How to Finance a New Business in Greensboro/Guilford County

May 11, 2026

Key Takeaways

Greensboro’s financing ecosystem spans SBA loans, community banks, and local CDFIs, giving business owners more options than most realize.
Matching the loan type to the specific use of funds is just as important as finding the right dollar amount.
If a traditional lender has said no, mission-driven CDFIs like Piedmont Business Capital and CSBDF were built specifically for that gap.
Free counseling from the GTCC Small Business Center, NC A&T SBTDC, and the Nussbaum Center can meaningfully strengthen a loan application before it’s ever submitted.
Equity financing through angel investors or venture capital is a strategic fit for high-growth startups, but most Greensboro small businesses are better served by debt financing first.

According to the SBA’s Office of Advocacy, small businesses make up 99.6% of all businesses in North Carolina, and Greensboro is no exception. Since most of these businesses start without sufficient startup capital, many businesses turn to financing. The options, fortunately, are more varied than most people realize.

From SBA-backed loans to Greensboro-based community lenders built specifically for underserved entrepreneurs, this guide maps the financing landscape in Guilford County so you can find the right fit for where you are and where you’re headed.

When Should a Small Business Consider Receiving Financing?

Financing makes sense when the cost of borrowing is lower than the opportunity, stability, or growth it enables, and when your business can realistically service the debt.

Financing works best when it helps grow your business, solves a short-term problem, or invests in something that will generate revenue. Taking on debt to cover a fundamental viability problem rarely ends well. However, a loan that unlocks real revenue, covers a productive asset, or bridges a temporary gap can be a genuine tool for the business.

What Financing Options Are Available in Greensboro, NC?

Finance companies in Greensboro, NC, range from national SBA lenders with local branches to mission-driven nonprofits operating blocks from downtown. The right option depends on your stage, credit profile, intended use of funds, and how quickly you need capital.

Review the following primary financing options available to small businesses in Greensboro:

1. SBA 7(a) Loans

As the most widely used SBA loan program in the country, the 7(a) earns its popularity through sheer flexibility. Funds can cover working capital, equipment, real estate, or refinancing existing debt, making it one of the few options that work across a broad range of business needs.

Most lenders require a credit score of 650–680 or higher, and because underwriting is thorough, expect 30–90 days from application to funding.

Best for: Growing or established businesses needing flexible capital. Startups with strong business plans and solid personal credit can qualify, though the bar is higher without operating history.
Less ideal for: Businesses that need capital fast or are navigating credit challenges.

2. SBA 504 Loans (via BEFCOR)

Where the 7(a) is flexible, the 504 is purpose-built for major fixed-asset purchases: commercial real estate, construction, large equipment, or significant renovation. The structure involves three parties, with a bank financing roughly 50% of the project, BEFCOR (a North Carolina nonprofit and SBA Certified Development Company) financing 40%, and the business contributing as little as 10% down.

Fixed rates and long terms of 10, 20, or 25 years keep payments predictable. Loan amounts run from $25,000 to $5.5 million, and startups under two years old can still qualify with a 15% down payment.

Best for: Established businesses purchasing property, building out a facility, or making a large equipment investment. Manufacturers, medical practices, logistics companies, and food businesses are frequent users.
Less ideal for: Businesses needing working capital or flexible funds, since 504 proceeds are restricted to fixed-asset purchases.

3. Community Bank and Credit Union Loans / Lines of Credit

Greensboro has a strong community banking tradition, and for businesses with established credit and banking relationships, it remains one of the most straightforward paths to capital. Term loans deliver a lump sum on a fixed repayment schedule, while revolving lines of credit give businesses ongoing access to funds as cash flow demands.

Funding typically arrives in one to three weeks, and the relationship built with a local banker often pays dividends well beyond a single transaction. Conventional underwriting standards apply, so businesses with credit challenges will find this route more difficult.

Best for: Established businesses with solid credit and existing banking relationships looking for working capital or moderate growth capital.
Less ideal for: Startups without a financial history or businesses that have had credit difficulties.

4. SBA Microloans

The SBA Microloan Program provides up to $50,000 through nonprofit intermediary lenders, making it a dedicated option for early-stage businesses that need a modest capital injection to get moving. Personal credit and business plan quality still factor into approval, and the GTCC Small Business Center can connect Guilford County entrepreneurs with approved lenders and help them build a competitive application.

Best for: Startups and early-stage businesses funding operational expenses, initial inventory, or modest equipment needs.
Less ideal for: Businesses needing more than $50,000 or those on a tight timeline.

5. Piedmont Business Capital

Founded in 1992 as the Greensboro Venture Capital Fund, Piedmont Business Capital (PBC) is now a Treasury-certified Community Development Financial Institution (CDFI) headquartered in Greensboro, and one of the most important finance companies in Greensboro, NC, for underserved entrepreneurs. Its mission centers on serving businesses that traditional lenders have overlooked.

PBC offers smaller loan amounts suited to early-stage and underserved businesses, along with subordinated debt, equity investments, and credit-builder products, with an active focus on MWBE lending, healthy food businesses, and community-oriented enterprises. For companies incubating at the Nussbaum Center for Entrepreneurship, PBC also runs a Tenant Loan Program in partnership with the Center.

Best for: Minority- and women-owned businesses, veterans, and entrepreneurs who’ve been declined by traditional lenders, run food businesses, and or are early-stage companies at the Nussbaum Center. PBC provides meaningful access to business financing for women and small business financing for veterans that conventional lenders often cannot match.
Less ideal for: Businesses that qualify comfortably for conventional financing and don’t need the CDFI’s flexibility.

