Creating your own business is a great option to achieve financial assets that you can control for yourself. A local company, for examplecan be a great option to undertake in Mexico.
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In this article I will tell you a little about what a local company is, examples of them and how you can start one taking into account basic aspects to take firm steps from the beginning. Do you dare to read it?
What is a local business?
A local company It is one that develops its activities within a defined geographical space and does not usually exceed it. This space can be a city, a town, a municipality, a mayor’s office or even a neighborhood.
A company that is in a complete state already passes to another category that is that of a regional company and has another type of impact, both economic and social. In this article we will only talk about the characteristics of a local business.
Characteristics of a local company
Local companies have specific characteristics that distinguish them, some of them are the following:
- They focus on a single turn.
- They are usually micro or small businesses.
- They are usually managed by a single owner.
- They have moderate income.
- They have a number of employees less than 10 or even 5 people.
- They only operate within their locality.
- They only influence their economic sector when they are taken into account as a guild.
Generally, local companies in Mexico are usually family businesses that are often inherited for generations, although it is not a common denominator, since it depends on the line of business. For example, grocery stores are often passed on to other people, but a local business such as a carpentry shop is often managed by new generations of the same family, since they involve a trade that is taught.
Examples of local business
To make it clearer what type of business we are referring to when we talk about local companies, we are going to make a list of some of the most common in our country and that you surely have near your home.
- Grocery stores.
- Coffee shops.
- Dry cleaners.
- tortilla shops
- stationery stores
- hardware stores
- Butchers.
- Collections.
- Tailors.
- Greengrocers.
- Ice cream parlors or ice cream parlors.
- Clothes shops.
- Independent Pharmacies.
There are also local companies that offer services, some examples are:
- Carpet and mattress cleaning companies
- gardening companies
- plumbing companies
- blacksmith companies
- carpentry companies
Although there are large companies that can provide these services at a national level, it is usual to find local companies dedicated to these services only in specific and specific areas, which is why they fall into this category.
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9 tips to have a successful local business
Now I will give you some basic recommendations so that you can, once and for all, encourage yourself to successfully create your own local business.
- Define the line of your business
- Find out about the procedures you need
- Understand your target market very well
- Look for more than one supplier
- Design your business strategy
- Digitize your company
- Use Google Maps
- Find local media and groups
- Create an online store
We will briefly explain each one.
1. Define the line of business
Focusing on a specific market and turn will allow you to better segment your customers, this will allow you to make more efficient sales strategies.
It is common for some local businesses to want to “diversify” their offer and suddenly what is a stationery store also sells groceries, gifts, or other types of items that no longer fit their line of business. This is because local businesses find opportunities in demand, because there are locations where it is difficult to access other types of businesses.
Diversifying is not bad when your market requires it; however, it is advisable to start in a specific field if your idea is to be able to grow at some point. Especially since there are guilds that you can join in the form of associations and, in general, they set basic rules to join them, such as not belonging to more than two economic lines.
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2. Find out about the procedures you need
Depending on the line of business, size and, sometimes, even the location of your business, you must meet certain requirements for your company to be formal and to access benefits such as microcredits or training.
In this article I tell you the complete procedures, costs and types of company that you can form to formalize your business and you can also visit the page to review procedures and permits.
3. Understand your target market very well
Thinking locally, you must have a good understanding of your customers and their consumption and purchasing habits. Remember that each locality is different, so it will never be the same to open a grocery store in a neighborhood in the north of the country as in one in the southeast. While there will be staples and necessities, the chances of success lie in finding the needs of each region and meeting them.
4. Look for more than one supplier
Creating a local business has its challenges and one of them is finding suppliers that respond to your needs. The advice to look for more than one supplier is because you always need support so that your business is stocked all the time and you are not the local store that sometimes has and sometimes not.
5. Design your business strategy
At this point I mean what you determine which is you and how your company will work. Define things like, will there be home delivery? How many employees do I require? Will I give credits? What hours will I have? What will be my sales strategies?
All these questions will allow you to have a better order and planning for your company. In addition, you will be able to foresee what is necessary for the proper functioning of your business.
6. Digitize your company
Bringing your business to the digital plane will bring you great benefits, since you can create alternate strategies with people from the same location. A first step is to create social networks for your business, a website or even an online store. Digitizing your business is a good opportunity to grow locally and even expand.
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7.Use Google Maps
Being on Google Maps is something you must do when you have a local business. Think of all the people who search the internet for what you offer in your physical location. Not only the people who live near your company, but the people who will visit somewhere nearby.
To know how to use it in this article I will tell you a little about
8. Find local media and groups
It is always a good idea to advertise in the local media where you are. It can be a newspaper, a local magazine, give flyers in a nearby mall or other businesses, but also use the power of Facebook groups and your . Find groups in the neighborhood or the area where your business will be to announce your opening and promotions.
9. Create an online store
The last tip is to create an online store properly, this is an economical way to grow your business and reach more people, and it doesn’t have to be difficult. In Tiendanube we prepare this one that we are sure will serve you.
Conclusions
A local business can become a profitable business if you get down to business and commit to growing it. Some of the examples of a local business can give you an idea of what type of business to start within your locality. Take action and dare to take that leap.
If you already have a local business and are looking to grow your business, don’t miss out on the opportunity it can do for you.
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