Tag: small business

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!

A Quick & Easy Guide to Small Business Insurance Options in North Carolina

May 14, 2025

Navigating the world of small business insurance can feel overwhelming, but it doesn’t have to be. Whether you’re launching a new venture or growing an established company, the right insurance coverage helps you manage risk and protect your future.

If you’re starting a small business in North Carolina, you’ll need to decide what insurance you’ll be purchasing. While North Carolina only requires businesses to purchase commercial auto insurance (for businesses that own vehicles) and workers’ compensation (for businesses with three or more employees), you can find a few other types of insurance plans that can be well worth the cost.
As you try to reduce your business’s financial risk, you should be aware of the primary types of small business insurance in North Carolina and what businesses they’re best for.

The 9 Types of Small Business Insurance in North Carolina

From general liability insurance and workers’ compensation to business owners’ policies and commercial auto insurance, you have lots of small business insurance options. Before you make a decision on which plan you need, take a moment to review the nine most common types of small business insurance plans in NC below:

1. General Liability Insurance

General liability insurance is the most popular type of small business insurance in North Carolina since it protects companies from common liability issues. For example, personal injury by a third party, property damage, and bodily injury are typically covered by general liability insurers. If your business has this insurance, you’ll be covered if you or an employee damages property that isn’t owned by your company or if a non-employee gets hurt.

2. Commercial Property Insurance

Another very common type of small business insurance in North Carolina is commercial property insurance. This type of insurance policy protects your equipment and property from loss, damage, or theft, making it a good choice for any company with expensive property and equipment. However, if your business primarily relies on remote workers, you may be able to skip this insurance without taking on much risk.

3. Business Owner’s Policy

If you plan to purchase general liability and commercial property insurance, you might want to consider a Business Owner’s Policy (BOP). This type of insurance policy combines general liability and commercial property insurance. Typically, the rate for BOP will be cheaper than if you bought commercial property and general liability insurance separately, making it a cost-effective option for companies that need both.

4. Workers’ Compensation Insurance

Due to the North Carolina Workers’ Compensation Act, businesses that have three or more employees must be certified as self-insured or have workers’ compensation insurance. These requirements apply to limited liability companies, partnerships, corporations, and sole proprietorships. If you select the self-insured option, your business will have to assume all financial responsibility for its employees’ workers’ comp claims and will have to manage the claims process yourself.
Since workers’ comp claims can be quite costly, many companies choose to purchase workers’ compensation insurance. With this no-fault insurance, the provider will pay workers for missed workdays due to injuries. Alongside covering lost wages, workers’ compensation should cover at least some of the medical expenses related to a work-related injury or illness.

5. Professional Liability Insurance

Also called errors and omissions insurance, professional liability insurance protects businesses from claims of service-related mistakes. Some professionals who provide advisory services may need this insurance to meet state licensing requirements. Accountants, real estate agents, brokers, IT professionals, and other professionals who provide advisory services often benefit from having this insurance.

6. Commercial Auto Insurance

Due to North Carolina’s laws, any business that uses vehicles in their work must have commercial auto insurance. If you use a vehicle in the course of business, commercial auto insurance will protect your company from financial losses due to injuries, accidents, or property damage involving company-owned vehicles. These plans are usually very similar to personal auto plans but with more tailored coverage for business risks. North Carolina’s minimum liability limits for a company’s commercial auto insurance include:

  • $30,000 per person for bodily injury
  • $60,000 per accident for bodily injury
  • $25,000 per accident for property damage

7. Business Interruption Insurance

Business interruption insurance protects companies from various events that could cause production to shut down. For example, supply chain problems and natural disasters could interrupt production, resulting in lost revenue. With business interruption insurance, you’ll insure your income and protect your company against financial loss.

8. Commercial Flood Insurance

Businesses located in parts of North Carolina that are at risk of flooding should seriously consider commercial flood insurance. This insurance plan protects your premises and physical assets from flood damage, which can save your business from having to pay for expensive repairs to your business, as well as any equipment and inventory you might have to replace.
Businesses that operate in parts of North Carolina that experience harsher winters with quick thawing in the spring are more prone to flooding and should usually purchase commercial flood insurance. Similarly, businesses in parts of North Carolina that deal with moderate to heavy rain often purchase it to protect themselves from flooding.

9. Insurance Plans for Employees

Alongside purchasing insurance for your business, you might want to extend insurance to your employees as part of a benefits package. Some common insurance plans offered by employers to their staff might include:

  • Health Insurance
  • Dental Insurance
  • Vision Care Insurance
  • Specific Disease Insurance
  • Medicare Supplement Policies
  • Hospital/Medical Expense Indemnity Insurance
  • Nursing Home/Long Term Care Insurance
  • Credit Insurance

FAQs About Small Business Insurance in NC

What Types of Business Insurance Are Businesses Required to Have in NC?

