Starting Your Own Company and How to Stay Local

When starting a new company, many entrepreneurs are encouraged to either physically expand to other cities or digitally expand through a website, blog, or social media platform. As explained below, it is also beneficial when starting your own company to stay local and small for a few years. Here are some tips to keep your returning customers and keep your business on an even level for a while.
Buy Local
The first step in keeping your business local is to support other local businesses. Research shows that buying from local businesses results in money being invested in the local economy, instead of national chains that only care about profits. Bear in mind that locally-owned businesses also impact the local government and community through contributing to the tax base. Staying local also helps to establish rapport and positive relationships with other business. This is especially important for nearby businesses, such as those located in a shopping complex, because you can offer discounts and coupons for each other’s products or service. On the other hand, be sure to support community groups, which are excellent ways to market your company while networking and sourcing business partners. If possible, consider joining a local environmental group that supports sustainability and locally sourced products.

Embrace the Competition
Staying local will be difficult, especially if there are already well-established businesses in already in operation in your area. Avoid bad-mouthing the competition when talking to customers or investors. While having a more successful competitor can be frustrating, it can also be beneficial in making your own better. Take time to understand why the competition has been successful, and how you can use that knowledge to create your own niche market. Obtain useful business intelligence through consulting with industry experts and even using SEO tools to digitally analyze the websites of your competitors.

Locally Network
Small business owners that want to stay local will need to regularly show their face to the public through a variety of venues. For example, chamber of commerce and government business meetings are a good place to start. Consider working with a local community college that offers business classes, through contributing your time and experience as a guest speaker. An entrepreneur starting a business as a local electrician can work with professors and students getting a master of electrical engineering, to provide an informative question and answer session for new students about potential career prospects. Depending on your industry, be sure to attend local events, expos, and conferences.

Companies can stay local through buying local and supporting fellow local companies. Embracing the competition and networking at local events will also help. Don’t forget to use all your local knowledge to stay relevant and in demand.