Thriving communities develop unique ways to enhance the ability of local entrepreneurs to start up and expand. Local businesses simply do more business locally. They hire local accountants, utilize local legal services, do business with local banks, spend a greater degree of their advertising dollars locally, donate more money to local charitable causes and build local wealth. Unique local businesses serve as a destination that can pull people from outside the traditional market trade area and enhance tax revenue, job creation and local wealth. Communities understand the importance of entrepreneurs, but what can they actually do to help?
We understand that successful entrepreneurship does require a bit of luck, but we’ve found five things that greatly enhance the success rate of entrepreneurs:
The two that are more inherent traits are:
1. Work ethic- Being an entrepreneur means long and irregular hours. If you don’t possess a strong work ethic, you probably won’t succeed.
2. Passion- If you don’t love what you do, you will eventually pull away from your business concept
If you don’t possess the two traits above, no amount of training, assistance or monetary support is going to help. The other three traits that a community can help with are:
1. Education- A lot of people are trained to work for someone else. Working for yourself requires a different type of education. Classes like the Start Your Own Business class or other specialized area training can provide the unique entrepreneurial education that small businesses need.
2. Logistical support- Modern businesses are complex. A successful entrepreneur needs to build a team that can offer the tangible support and services that they need to start strong while providing the best opportunity to succeed.
3. Capital- A lot of businesses fail simply because they are under capitalized. Without enough money to start a business off right, businesses will face an unforgiving public that won’t always “grow” with a business.
At Emporia Main Street, we work hard to provide educational resources, logistical support and capital. However, we need your assistance to enhance these areas so our community can continue to grow. Network Kansas is a funding partner we cooperate with to provide zero interest loans and educational opportunities for local businesses. Each year, they sell tax credits that can offset an individuals tax liability while providing funds to local small businesses in start up or expansion modes. Recent changes in Network Kansas policies also allow tax credit proceeds to be utilized for specialized educational opportunities (like Destination Boot Camp).
If you are interested in helping the local economy while offsetting some of your tax liability, please CLICK HERE. The money raised through this mechanism stays in an account dedicated to supporting Lyon County businesses.
We all want our economy to grow. We want new businesses. We want more job opportunities. YOU can help make that happen. The Kansas Entrepreneurial Tax Credit is a tangible way that you can create a REAL impact. Contact Emporia Main Street for additional information, and you can get involved today!