guide offers a roundup of community event ideas that can inspire you, such as donation drives, silent auctions, food festivals, and more. Events can be another way to collaborate with other business owners in the area. For example, you might host a community-wide shopping event, where multiple area retailers get together to offer discounts and deals on their goods.
Make sure to use these events as ways to further promote your business and your brand. Being community focused and inclusive is something people want to celebrate in local businesses, so let them see your authentic desire to contribute. Put your logo on promotional materials so people associate you with these events and community efforts. If you don’t have a logo yet, create a beautiful text logo using free templates and design tools online.
Give Back by Mentoring Other Local Entrepreneurs
Mentorship can be helpful for entrepreneurs of all kinds. Mentors provide guidance and support for other business owners, helping them navigate the challenges of startup life. As a business owner, you can help build the next generation of entrepreneurs in your area by serving as a mentor. Local branches of your Chamber of Commerce or the U.S. Small Business Administration can be one way to connect with potential mentees.
Help Build a Better Community
If you run a local small business, you have the benefit of a supportive community. Do your part to give back by prioritizing community well-being. The above guide has some tips to help, from hiring locally to donating to area charities.
This post is authored by Ed Carter of Able Futures. For inquiries or further information, he can be reached at edcarter@ablefutures.org.