6. Carolina Small Business Development Fund (CSBDF)

A statewide nonprofit CDFI and SBA Community Advantage lender, CSBDF lends up to $350,000 to both startups and existing businesses across North Carolina, with a particular focus on founders who haven’t been able to access traditional financing.

Worth knowing before you apply: CSBDF requires an initial counseling session with their Business Solutions Team, a step that adds time but helps founders identify the right financing structure before they commit to one.

Best for: Startups, businesses that don’t meet conventional lending criteria, and entrepreneurs who would benefit from technical guidance alongside their capital.
Less ideal for: Businesses that need funding quickly, since the required counseling step extends the timeline.

7. Angel Investors and Venture Capital

Equity financing differs from debt in one fundamental way: investors provide capital in exchange for an ownership stake, sharing both the upside and the risk. For high-growth startups with scalable business models, that exchange can make good strategic sense. However, for lifestyle businesses or service operations without significant growth ceilings, other financing types are almost always a better fit.

North Carolina’s venture capital ecosystem is concentrated in the Research Triangle, which means Greensboro founders often need to cast a wider net. The NC SBTDC’s private equity services actively connect growth companies with angel funds and VC networks statewide, and Launch Greensboro’s ecosystem, including Greensboro Startup Week, puts founders in front of investors already looking at Triad companies.

Best for: High-growth, scalable startups in tech, advanced manufacturing, biotech, or SaaS willing to exchange equity for capital and strategic investor relationships.
Less ideal for: Founders who aren’t prepared to share ownership and control, or businesses without a clear high-growth trajectory

How to Finance a New Business: 6 Tips

Know what you’re financing before you apply: Lenders want specifics. “Working capital” is too vague, so come prepared to name the exact expense, the timeline, and the expected return.
Get your documents ready before you need them: Most lenders require 2–3 years of tax returns, recent bank statements, a P&L, and a business plan. Get ahead of it before the clock starts running.
Match the loan to the asset: Use long-term financing like an SBA 504 for long-term assets like real estate. Mismatching loan type and asset life is one of the most common cash flow mistakes small businesses make.
Don’t overlook mission-driven lenders: If a bank has declined you, or if you’re a minority, woman, or veteran business owner, CDFIs like Piedmont Business Capital and CSBDF exist specifically to fill that gap, often with technical support built in.
Talk to free local resources first: The GTCC Small Business Center, NC A&T SBTDC, and the Nussbaum Center all offer free counseling. A conversation before you apply can save you from the wrong product and strengthen your application.
Understand the real cost of fast capital: Online lenders and merchant cash advances offer speed but often carry significantly higher costs. APR is the number that matters, so always ask for it in writing before committing.

How to Choose the Right Financing for Your Business

Match your financing type to your business stage, intended use of funds, credit profile, and timeline for capital needs, because no single option works for every situation.

Practically, that means starting with a few honest questions before approaching any lender. How long have you been operating? Is this a long-term asset purchase or a shorter-term working capital need?

A startup with credit gaps is usually best served by a CDFI or microloan, while a business with years of operating history buying its building is almost certainly in SBA 504 territory.

Are There Grants Available for Small Businesses in Greensboro?

Alongside the many financing options, Greensboro has several small business grants worth knowing about. Top options include:

Check out our guide to Greensboro grant opportunities to learn more about your options.

Turn to the Greensboro Chamber of Commerce for Financing Advice and Entrepreneurial Training

Starting a business can feel overwhelming, especially when financing enters the picture. Through Launch Greensboro, the Chamber connects entrepreneurs with training, mentors, and other business owners who have been through it before. Programs like LaunchLab and Scale to Excel help support businesses at different stages of growth, whether you’re just getting started or preparing to scale.

Learn more about our small business educational programs and explore Chamber membership today.

How to Find Young Professional Networking Events in Greensboro

April 6, 2026

Greensboro has one of the most active young professional communities in North Carolina, with a strong lineup of organizations and recurring events built specifically for people who are early in their careers and looking to grow. Whether you’re new to the city or getting more intentional about building connections, finding young professional networking events in Greensboro is easier than you might expect.

6 Young Professional Networking Events in Greensboro

Greensboro’s young professional landscape spans casual monthly mixers, structured weekly groups, and annual leadership summits. Check out a breakdown of the best local networking events for young professionals below:

1. Coffee & Conversation

Hosted by the Greensboro Chamber of Commerce and sponsored by Cone Health, Coffee & Conversation meets on the third Thursday of every month at Sagewell Health & Fitness. Each session pairs open networking with educational programming on topics tied to local economic development, talent, entrepreneurship, and community initiatives.

Members and non-members are both welcome, making it one of the most accessible recurring young professional networking events in Greensboro.

2. WE Connect

WE Connect is the Greensboro Chamber of Commerce’s women’s networking group, meeting monthly at the Chamber’s offices. Topics are chosen for women, by women, with a consistent focus on leadership development, empowerment, and professional education.

The group draws professionals from across industries and is open to all female-identifying individuals who want peer connection alongside targeted development.

3. synerG YP On Tap

Run by synerG Young Professionals, On Tap is a monthly drop-in networking event that rotates across venues throughout Greensboro.

Attendance is free and open to any young professional living or working in the area, with no registration required. For anyone new to the city’s young professionals’ scene, it’s a low-pressure place to get started.

4. synerG Grow Group

Grow Group meets every Tuesday morning from 8:45 to 10:00 AM and from 5:30 to 6:30 PM on the fourth monday of the month. Both meetings are held at Action Greensboro, and you can check their events page to confirm meeting times and the location.

