Many professionals are launching small side businesses for a little extra income. Some entrepreneurial efforts grow to the point that they can provide a full income, or even employ multiple staff members. Taking your small business or solo venture to the next level takes a lot of hard work, a dash of good fortune, and excellent financial management skills.
How Small Entrepreneurial Businesses Can Prosper
In the early days, sustaining and growing an entrepreneurial venture can be as much a matter of finding, understanding, and taking advantage of opportunities as it is simply rolling up your sleeves or pounding the pavement. Hard work is necessary for business success, but on its own, it may not be enough. Having access to small-business-friendly legislation, grants, loans, and tax laws can mean the difference between a failing venture and a thriving one that:
- grows the founder’s wealth,
- provides employment, and
- injects money into the economy.
Finding Small Business Grants
Start seeking out the best financial support for your entrepreneurial efforts by looking for programs and assistance by locale or field. At the municipal or county level, there may be small business grants, startup loans at more favorable rates, and collaborative or cooperative partnerships available.
Check in with city hall, business improvement, or small business/startup associations to see what benefits they may offer. Often, there are excellent networking, mentorship, and leadership or skills-development learning opportunities that these organizations can help you to access, in addition to pointing you in the direction of financial resources.
Understanding the Local Legislation
Your small business will also benefit if you take the time to understand what the local legislation covers. A thorough understanding of the requirements to run a business in your town or city, including any food safety, production space prerequisites, and other business license requirements, can not only save you from costly setbacks and multiple inspections but also open your eyes to potential efficiencies and savings.
Find All Available Resources
Also do some research on the resources available at the state or regional level. There may be grants, loans, and coaching or partnerships allocated for the state or region. There may be additional legislation related to licensing and operating a business from which you could benefit. Get in touch with your state representatives for insight into what benefits for small businesses already exist, what they might predict will develop in your area, and what they can do to contribute to a more favorable small business environment.
National and state or regional impacts on small businesses can blend when it comes to elected representatives, given their exposure and influence on legislation. Tax law and benefits or barriers to small business development and growth may be formed at both the state level and nationally. Tennessee Senator Mark Green is one representative with a record of pro-small business efforts. Having launched a successful health-care business himself, his subsequent work on behalf of small businesses won him the NFIB’s Guardian of Small Business award.
Pay Careful Attention to Your Financials
Given the current controversy and confusion over whether the national administration is making a better or worse climate for small businesses, it’s worthwhile taking every effort to ensure that your business venture has as much support as possible. Meticulous, regular record-keeping can help you make sure that you don’t overspend and that you keep balanced books, while also preparing you for an easier and more reliable experience at tax time.
Saving to provide a financial buffer against unexpected turns in the market is also a wise move. Make sure to get insurance for your business to guard against any costly litigation, and take the time to get your paperwork in order, with all relevant licenses and inspections for your type of business as required by your municipality, state, region, and country.
Build Your Network
Networking and mutual-support societies can also be a huge boon to your business growth. In-kind swapping of goods and services with other entrepreneurs can help you both advance further than otherwise possible, and business owners at the same stage or ahead of you can help point you in the direction of best practices, necessary efforts, and financial benefits. Interest-based organizations can be another great resource as you seek out grants and financing. Look for professional licensing boards, industry-specific societies, or other special-interest groups that may be able to connect you with additional resources and opportunities.
Get Your Small Entrepreneurial Businesses to Prosper
Growing your small business venture can take your earning potential from moderate to impressive heights, but it takes a great deal of hard work, the right connections, good fortune, and a supportive financial and legislative climate to climb the ranks. Take the initiative to seek out and learn about the financial benefits available to you.
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.