5 Tips for Kansas City Small Businesses

Relative to other major metropolitan markets across the country, Kansas City continues to enjoy a stable work force, affordable real estate and a prime central locale. This, coupled with its continued population growth, makes the KC area one of the best in the nation to start or own a small business.

While setting up shop in the right place is obviously important, it’s definitely not enough. You need to get out there, be seen and make the most of the tremendous resources available here in KC. Here’s our top tips to make the most of your KC-area small business.

1. Market yourself

Whether you’re a brand-new entrepreneur or you own an established business, marketing is key. This certainly includes “traditional” forms of marketing, such as targeted direct mail pieces or billboards, to digital marketing such as Google search ads.

Social media marketing in today’s world is also crucial. A mere presence on Instagram, X (formerly Twitter), Facebook, LinkedIn and the myriad other social media platforms is rarely good enough - you need content that engages potential customers by showcasing your value proposition, creates brand awareness and allows customers to interact with your business. If you aren’t comfortable with social media, hire or contract someone who is.

It’s also important to remember that word-of-mouth marketing takes place at more than just formal Chamber of Commerce-type events. These interactions can just as easily happen in line at the local coffee shop, so always be prepared to tell the story of your small business and how it can make a difference for a potential client.

2. Network

Networking is an excellent way to broaden your reach within the community and surrounding areas, while also making new professional connections and learning about other local businesses.

It’s important to establish yourself within the KC business community, as well as make positive impressions on local partners and potential clients.

Kansas City has a no shortage of networking and professional development events throughout the year. If you’re seeking networking opportunities, the listings offered by the Kansas City Area Development Council and the KC Chamber of Commerce are a couple good places to start.

3. Be a good community steward

It’s no surprise that it’s important to maintain a community presence focused on progress and make a positive impact.

There are a few ways you can achieve this including volunteering at local organizations, sponsoring local events and outwardly promoting the causes that align with your values and those of your business.

4. Utilize your local resources

Kansas City has a lot of great resources both for starting and running a business. KC BizCare comes highly recommended – it’s an organization that can help with everything from acquiring the proper permits and submitting a zoning request to additional information and support for local entrepreneurs.

The Small Business Development Center in Kansas at Johnson County Community College and the University of Missouri-Kansas City are excellent resources for small business owners. Their free services can help business owners start, grow or sell a business. The SBDC will even provide guidance on preparing a loan packet to present to potential lenders for start-up capital, working capital, asset financing and more.

One of the best parts about starting a business is the community aspect, so utilize your resources, ask for help and never forget to be supportive of others in the community, too.

5. Find a solid financial institution to partner with

Last, but certainly not least, partner with a bank that can support the goals you’ve set for your business.

The number one reason we see small businesses fail in the first year is a lack of working capital. A new small business must recognize its cash flow needs and anticipate what that cash flow will look like in the first year.

Unfortunately, most small businesses will lose money in the first year. Many times, the owner of the new business will even work unpaid for the first year or more. Finding the right financial partner can help you navigate these challenges, as well as keep you funded to get where you need to go.

OMB Bank has a full suite of business products and a seasoned business and treasury team in Lenexa, Kan., near Kansas City. From SBA and working capital loans to invoice financing for improved cash flow and robust ACH services, we’ve got you covered. You can reach out to our local team here or by calling us at (913) 210-2110.

Starting a business can be scary, but incredibly rewarding. Follow these tips and you’ll be well on your way to success.

OMB and its affiliates do not provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decision.