The structured format gives each attendee a spotlight to share who they are and what they’re looking for, whether that’s professional connections, referrals, or collaborators. Young professionals who want consistent, small-group relationship building over a once-a-month mixer will find that Grow Group delivers in a way most networking events don’t.

5. synerG Lead Your City Summit

Lead Your City is synerG’s annual leadership summit, bringing together young professionals from across Greensboro for a full day of keynote presentations, panel discussions, and breakout sessions. Attendees connect with community leaders and subject matter experts who don’t typically show up at casual networking events.

Young professionals who want more than a handshake and a business card will find the summit covers both.

6. Greensboro Jaycees

The Greensboro Jaycees is a leadership organization for professionals aged 21 to 40, with monthly membership meetings built around networking, guest speakers, and leadership training.

The standout event on their calendar is Making Connections, a semi-annual format co-hosted with synerG that places young professionals in rotating small-group conversations with established community leaders across healthcare, design, economic development, and more. Mentorship and peer connection sit side by side here in a way few other organizations offer.

How to Network at an Event: 5 Young Professional Networking Tips

If you want to make the most of your time networking, make sure to follow these five young professional networking tips:

Prepare a short introduction: Before you walk in, have a clear, practiced answer to “so, what do you do?” It doesn’t need to be scripted, but it should cover who you are, what you do, and what you’re looking for. Fumbling through that introduction in the first conversation of the night can cost you momentum early.
Set a goal before you go: Decide in advance what a successful event looks like for you. It might be meeting three new people in a specific industry, or having one meaningful conversation rather than ten forgettable ones. A small, specific target keeps you focused without making the evening feel transactional.
Lead with curiosity, not a pitch: The professionals who build the strongest networks focus on the other person first. Ask questions, listen, and find out what someone is working on before you redirect to yourself. Being genuinely curious leaves a stronger impression than being impressive.
Be proactive about starting conversations: Waiting to be approached is a habit that costs you more connections than it saves you comfort. Look for groups with an open spot or people standing alone, and introduce yourself. Most people at a networking event are there for the same reason you are.
Follow up within 48 hours: A LinkedIn message or brief email within a day or two is what separates a conversation from an actual relationship. Reference something specific from your exchange so the follow-up feels personal rather than generic.

Find Your Next Networking Event at the Greensboro Chamber of Commerce

At the Greensboro Chamber of Commerce, we’re proud to help young professionals grow their network and build invaluable connections in the Greensboro area. Review our events page to find our upcoming networking events. If you’re interested in getting more involved in the Chamber, check out the opportunities we provide to our members.

2026 Business Awards Greensboro Companies Should Apply For

January 15, 2026

One of the best ways for Greensboro businesses to raise their local profile is to be nominated for and win an award from a local organization. If you’re interested in receiving one of Greensboro’s prestigious business awards, review our guide to the primary award opportunities in the city.

4 Awards Available to Greensboro Businesses

With awards from the Greensboro Chamber of Commerce, the Triad Business Journal, and the city of Greensboro’s Office of Sustainability and Resilience, businesses have a few different chances throughout the year to be nominated for awards. Find out more about the four primary small business awards in Greensboro below:

1. Greensboro Chamber of Commerce 2026 Small Business Awards

The Greensboro Chamber’s Small Business Awards celebrate the local companies and owners who help keep Greensboro growing, from creativity and entrepreneurship to real community impact.

Each year, the community nominates standout “business heroes,” before public voting and Chamber evaluation help spotlight winners and finalists. When businesses win, they’ll receive their award at the Small Business Awards event, receiving a heartfelt thank-you for their remarkable contributions to Greensboro. Find out more about each small business award a company can be nominated for below:

Mayor’s Committee Awards: These awards recognize employers and organizations that have successfully employed people with disabilities or helped build a barrier-free community in Greensboro. They’re presented through the Mayor’s Committee for Persons with Disabilities in partnership with the Chamber.
People’s Choice Award: This community-driven award allows nominees to earn extra recognition through public support and voting.
Community Contributor Award: This award highlights an organization or individual that meaningfully supports Greensboro’s small business community, serving as an advocate, champion, and practical resource that helps others succeed.
Culture Creator Award: This recognition goes to a small business that intentionally builds an inclusive, equitable workplace culture and invests in employee well-being and development, proving that a strong culture isn’t only for big companies.
Ignition Award: This award spotlights an early-stage business that is already gaining momentum and contributing to the local economy. To be eligible, a business needs to have opened within the past three years.
Entrepreneur of the Year Award: This award recognizes a person or company whose entrepreneurial success has built a thriving, sustainable business and who continues contributing to Greensboro’s entrepreneurial ecosystem.
Small Business of the Year Award: This prestigious business award recognizes a company that demonstrates both business success and civic leadership, with community involvement, management practices, and financial performance as primary criteria.

When Can You Be Nominated for a 2026 Small Business Award?

Nominations typically open early in the year, and community members can nominate eligible Greensboro small businesses that meet the Chamber’s criteria.

When Do Nominations Close for the 2026 Small Business Award?

Deadlines are not published yet for 2026, but recent cycles closed roughly 10–11 weeks before the awards date.

2. Live Green Awards

Over the past few years, the City of Greensboro’s Office of Sustainability and Resilience has recognized local sustainability leadership through its annual Live Green Awards. The program honors businesses, individuals, and community organizations whose work advances a healthier, more resilient Greensboro, with an emphasis on initiatives that are innovative, inclusive, and environmentally responsible.

