Starting a small business here in Anchorage can have many benefits for our local community. Not only can you provide goods or services that may be needed, but you can also help to boost the local economy and create jobs. Small businesses can also contribute to the vibrancy of a community by adding to its diversity and making it a more attractive place to live and work.

There are many ways that small businesses can benefit the local community. Here are a few of the most important along with tips on how to get your local venture up and running.

How does a small business positively affect the local economy?

When you start a small business, you become part of the local economy. This can have numerous benefits for the community, including creating jobs, generating tax revenue, and supporting other businesses.

Jobs are one of the most important ways small businesses benefit the local community. By starting a business, you can provide employment opportunities for people in the area. This can help to reduce unemployment and improve the standard of living for residents.

In addition to creating jobs, small businesses also generate tax revenue for the local community. This is because businesses are required to pay taxes on their profits. The tax revenue can be used to fund public services and infrastructure, such as schools and roads.

Another way small businesses benefit the local community is by supporting other businesses. When you buy goods or services from a local business, you help to keep money circulating in the community. This can help to strengthen the local economy and create a more vibrant community.

In addition, small businesses can contribute to the diversity of a community. This is because they can offer unique products and services that may not be available elsewhere. This can attract new residents and businesses to the area.

How to open a small local business

Find a need in the community

There are a few things to keep in mind when opening a small local business. First, research the needs of the community, and make sure there's a demand for what you want to offer. You'll also want to find out what other businesses or organizations are doing to meet those needs to help you identify how your business can make a unique contribution.

Develop a business plan

Next, focus on developing a business plan. To develop a successful business plan, clearly define your business goals and objectives. What are you hoping to achieve with your business? Once you have a good understanding of your goals, you'll need to research your industry and target market. What trends are happening in your industry that you need to be aware of? And who is your target market? Who will you be selling your products or services to?

If creating a comprehensive business plan sounds above your paygrade, you should consider working with a professional to write one for you. This individual will ask you very specific questions so they can get detailed answers that will help them craft a business roadmap that will lead you to success. A hiring website is a great tool for finding an agency that can connect you with a successful business plan writer. Take a look at each listed company’s client score, service area specialities, and general pricing information so you can find one that works with your needs and budget.

Structure your business

To legitimize your business, you’ll also need to register with the state. For small businesses, many people choose either a sole proprietorship or a limited liability company (LLC). Often, new entrepreneurs do best when they choose an LLC, as it can help to protect their personal assets. This is because an LLC is a separate legal entity from its owners. As such, the LLC's owners are not personally liable for the debts and liabilities of the business. This can provide peace of mind in knowing that your personal assets are safe if something goes wrong with the business.

Making sure your LLC paperwork is filed correctly is critical, since doing so ensures you’re legally compliant with Alaskan laws as well as federal laws. For this reason, it’s a good idea to work with a professional service that can take on this task for you. There are a lot of options out there, so use an unbiased resource that features different online formation agencies’ TrustPilot ratings, prices, and company history in order to find the best LLC formation service for you.

Market your business

Lastly but importantly, you’ll need to market your business in the Anchorage community to draw in customers. There are more tools than ever to promote your products and services, and many of them cost little or nothing to implement. For example, you can create free social media profiles on Facebook and Instagram for your company, and for a nominal fee, you can promote them to local users.

Of course, a website is the go-to method for most companies these days. If your coding skills are lacking, working with a freelance web developer is a great way to quickly get a site up and running without spending too much money. Use a platform like Perfectlance to look over candidate profiles, including their experience in web development, price point, and client reviews; pick a few to follow up with so you can be sure you’ve hired the best person for the job.

When small businesses thrive, the local community thrives. Small businesses are the lifeblood of any town or city, and they should be celebrated and supported. If you’re thinking about starting your own business here in Anchorage, we salute you! There’s no better way to invest in your community than by opening up a small business that provides jobs, goods and services, and a sense of camaraderie. Don’t forget that your membership with the Anchorage Chamber of Commerce will arm you with all kinds of resources you need to succeed in our community and beyond. Join us today!