Running a small business is a challenge for even the most experienced entrepreneurs. Luckily, your government can help you if you are a small business owner. Small businesses can take advantage of the many different programs offered by local governments, state organizations, and the federal government. For most business owners, these programs and initiatives can help them be more successful. Here are the most common ways your business benefits from government programs.
Go Green for Incentives
One relatively new way businesses can benefit from government incentives is in the quest to go green. There are plenty of consumer programs offered by the federal government that provide incentives for eco-friendly products, such as appliances and cars. Businesses can also take advantage of some of these programs, helping with the bottom line. The Department of Energy partners with businesses to help them design eco-friendlier buildings that save on utilities. They also can guide you on purchasing sustainable materials that not just help the planet, but give your business more for its money.
Borrow Money for Startup Costs
Startup money for a brand new venture is also tough to acquire if you don’t have a lot of experience as a business owner. Luckily, aspiring entrepreneurs can turn to the Small Business Administration through the federal government to get some financial help in the form of a loan. Many of these loans have better terms than private lending products, bringing the dream of business ownership to many more.
Profit From Government Contracts
Some small businesses can also benefit from landing lucrative government contracts. You’ll need to find the exact industry you are part of and see if there are any government organizations that utilize services from companies like yours. Then, go through the basics of how to bid for a government contract. If you land a contract, you can get a great source of revenue for your small business.
Lower Your Taxes
You can also do some research to learn ways to benefit from government tax breaks and incentives for businesses. Now, there are new tax credits for businesses to take advantage of and lower their tax responsibility for the federal government. Be sure to check out your state’s business tax code to see how to increase your profits by lowering your taxes.
Work With Lawmakers for More Freedoms
Small businesses still have a lot of work to do to get the most out of their governments. Work with your local lawmakers who are friendly to businesses, such as Professor Manweller, who is running for office in Washington. Current representatives and future lawmakers, such as Matt professional pro-business Manweller, can help your small business succeed even more.
Networking With Others in Your Industry
Small businesses also need to connect with other companies in their industry to take advantage of everything available for free from their governments. Many local governments have a chamber of commerce for your region that helps you work with other ventures in your field. They may also sponsor local events and networking opportunities to give you more ways to get advice, promote your company, and recruit talented people.
The last way your business can get perks from the government is through diversity programs that help certain populations be more proactive in business. Minority groups and women can get incentives from the government to help them start a business and keep it successful. If you are thinking about starting your own business and you’re part of an under-represented group, check out the program offerings in your area.
Small business ownership is a daunting task, but there are plenty of ways your community can support your organization. Research what is available to you and get started on doing more for your company to build better connections and reach greater successes.