Greensboro’s Community Sustainability Council, with support from the Office of Sustainability and Resilience, created the Live Green Awards Program in 2023 to celebrate sustainability leadership across the community. These awards include:

Energy Wise Award: The Energy Wise Award honors a standout commitment to energy progress in Greensboro, including renewable energy use, energy efficiency improvements, air pollution reductions, and other innovative energy practices.
Sustainability Champion Award: The Sustainability Champion Award recognizes leaders who spread sustainability awareness and literacy while also taking action to create a more sustainable Greensboro.
Waste Not Award: The Waste Not Award spotlights exceptional sustainable waste management, including recycling, composting, waste avoidance, responsible sourcing, and waste recovery.
In Touch With Nature Award: The In Touch With Nature Award honors environmental stewardship through natural resource conservation, tree and land preservation, native plants, and sustainable landscaping, with a focus on innovative, locally meaningful practices.
Unity in Sustainability Award: The Unity in Sustainability Award recognizes sustainability leadership that centers diversity, equity, and resilience. It celebrates efforts that build inclusive environments, support marginalized communities, and develop socially just solutions to climate challenges.

When Can You Be Nominated for a Live Green Award?

Nominations open annually. For the 2026 Live Green Awards, the City accepted nominations from Nov. 3 through Dec. 5, 2025. Customers, neighbors, business partners, and other community members regularly nominate businesses for these awards.

When Do Nominations Close for the Live Green Awards?

For 2026, nominations closed Dec. 5, 2025. Deadlines can change each year, so check the current call for nominations.

3. Triad Business Journal Nominations

Triad Business Journal (TBJ) runs a slate of annual awards that spotlight standout companies and leaders across the Piedmont Triad, including Greensboro, Winston-Salem, and High Point.

For Triad-area businesses, these programs can be a smart credibility boost, especially for recruiting, sales enablement, and local PR. Many of TBJ’s awards are built around measurable impact, like employee experience, growth over time, or demonstrated leadership, which gives winners and finalists a strong story to share. If you’re interested in receiving one, please review the following TBJ awards:

Best Places to Work 2026 (nominations due January 16, 2026): This program recognizes companies with strong employee satisfaction and workplace culture, and it’s typically supported by a confidential employee survey process.
HR Impact Awards (nominations due February 5, 2026): Honors top human resources leaders in the Triad, highlighting the people shaping workplace culture, talent strategy, and employee experience.
Leaders in Diversity – Company Awards (Nominations due February 6, 2026): Recognizes organizations excelling in diversity and inclusion practices, with a focus on meaningful efforts in the workplace and community.
Leaders in Diversity – Individual Awards (Nominations due February 6, 2026): Highlights individuals advancing diversity and inclusion through leadership and measurable influence in their workplaces and communities.
Triad C-Suite Awards (Nominations due March 2, 2026): Celebrates top executives, including CEOs, CFOs, COOs, CIOs, and CTOs, recognized for performance, innovation, and leadership.
Family Business Awards (Nominations due March 26, 2026): Spotlights family-owned businesses across the Triad and the long-term leadership and community footprint that often comes with multigenerational ownership.
Fast 50 Awards (Nominations due April 30, 2026): Recognizes high-growth companies in the Triad, typically emphasizing sustained growth over multiple years and the business discipline required to scale.
Triad Commercial Real Estate Awards – Best Projects (Nominations due July 6, 2026): Recognizes the Triad’s 50 fastest-growing private companies, ranked using growth over the past three years.
Triad Commercial Real Estate Awards – Rising Star Award (Nominations due July 6, 2026): Recognizes rising stars in the Triad’s commercial real estate industry.

When Can You Be Nominated for a Triad Business Journal Award?

Nomination windows open throughout the year, and most programs accept nominations from employers, peers, clients, and sometimes self-nominations.

When Do Nominations Close for Triad Business Journal Awards?

There’s no single cutoff. Each award has its own deadline, and in 2026, those deadlines run from January 16 through July 6.

4. NC Department of Labor Safety Awards

The N.C. Department of Labor (NCDOL) Safety Awards Program recognizes private firms and public agencies across North Carolina that achieve and maintain strong workplace safety records. The goal is to promote accident prevention and encourage employers and employees to maintain a safe, healthful workplace.

Winners are recognized at regional awards events co-sponsored by local groups like chambers of commerce. For Greensboro-area employers, the Greensboro Chamber of Commerce partners with NCDOL every other year to host the local Safety Awards event, giving recipients a high-visibility moment to celebrate their safety performance with peers. The three awards provided by the program include:

Gold Award: Based on an employer’s DART rate (days away, restricted, or transferred), which reflects cases involving days away from work, restricted activity, or job transfer (using OSHA Form 300A).
Silver Award: Based on cases with days away from work only (also drawn from OSHA Form 300A), meaning incidents where an employee missed at least one full day of work (not including the day of injury).
Million-Hour Safety Awards: Given to organizations that accumulate one million employee hours with no injury or illness cases involving days away from work, with additional awards for each subsequent one million safe hours.

When Can You Apply for the NCDOL Safety Awards?

Applications open annually, with the NCDOL typically notifying employers when it’s time to submit (for 2026, NCDOL noted an email went out on January 9, 2026). Applications are due by February 15, 2026, and if you’d like to be notified about the awards going forward, join the NCDOL’s mailing list.

How to Apply for the NCDOL Safety Awards

Complete NCDOL’s online safety awards application, using your organization’s calendar year data and the requested incident-rate information.

