It’s interesting to see how the culture, scope and aims of any business, even small home-based businesses, are influenced by a variety of factors. Of course, you are far and above the strongest and most decisive influence, after all you were the one who decided to bring this enterprise into the world, no matter how humble.
That said, it’s also true to say that there are many other outside considerations worth considering. For example, where you set up business can be just as important as the business you hope to build. Small businesses are especially influenced by their local market and its needs, meaning if you cannot find an audience there, finding one further out is a harder ask.
As such, considering how, why and when your business location (and what state or country it’s registered in) can have an influence on your enterprise decisions is essential. In this guide, we hope to give a short primer on the variables to consider. This way, you can plan more efficienctly going forward.
Your Culture & Relevance
It’s quite impressive to see how local culture can determine the character of a brand, and that’s something you should try to welcome. From how you brand yourself to the tone of voice you use, you can bet that a proud representation of who you’re comprised of and where you launched can help you thrive. There are some firms we associated with given locations, and they become ambassador of those local markets as they develop. Moreover, the market you have access to, the need you serve, and the competition you research will all be bound by your local area.
Your Compliance & Tax Regulations
There are specific tax codes and regulations you need to abide by in order to move forward with compliance intact, and for that reason, using firms such as Manfred Sternberg & Associates to help you navigate this landscape can be super important. This way, you can avoid assuming your local laws operate a certain way, and instead understand the exact difference between hosting business here or there. This can be deeply valuable when you come to move elsewhere, as from here you can determine suitable locations and develop in that way.
Leveraging Community Engagement
There’s nothing quite like the power of community, and while that shouldn’t convince you to use people in your local area as tools for your marketing, the more you can invest in them, the more they’ll appreciate you. It’s not uncommon for local restaurants to run food stalls at local food fairs, for instance, or to invest in sponsoring local teams or other initiatives worth supporting.
You might ask people in your local environment to attend your focus groups or complete surveys so you get a better idea of market forces in a microcosm, and of course, you can use your brand as a sponsorship tool. These measures really do help, and help your brand not only seem supportive, but relevant to a community. Just make sure you do care about the cause, because it’s hard to fake this level of investment.
With this advice, you’re sure to see how your local area influences your small business success going forward.