Worker’s compensation insurance is required for businesses with three or more employees and commercial auto insurance is required for businesses with vehicles.

Other forms of insurance aren’t required by state law, but are often recommended to reduce risk.

Can NC Businesses Opt Out of Worker’s Compensation Coverage?

Unless a business has fewer than three employees, you can’t opt out of worker’s compensation coverage.

However, corporate officers can choose to be excluded from coverage.

How Much Does Small Business Insurance Cost in North Carolina?

The cost of small business insurance will vary based on the business’s industry, type, location, number of employees, and other relevant factors. As a result, small business insurance costs can var y widely.

The varying costs means you should make sure to compare multiple quotes before you pick a plan. Doing so can prevent paying  for an overpriced premium.

Let the Greensboro Chamber of Commerce Help You Grow Your Business

Insurance is just one piece of the puzzle when you’re building a successful business. From startup guidance to networking with local experts, the Greensboro Chamber of Commerce is here to support your entrepreneurial journey every step of the way.

Learn more about how we can help your business today. If you have any questions about what we can assist your business with, please contact us.

North Carolina Small Business Grants Worth Applying For

March 29, 2025

If you own a North Carolina-based business and could benefit from additional funding, you can find many small business grants in North Carolina. Instead of having to give up equity in your business or pay back a loan, grants don’t have to be repaid under most circumstances and are a great funding option for businesses that qualify. Take a moment to review our overview of the top North Carolina small business grants.

1. One NC Small Business Program

The One North Carolina Small Business Program assists businesses in technology, engineering, math, or science. One North Carolina is made up of two programs: the SBIR/STTR Phase I Incentive Funds Program and the SBIR/STTR Phase I Matching Funds Program. The Incentive Funds program awards reimbursements to North Carolina businesses that have prepared and submitted a Phase I Small Business Innovation Research (SBIR) or Small Business Technology Transfer (STTR) proposal to the federal government. After submitting their proposal, a company can receive up to $12,000 in reimbursement costs caused by the proposal.

Once you’ve received a federal STTR or SBIR award, you can also receive a grant from the Matching Funds program. As the name suggests, this program provides matching funds to businesses in NC that have received a federal SBIR or STTR award. These funds aim to assist companies that are between the federal program’s Final Phase 1 payment and First Phase II payment while also increasing the amount of research performed in Phase 1.

North Carolina also offers a variety of other technology funding opportunities you can review to see if your business qualifies.

2. Job Development Investment Grant

If you’re starting a new company or expanding your business, you’ll want to apply for the Job Development Investment Grant (JDIG). This discretionary, performance-based incentive program gives cash grants to companies when they invest in the state and create jobs.

While these grants come with strict performance targets, they can provide a significant amount of funding to offset the cost of expanding or locating a facility in NC. If you receive the grant, the funding you receive will be based on the personal income tax withholdings associated with the new jobs your company is providing. Factors that JDIG takes into account before awarding funding include:

  • The net new jobs created in the state
  • The project’s location
  • The wages paid to workers compared to the average wage of workers in the company’s county
  • The industry sector of the company, alongside the industry’s alignment with NC’s targeted industry sectors
  • The amount of investment the company has made in NC
  • The county’s tier designation

3. Grants Provided by the MBDA

The Minority Business Development Agency from the United States Department of Commerce provides minority small business grants in North Carolina. If your company provides services that support the global competitiveness and growth of minority business enterprises, your business could qualify for a grant from the MBDA. Those interested in receiving these grants should monitor MBDA.gov for grant announcements.

4. NC Workforce Grants

North Carolina’s Workforce Grants are a collection of grant programs designed to benefit communities, employers, and workers. Typically, Workforce Grants help businesses upskill their employees by connecting them to training resources. By assisting and funding employee training, these grants make businesses more competitive and meet new industry needs. The primary grant programs offered through Workforce Grants include:

5. State Trade Expansion Program

North Carolina’s State Trade Expansion Program (STEP) helps fund small businesses in North Carolina that trade internationally. When you qualify for STEP, you can receive up to $12,000 in reimbursements for expenses related to doing internal trade. Through this program, North Carolina aims to reduce costs for businesses that export products out of the country, promoting international trade in the state.

As of 2025, the program offers $3,000 worth of travel funding for businesses that co-exhibit in an Economic Development Partnership North Carolina booth at a trade show. They also offer up to $8,000 for booth costs at trade shows, export services and marketing media used to reach foreign markets, e-commerce and website localization fees, and EXIM credit insurance fees, among other costs.

Where Can Businesses Find Other Grants By Industry?