NCDOL recommends reviewing the posted instructions and reference materials (including the rate chart) before submitting, and they encourage organizations to apply even if they don’t qualify, so they remain active in the program.

Apply for Small Business Awards in Greensboro

Interested in winning one of Greensboro’s awards for businesses? The Greensboro Chamber of Commerce is here to help. We’re proud to offer a number of programs that help entrepreneurs network, develop their skills, and foster talent at their company. The information and guidance provided at these programs can help you grow your name in Greensboro, putting you in a better position to receive an award.

Learn more about how the Greensboro Chamber of Commerce can support your business’s success. If you have any questions about our 2026 Greensboro Awards before we announce them, please contact us.

Greensboro Entrepreneurs: Your Guide to Financial Planning

October 8, 2025

If you’re interested in growing your business without constantly taking on debt or scrambling to find extra money to pay off debt, review our guide to financial planning for Greensboro-based entrepreneurs:

The Basics of Financial Planning

A financial plan is a document that includes details and strategies for improving your current financial situation and meeting your short-term and long-term financial goals.

Creating a financial plan helps entrepreneurs:

Pay bills on time
Identify and set priorities
Make a schedule to pay off debt
Set aside money for emergencies
Develop a plan for growing their business responsibly

3 Financial Planning Tips for Entrepreneurs in Greensboro, NC

Review our top three financial planning tips, especially for Greensboro entrepreneurs, below:

1. Understand Your Existing Finances and Create SMART Goals Based on Them

Start by listing your income, fixed monthly costs that don’t change (like rent), variable costs that do change (like supplies), any debt, your savings, and your business bank accounts. Next, calculate how much cash you spend each month and the minimum sales needed to pay bills.

Potential Actions to Take If You Find High or Unsustainable Expenses

As you list your expenses and income, you may find some costs that are too high to remain sustainable. Some common actions entrepreneurs take to reduce unnecessary expenses include:

Refinance high-interest debt: If you have a loan with a high interest rate, consider taking a new loan with a lower rate to pay it off. This new loan can reduce your monthly costs and the total you pay over time. Refinancing also provides your business with the opportunity to adjust your payment frequency to one that better suits your needs.
Reduce discretionary costs: Discretionary spending refers to nonessential costs that businesses can eliminate or adjust without directly affecting their core operations. Some common discretionary costs you might consider eliminating or scaling back include travel, investments unrelated to day-to-day operations, marketing, subscriptions for nonessential software, and entertainment-related spending.
Create a conservative budget: In general, most small businesses need to stick to a more conservative budget that anticipates uneven income in the early stages. To create a conservative budget, it should be based on the expectations of low income and high expenses. This approach prepares your company for the worst and often leaves businesses with extra cash at the end of the month due to higher-than-expected income or lower-than-expected costs.

How to Create SMART Goals

Once you have a comprehensive understanding of your expenses and have an idea about some actions you could take to reduce them (if needed), you can begin to create SMART goals to help you achieve them.

To successfully create them, your business’s goals should be:

Specific
Measurable
Achievable
Relevant
Time-bound

Example of a SMART Goal for Entrepreneurs

Non-SMART Goal: I want my business to increase sales.
SMART Goal: Over the next six months, I plan to increase sales by an average of $5,000 per month.

2. Include Core Financial Best Practices in Your Plan

Whether it’s building a contingency fund or monitoring cash flow, you set your business up for future success by adding a few implementable financial best practices to your plan. These best practices include the following tips:

Separate Personal and Business Money

Instead of using your personal checking account or credit card to pay for your business expenses, open a business checking account and a business credit card. These new accounts should be used exclusively for business expenses and never for personal purchases.

Keeping money separate makes bookkeeping and tax filing easier, while also helping to protect your personal assets if your company is an LLC or corporation.

Keep Your Compensation Reasonable

Unless you’re planning on not taking a salary for some time, you’ll need to decide on sustainable owner pay.

Generally, owner compensation should cover your personal budget (meaning it’s sufficient for you to live on) without being so high that it starts draining the cash your business needs for day-to-day bills.

The U.S. Chamber of Commerce also offers a fairly detailed resource for calculating a business owner’s salary, which we recommend reviewing when determining your salary.

Build a Contingency Fund to Stay Resilient

Save an emergency fund for unexpected expenses, such as a broken machine or a slow month. Keep this money readily available, such as in cash or a savings account.

To build your contingency fund, allocate a percentage of your monthly revenue to be automatically transferred to the account each month.

Greensboro Chamber of Commerce Tip: Aim for at least three to six months of operating expenses when building your contingency fund. This buffer buys time to adapt during a challenging business period.

Create and Monitor Your Budget

Create a practical operating budget. List fixed costs like rent, payroll, and software, and variable costs like inventory and marketing.

Next, compare those costs to a realistic expectation of the revenue your business will generate each month and over the next year. Doing so will give you an idea of how much extra cash you can expect to have each month once all your expenses are covered.

Each week, compare what you planned to what you really spent and earned. Follow up on late payments, and try to buy big items when you have cash coming in.

Plan for Local, State, and Federal Taxes Year-Round

As a self-employed entrepreneur, you’ll need to pay quarterly payments to North Carolina and the federal government. While the penalties for missed quarterly payments are fairly low (under 1% currently), they can still be expensive if you have a lot of taxable income.

Do your research on how much you’ll owe each quarter, and set aside a percentage of every dollar you earn that matches the tax you’ll need to pay. Keep this taxed income in a separate account and ensure that you pay your taxes by the quarterly due date.

