The recent Shop and Stroll event showcasing local businesses from around the Lowcountry helped to kickstart the holiday shopping season for residents and visitors to Charleston. Despite being the most populated in the state, Charleston is not a big city and enjoys the benefits of smaller communities coming together to support local businesses. As well as attracting customers at one off events, new businesses need to think about the best options for structural and financial set ups, future running costs and finding opportunities for growth. Around 80% of the members of Charleston’s Chamber of Commerce are small businesses and so it understands the value of local resources in supporting the growth of a new enterprise. Advice from other non-governmental enterprise departments, access to regular business expo and networking events, and favorable financial support from both federal programs and private companies, are all readily available to help Charleston’s small businesses to thrive.
Assistance with Set Up and Structure
With favorable tax arrangements on business income and properties, South Carolina is consistently considered one of the top states for launching a new business. One of the first tasks for a small business is to decide on its financial and legal structure. The simplest option is sole proprietorship but a more formal structure common among licensed professionals is a Limited Liability Partnership that offers more protection for the owners. A Limited Liability Company (LLC) is another good choice for a small business. In addition to protecting owners from lawsuits and personal financial loss, the structure provides greater flexibility and professional credibility. Like other states, South Carolina charges fees to form an LLC but a discount offered by a registered LLC agent can help Charleston businesses to lower the cost of setting up.
Help With Rising Running Costs
There are also a number of federal and statewide grants programs and initiatives available to both new and existing businesses in South Carolina. These include a statewide initiative supporting commercial technology companies, while another federal program is aimed specifically at helping female entrepreneurs. The Department of Energy also holds a directory of energy-related funding that can help businesses access renewable energy sources and become more energy efficient. This funding can really help to give new businesses a boost, however, even once a small business has been successfully formed, many owners still struggle to keep up with the rising cost of supplies, labour and energy. In recognition of the important contribution made by smaller businesses, non-profit organizations and places of worship in South Carolina, one energy company has offered their customers payments of up to $2,500 to help with the cost of electricity bills. To be eligible for the payment, organizations must employ fewer than 50 people and have an active business account with the energy company.
Access to a Wide Range of Business Services
Throughout the Charleston area, there are several chambers of commerce, non profit organizations dedicated to supporting local businesses and connecting their members to resources, services and potential clients. Having launched just over 250 years ago, The Charleston Metro Chamber of Commerce is the longest serving business membership organization in the country and still continues to help businesses grow and thrive in the city. As well as having its own Chamber of Commerce, the City of North Charleston has recently launched a Small Business Enterprise Department with the aim of nurturing entrepreneurship in the area and boosting the local economy. To this end, it has invited small businesses to take full advantage of all the resources it has to offer in order to help them thrive.
Opportunities for Making Connections
Annual expo events in Charleston not only offer small businesses a great opportunity to showcase their products and services but also to connect with other exhibitors and attendees. For more regular support from like-minded professionals, weekly meetings allow local entrepreneurs to get together more informally to establish connections, promote their business and explore the possibility of new collaborations. Charleston Business & Brews is a relaxed networking happy hour where attendees listen to a brief presentation and take part in a short Q&A session. Meet ups and other diverse events are also run in Charleston and the surrounding area by Great Business Networking. These and other networking organizations recognize the value of sharing knowledge, insights and new opportunities for personal and professional development and offer considerable support to local businesses.
Starting a small enterprise can be challenging but there is plenty of help available to new business owners in Charleston. By making the most of a range of local resources including financial discounts, networking opportunities and support from administrative departments, local businesses can help to enhance the local economy and ensure success for themselves.
