It’s no secret that owning any business is a daunting task. For entrepreneurs who call a small town home, it may seem even more challenging. However, recent research suggests quite the opposite.
The National Federation of Independent Business’ (NFIB) Small Business Optimism Index proves that small businesses are experiencing record levels of prosperity. According to NFIB President and CEO Juanita Duggan, Main Street is roaring. “Small business owners are not only reporting better profits, but they’re also ready to grow and expand,” she said.
Growing a small business in a small town is possible; here’s how you can achieve similar success.
Fill the gap.
The key to making an impact and growing your small business is to find your niche. Because you live, work and play in your community, you’re tuned in to its residents. Use that to your advantage by offering the products and services your neighbors want and need. If you’re unsure of exactly what that is, do a SWOT analysis of your town to identify its strengths, weakness, opportunities and threats. Then, share your findings with the community to see what types of businesses they want to see established or expanded.
If your business can identify and develop a solid brand for its unique value, it will not only attract customers, but top-performing employees as well.
Capitalize on resources.
Smart small-town businesses stay connected with avenues that can contribute to their success. Joining your local or regional Chamber of Commerce is an easy way to be heard by local government, connect with community members and meet fellow business owners. Sourcing materials from those connections can also help form partnerships that cut costs.
If you’re just starting out, nearby venture assistance programs and investor groups who are eager to support new ideas or tap into a new market are a great way to get your business off the ground.
Appreciate your advantage.
It may appear that bigger cities have the upper hand when it comes to owning a business, but being in a small town has its own distinct advantages. With less competition from big brands and a less saturated market, consumers will be attracted to authentic homegrown entrepreneurship. Your smaller size also makes it easier to get involved in events and develop authentic partnerships with community groups.
So don’t be afraid to stay small!