Greensboro Chamber of Commerce Tip: Don’t forget local taxes! You should check how much you owe to Greensboro, as the city taxes real property (e.g., commercial buildings and land) and personal property (e.g., equipment and machinery). You’ll also need to pay sales taxes to Guilford County.

3. Decide What Outside Assistance You Plan to Rely On

Any entrepreneur will eventually need outside assistance. Whether you’re raising capital, securing needed insurance, or finding a CFP, external partners and advisors can be essential to a new business’s success.

While looking for external help, follow these tips:

Choose Funding Sources Strategically, Not Emotionally
When looking for funding, start with low-risk money like savings, small grants, or help from friends and family. Raise only enough to reach your next goal, and understand the tradeoffs, such as giving up ownership or adhering to repayment rules.

Greensboro Chamber of Commerce Tip: If you’re unsure about raising capital, it can be well worth taking the time to join entrepreneurship programs in Greensboro that provide education on securing funding. Look for programs that also have opportunities for mentorships and networking.

Manage Risk With the Right Insurance
List the biggest things that could go wrong at work, and purchase insurance that protects your business from those risks.

Typically, most businesses will start with three common policies: General Liability (injury or damage claims), Property Insurance (damage to buildings, equipment, inventory), and Professional Liability for service businesses (claims that your advice or work caused a loss).

You may also need Cyber Liability or Business Interruption depending on your operations.

Work With a Fee-Only CFP and CPA Who Understands Entrepreneurs
Hire a fee-only Certified Financial Planner and a Certified Public Accountant who puts your interests first. They can help choose a business type, improve your financial plan, reduce taxes, and test big decisions. Meet twice a year to refresh your goals and plan.

Greensboro Chamber of Commerce Tip: Contact our team to receive recommendations for local CFPs and CPAs who have successfully worked with Greensboro entrepreneurs.

Connect With the Entrepreneur Center in Greensboro, NC, for Financial Planning Assistance

If you’re an entrepreneur ready to create your financial plan in Greensboro, the Greensboro Chamber of Commerce is ready to serve you. Our entrepreneur center in Greensboro, NC, is home to a variety of programs directed toward helping entrepreneurs. When you join one of our programs or contact us for assistance, a member of our staff can provide financial planning advice and connect you with trusted CFPs and CPAs.

Learn more about our Entrepreneur Center today!

5 Marketing Strategies and Tips For Small Businesses

February 6, 2025

If you own a small business in Greensboro, NC, getting your name out is essential for your business’s success. Whether you’re opening up a new bakery or launching a private practice, you need to have a plan for how to reach your target audience. As you focus on improving your advertising efforts, take a moment to review our top marketing tips for small businesses.

How to Market a Small Business: 5 Small Business Marketing Tips

From researching your competition and setting up a Google Business profile to partnering with local influencers and diversifying your marketing channels, you have lots of ways to improve your marketing strategy. If you want to learn more about how to market a small business, review our top five advertising tips for small businesses below:

1. Research Your Competition’s Marketing Efforts

Before you launch your marketing efforts, it can help to know what your competitors are doing to advertise their businesses and how they’re pricing their products or services. For instance, if you find that they’re selling their product for a higher price than you were planning on, you could make your lower prices a key part of your marketing efforts. You could also evaluate how effective a competitor’s marketing strategies have been, using that information to help you know what you should focus on.

Doing this research can also help you find gaps in your competitors’ marketing strategies. If they’re not advertising to consumers you think would actually benefit from your business, you can start focusing on addressing that gap and bringing in new customers. Alongside helping your marketing strategy, you can use competitor information to create a more successful business plan.

2. Set Up a Google Business Profile

Setting up a Google Business is free and one of the easiest ways you can get your business’s name out in your community. With a Google Business profile, you can make sure your business shows up on Google Maps and in search results.

This profile also allows Google users to immediately see your website, hours, location, and phone number, raising the chance they visit your business or browse your site. Make sure to verify ownership and optimize your My Business account to raise the chance your company shows up higher in local search results.

Since Google states that verified businesses are twice as likely to be considered reputable, an added bonus of a Google Business profile is that it helps you gain credibility quickly. Your Google Business profile also makes it possible to interact with customers who left reviews, showing future users that you care about your customers’ experience. Additionally, you can post photos that showcase your products or services to attract consumers to your business.

3. Make Sure You Diversify Your Marketing Efforts

While going through traditional marketing channels can still be effective, you don’t want to pigeonhole your business into a restrictive marketing strategy. For example, if you only promote your business with physical media, like signs, billboards, and print ads, you’ll miss out on reaching lots of customers who are more likely to be swayed via digital marketing efforts.

When you market your business on social media, make sure you have a diverse marketing strategy as well. Don’t get stuck only using one social media platform or one type of content. Since short video content is very popular right now, you wouldn’t want to just produce written content (e.g., blogs, how-to articles, etc.). Instead, you’d want to pair your written content with video content on TikTok, YouTube Shorts, Facebook Stories, and Instagram Reels.

4. Collaborate With Local Influencers and Media Outlets

Unless you’re a national brand, it’s probably not worth paying a celebrity or influencer to advertise your products or services. However, collaborating with local influencers can be well worth it, as they’ll give your business credibility with followers who actually live in your city. Before you collaborate with an influencer, make sure their audience matches your target demographic and that the influencer matches your brand values.

Even though legacy media outlets aren’t as popular as they once were, it can still be worth engaging with them. Whether you take out an ad in your local newspaper, do an interview with your news station, or have your CEO appear on a local radio station, reaching out to local media makes sure more people start to notice your business. Additionally, many local media options can be free or low-cost, meaning you won’t be taking much of a financial risk, if any.