If you’re looking for other small business grants in North Carolina, the state government has a list of grants they provide to businesses, organizations, individuals, and local governments. For federal grants, you can use Grant.Gov’s search page to look for potential grants that could apply to your business. Besides state and federal governments, you may be able to find grants on your local government’s website.

Grow Your Business With the Greensboro Chamber of Commerce

If you want to get the most out of any grant you receive, the Greensboro Chamber of Commerce is ready to serve you. Whether you want to learn more about entrepreneurship, connect with other business leaders about the grant progress, or attend a business conference, we have a program or event for you. We also have multiple programs aimed at developing Greensboro’s workforce by improving the skills of existing workers and bringing talented Greensboro natives back to the city.

Find out more about how we can help your business grow 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?

Register with NCDOR if you will collect sales tax or if you have employees for state 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.

5 Greensboro Small Businesses Making an Impact on Our Community

September 10, 2024

As part of our efforts to highlight outstanding businesses in Greensboro, North Carolina, the Greensboro Chamber of Commerce is proud to announce the winners of our 2024 Small Business Awards. After thousands of votes poured in, GreensboroBLACK, Griswold Home Care, Charles Aris Executive Search, Greensboro Power Studios, and Epic Chophouse came out as winners.

5 Winners of the 2024 Small Business Awards

Our Small Business Awards are awarded annually to Greensboro businesses and are meant to celebrate the remarkable contributions the winners have made to our city. The winning Greensboro small businesses were nominated by community members for their impact on the local economy and voted on by thousands of residents. Find out more about each of these winning Greensboro businesses and how they’re a driving force behind the city’s economic development below:

1. GreensboroBLACK – Winner of the Community Contributor Award

Founded in 2012 by Jackie White, MBA, GreensboroBLACK is the winner of the 2024 Community Contributor Award. As a safe online community for black business owners, GreensboroBLACK highlights black-owned and operated businesses in the Greensboro Triad area. Since their opening, they’ve spotlighted many black-owned businesses in Greensboro, ensuring these companies have the exposure they need to succeed.

GreensboroBLACK’s track record of championing exceptional businesses in Greensboro has made it a go-to source for community members looking for black-owned businesses to support. From retailers and home repair companies to food vendors and realtors, the company has helped a wide selection of Greensboro small businesses get their name out in the Triad. As a result, the company is well-deserving of the Community Contributor Award.

2. Griswold Home Care – Winner of the Small Business of the Year Award

Griswold Home Care of Greensboro has served older adults in the Triad for over 12 years and is the winner of the 2024 Small Business of the Year award. As an award-winning pioneer in the home care industry, Griswold prides itself on helping community members “age in place” by assisting with daily activities while remaining independent and engaged in the community. In 2023, Griswold provided over 351,000 hours of care to community members, showcasing their commitment to aging adults in Greensboro.

They also founded the local chapter of Adult Children of Aging Parents, have staff in leadership roles at the Triad Retirement Living Association, and regularly provide services to Greensboro’s veteran population. Another testament to their excellent care is the many awards their local Greensboro office has received for maintaining high-performance standards, such as winning Home Care Pulse’s “Employer of Choice,” “Leader in Experience,” and “Provider of Choice” awards. Our Small Business of the Year award couldn’t go to a more deserving company in Greensboro.

3. Charles Aris Executive Search – Winner of the Culture Creator Award

As the winner of the Culture Creator Award, Charles Aris Executive Search has established itself as a company dedicated to fostering an equitable and inclusive work environment. Due to their commitment to fostering employee well-being and development, they offer unbeatable support to their employees. They’re also known for creating a family-friendly workplace culture, ensuring parents on their team can maintain a healthy work-life balance.

Alongside creating an incredible workplace culture, they quickly find and deliver world-class leaders to their clients. As a functionally aligned recruiting firm, Charles Aris focuses on finding top talent in five specific roles: sales & marketing, finance & corporate development, executive leadership, engineering & operations, and strategy & go-to-market. Their success in finding top talent among these roles in nine industries makes them a top choice for businesses who want to improve their business operations and grow their company.

4. Greensboro Power Studios – Winner of the Pivot Pro Award

Greensboro Power Studios is a boutique fitness studio that offers a variety of fitness offerings. This woman-owned business is the winner of the Pivot Pro Award and has become a go-to designation for Greensobro residents who want to achieve their fitness goals in an encouraging, fun environment.

When you look for a class at Greensboro Power Studios, you can find a selection of options, such as power yoga and power strength training. This heated power yoga studio also offers unheated and heated classes, ensuring every member can find a group training class right for them. If you’re looking for a physically challenging workout in a safe space, you’ll want to give Greensboro Power Studios a try!