5. Put Quality Ahead of Quantity Online

When you’re working on your online marketing strategy, you might be tempted to try to create as many blogs as you can to start getting your business to rank higher. While it’s great to have a strong web presence, many businesses try to off-source their articles and other types of content to LLMs, like ChatGPT, or they try to have one person write more blogs than they can handle a day.

Both options often lead to low-quality work, inaccurate information, and lost trust from potential clients or customers. Search engines like Google also penalize sites that publish low-quality content and have spammy practices, causing these sites to rank lower in search results.

As you drive traffic to your website with original content, focus more on producing a few high-quality, well-researched blogs or articles every month rather than multiple blogs a day. You’ll usually want to stick to blog topics that relate to your business, and it can pay to work with SEO experts who can find the right keywords to target and help you develop a more effective online marketing strategy.

Turn to the Greensboro Chamber of Commerce for Small Business Marketing Advice

If you’re looking for more small business marketing advice in Greensboro, the Greensboro Chamber of Commerce can help. We regularly host networking events where new business owners can connect with marketing professionals and other business owners to pick their brains about advertising. Launch Greensboro also includes multiple programs designed to help small business owners develop an effective marketing strategy. With our many resources and network of local entrepreneurs, we’re confident we can support your business’s growth.

Learn more about Launch Greensboro today. If you have any questions about the ways we can help you improve your marketing efforts, please contact us.

How to Start a Business in North Carolina

January 31, 2025

If you’d like to start a business in North Carolina, it can be overwhelming to think about, especially if you’re not even sure what type of business you want to start. Once you know what steps to follow, however, starting a business in North Carolina isn’t all that difficult, with the state very friendly to entrepreneurs (NC has a 2.5% corporate tax rate, the lowest in the country!).

Whether you’re looking for a new business idea or want to know what you should do to launch your business, review our guide to starting a business in North Carolina.

What Is a Good Business to Start in North Carolina?

Small business entrepreneurs have lots of exciting opportunities in North Carolina. If you’re still trying to decide what your business should do, review the following business types that are perfect for entrepreneurs early in their careers:

Moving Company
Professional Services (e.g., doctors, architects, engineers, dentists, geologists, and social workers can all start a Professional Limited Liability Company).
Bed & Breakfast
Recruiting Agency
Virtual Assistant Business

Regardless of the type of business you start, you’ll be in the right state to do it, as CNBC has named North Carolina one of the top three states to do business in for five years straight.

Do You Need a Business Plan to Start a Business in North Carolina?

Small business entrepreneurs need a business plan before they launch their company in North Carolina. This type of plan will give your business a direction to follow, guiding your business’s growth and helping you meet challenges. A detailed business and financial plan should include the following information:

The product or service your business plans to offer
The amount of funding you have, where that funding is coming from, and how much it’ll cost to launch and run your business
Your business’s primary competitors
The target audience of your business and how large that audience is

Does a New Business in North Carolina Need a Business Name?

Before you register your business, you need a name for it. The best business names will let customers know what your business does while also being unique enough that the name doesn’t get lost in the crowd. You’ll also want to look up competitor names to get a sense of naming conventions in your industry and how professional-sounding your business’s name needs to be.

Once you have a name, you need to do a business name search to make sure someone else doesn’t already have the same name. You can conduct your search here.

Where Can You Receive Funding From a New Business?

If you have enough personal savings to launch your business and fund operations for a stretch of time, you’ll likely want to stick to those funds so that you can retain full ownership and control of your business. However, most small business entrepreneurs will need funding from outside sources. Besides personal funds, you can receive funding from the following sources:

Family and Friends
Small Business Loans
Small Business Grants
Outside Investors (e.g., other entrepreneurs and venture capitalists)

How to Register a Business in North Carolina

Once you’ve decided on a small business idea, have a name, and know your funding sources, it’s time to register it. During registration, you’ll need to decide whether your business is a Sole Proprietorship, Limited Liability Company (LLC), a C corporation, a Nonprofit, or a Doing Business As (DBA). Each option has different benefits and requirements, so do your research first and talk to other business owners before deciding.

Next, you’ll officially register the business with the North Carolina Secretary of State. When you register your business, you’ll need to file paperwork that contains information about basic business details, the business’s name, and the registered agent.

How to Start a Business in North Carolina After You Finish Registering

Once you’ve finished registering your business, you’ll need to follow the rest of North Carolina’s requirements for launching a business. Based on nc.gov’s page on starting a business, new businesses must do the following after registering:

Obtain necessary licenses and permits
If applicable, apply for sales and use tax number
Apply for an Employer Identification Number
Prepare for any applicable taxes
Obtain insurance
Comply with regulations (E.g., OSHA, ADA, and Environmental Regulations)
Arrange for business financing
Open a business bank account
Protect your business’s intellectual property

What Should You Do After You’ve Launched Your Business?

Once you’ve launched your business and have started its operations, one of the best ways you can continue to improve is by working with your local Chamber of Commerce. For instance, the Greensboro Chamber of Commerce is dedicated to serving small business entrepreneurs in Greensboro, NC. Some of the ways the Greensboro Chamber of Commerce helps business owners include:

FAQs About Starting a Small Business in North Carolina

Do I Need A General Business License In North Carolina?

North Carolina has no statewide “general” license. Requirements vary by industry and locality.

Most businesses check state/occupational licensing and any city or county permits before opening. NCBOLD lists state-level licenses.

How Do I Check If My Business Name Is Available in NC?

Search the NC Secretary of State’s Business Registry to confirm your name is unique before you file.

From there, you can reserve or proceed to formation, reducing the risk of rejections, delays, and costly rebranding. Search your name here.

What Is An Assumed Business Name (DBA) And Where Do I File?

File an assumed business name (DBA) with your county Register of Deeds. After, it will appear in a statewide database.

Because filings are searchable across counties, you can operate under your chosen name in multiple counties without duplicate paperwork.

Does a Business Need A Registered Agent in North Carolina, And Can I Be My Own?

Every LLC or corporation must keep a North Carolina registered agent, but you may serve as your own.

The agent must have a physical NC street address and be available during business hours to receive legal documents.

How Do I Get A Free Federal EIN?

Apply for a free EIN at IRS.gov only, and avoid third-party sites that charge fees.

After you apply for an EIN and receive approval, you can use the EIN to open bank accounts, hire employees, and handle federal and state tax registrations.

When Do I Register For Sales & Use Tax Or Withholding?

After you finish registering with NCDOR, you can collect and remit sales tax properly and withhold payroll taxes, helping you avoid penalties and interest.

What Are NC Annual Report Deadlines And Fees?

LLC reports are due April 15. Corporations file on the 15th day of the fourth month after fiscal year end.

Building a reminder system helps you avoid late fees and potential administrative dissolution for missed filings.

When Do I Need to Pay For Unemployment Taxes?

Businesses must pay for unemployment taxes if you pay $1,500+ in a quarter or employ 1+ worker for 20 weeks.

If you need to pay for unemployment taxes, you’ll file quarterly wage reports and pay contributions through the state’s employer system.

Do I Need Workers’ Compensation Insurance?

Most employers must carry workers’ compensation when they have three or more employees, with limited exceptions.

Coverage helps protect your team and your business by paying for work-related injuries and complying with state law.

Join the Greensboro Chamber of Commerce

Launching a business is incredibly rewarding, but it can also be stressful if you do it alone. The Greensboro Chamber of Commerce understands the pressures on small business entrepreneurs, and we have a lot of resources to help. Whether you’re interested in taking a small business class or are looking for entrepreneurs near you in Greensboro to network with, we have you covered.

Learn more about our entrepreneurship programs and other entrepreneurship resources today. If you have any questions, you can call us at (336) 387-8301.

Unlocking Greensboro’s Resources for Entrepreneurs at Startup Week

February 13, 2024

Greensboro, North Carolina, is a burgeoning hub for entrepreneurs, offering a wealth of resources to support all different types of business at any stage. From business networking opportunities to educational programs and dedicated events like Startup Week, Greensboro boasts a thriving ecosystem for those looking to start and grow their business.

Startup Week: Business Networking and Information Events

Greensboro’s commitment to fostering entrepreneurship is growing through the first ever Startup Week—a weeklong event designed to give entrepreneurs a deep dive into many different topics regarding startups. This event brings together industry experts, successful entrepreneurs, and aspiring business owners for a series of workshops, panels, and networking opportunities.

Startup Week covers a diverse range of topics, from ideation and business planning to marketing strategies and funding options. Attendees have the opportunity to gain insights from successful entrepreneurs who share their experiences, challenges, and strategies for overcoming obstacles.

The collaborative nature of Startup Week extends beyond the scheduled sessions, creating an environment where participants can connect with potential mentors, investors, and collaborators. This event acts as a catalyst for growth, equipping entrepreneurs with the tools and knowledge necessary to navigate the complex journey of building a successful business.

Greensboro stands as a vibrant ecosystem for entrepreneurs, offering many resources for making connections, acquiring valuable education, and immersing oneself in the dynamic world of startups. By leveraging these resources, entrepreneurs in Greensboro can not only survive, but also thrive in their endeavors.

Making Greensboro Connections: The Foundation of Local Success

One of the key pillars of entrepreneurial success lies in building a robust network. The Greensboro Chamber of Commerce and Launch Greensboro recognize this and offer a wide range of events for entrepreneurs to connect with like-minded individuals, mentors, and potential collaborators. The Greensboro Chamber of Commerce serves as a central hub for business networking events, small business training workshops, and meet-ups, providing a platform for local entrepreneurs to forge meaningful connections.

Additionally, co-working spaces such as transform GSO offer a conducive work environment but also act as melting pots for business networking. These spaces host regular events where entrepreneurs can share ideas, seek advice, and establish partnerships that can propel their ventures forward.

Education for Entrepreneurs: Knowledge is Power

To thrive in the competitive business landscape, entrepreneurs in Greensboro can tap into a variety of educational resources. Launch Greensboro accelerates growth for local entrepreneurs through education, mentoring and access to capital. LaunchLab offers two paths designed to help you launch or grow your business based on where you are in the entrepreneurial process. Launch Lab 101 is a 5-week incubator to get new ideas to launch. LaunchLab Growth is a 14-week program offering a dedicated mentor to help achieve growth objectives like customer definition, financial projections, and pitch decks for customers and investors, to name a few.

For those seeking flexible and online learning options, Greensboro Public Library provides access to platforms like Lynda.com, with a wide variety of courses on entrepreneurship, leadership, and business development.

Greensboro Chamber of Commerce: A Local Business Community with a Global Reach

The Greensboro Chamber helps support the economic development of our thriving region by serving more than 1,300 member businesses through programming designed to help fuel their innovation and success.

Interested in accessing all the educational, business networking, and support benefits of being a Greensboro Chamber of Commerce member? Learn more about our entrepreneurship programs and join our community today.