5. Epic Chophouse – Winner of the Ignition Award

As the winner of the Ignition Award, Epic Chophouse Greensboro has grown rapidly since its opening and has become a favorite dining location for many Greensboro residents. Their commitment to delivering the highest-quality fine-dining experience has powered their success, providing exceptional food, drinks, and service to their diners.

They are also quickly contributing to the local economy and giving job-seeking residents an opportunity for a rewarding career in fine dining. Whether you’re looking for a restaurant that only serves the finest cuts of USDA prime & top-choice meats or a classy dining experience for a date night, you’ll want to check out Epic Chophouse. Just make sure to make a reservation, as the restaurant’s tables tend to fill up quickly!

Get Ahead With the Greensboro Chamber of Commerce

If you run a business in Greensboro, the Greensboro Chamber of Commerce is here to serve you. As champions of economic development in the Triad area, our team is always looking for ways we can help small businesses grow and connect with other business leaders. We regularly develop local talent, host networking events, and champion local entrepreneurs, ensuring Greensboro businesses have all the resources and tools they need to reach their goals.

Learn more about how we can help your small business succeed today. If you’d like to get started working with our team, take a moment to review our Chamber membership.

5 Greensboro Minority-Owned Businesses You Can Support in 2024

July 31, 2024

One of the best parts of Greensboro, North Carolina, is its diversity, with many black and minority-owned businesses residents and visitors can support. Whether you’re looking for a sweet treat or someone to build your home, Greensboro has lots of options. If you’d like to support the Greensboro community in 2024, take a moment to learn more about some of the best minority-owned businesses in Greensboro.

5 Greensboro Black-Owned Businesses

Greensboro is home to many black-owned businesses that play a vital role in the community and their respective industries. As you look for businesses you can proudly support, check out some of our favorite black-owned businesses in Greensboro below:

1. Sharpe Pursuits Incorporated

Sharpe Pursuits Incorporated (SP3) is an event-planning company founded in Greensboro in 1999. SP3’s full-time staff of wedding planners, event designers, technicians, disc jockeys, and event producers can make any event unforgettable for all your guests. Whether you need high-quality audio, video, and lighting for a corporate conference, a disc jockey for a party, or a wedding planner for your dream wedding, SP3’s team has you covered.

2. Skyline Video Pros

If you need drone photographs or videos, Skyline Video Pros is Greensboro’s premier option. Founded by David Small in 2017, Skyline Video Pros is highly regarded for David’s thorough approach and creative flair. In addition to drone photography and video services, they perform drone pilot training and 2D and 3D mapping. Whether you’re a real estate agent who wants to make your listings stand out or a local musician who needs captivating shots for a music video, you can trust Skyline Video Pros to deliver exceptional results.

3. Savor the Moment Bakery

Savor the Moment Bakery is a three-generation family-owned bakery and dessert cafe. As one of the most popular spots in Greensboro for tasty treats, you can enjoy their signature crunch cheesecakes, decorated cougar cookies, ice cream, cinnamon rolls, pies, milkshakes, smoothies, and coffees whenever you drop by. They can also cater large events, and you can even rent out their space!

4. Monte Edwards Group, LLC

Monte Edwards Group (MEG), LLC was founded with the goal of becoming a leading customer-focused project and program management firm. Since its founding, MEG has brought its executive management skills to over 100 projects. From project management and facilities management to consulting and disaster recovery services, MEG offers a number of services perfect for businesses and municipalities looking to improve.

5. African American Art & More

Since it was founded in 1989 as a gallery specializing in black art and artists, African American Art & More has been a family-owned business in Greensboro. The store has continued to grow over the years and now offers a variety of products, such as body oils, jewelry, books, and other items you won’t find anywhere else in Greensboro. Through their subsidiary Greekstuff.com, you can also purchase clothing, bags, and other Greek/Mason/OES products that highlight your pride in your fraternity or sorority!

Other Minority-Owned Businesses in Greensboro
Alongside the black-owned businesses in Greensboro highlighted above, the city is home to many other minority-owned businesses. If you’d like to support other minority-owned businesses in Greensboro, review our list below:

Learn More About Accelerate Greensboro

Many of the minority-owned businesses highlighted in this article also have participated in Accelerate Greensboro, which connects companies with minority-owned suppliers. This Greensboro Chamber of Commerce program aims to increase the economic vitality of the region while also creating opportunities for underrepresented groups. Since the program launched in 2017, Accelerate Greensboro portfolio companies have seen a $11 million increase in revenue.

Learn more about Accelerate Greensboro today to see how the program can help you grow your business. If you’re looking for other minority-owned businesses to support in Greensboro, the Chamber’s guide makes it easy to find them.

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.

We know and grow Greensboro.