All You Need To Know About Small Businesses

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business 1

The name “small business” is a pretty broad term, and when it comes to this particular category, the possibilities are endless. In other words, there’s no one-size-fits-all solution to running a small business. But in general, it’s an idea of taking control of your working life by going out on your own and opening up shop. If you want to start a small business, or if you’re just curious about what they’re all about, this post  is for you! 

Don’t confuse “running a small business” with “starting a “small business”. The latter is used to describe what you’re doing when you work for yourself, namely being your own boss. But since this article is about small businesses, the focus here will be on those that employ five or fewer workers.

When it comes to the size of businesses out there, there are three categories:

Family-owned business: If your family owns and operates a business, this will fall under the small business category. In fact, most businesses that function in this category are either family-owned or built from the ground up by friends or co-workers.

Businesses where you won’t find these two terms are larger corporations, which can be publicly owned by investors.

All You Need To Know About Small Businesses :

1. One person can start a business from home.

You may have to put up a little collateral to get started, but running a small business doesn’t require extensive financial resources. In fact, starting a small business will mean you won’t always have to go looking for work. You’ll be in control of your own destiny and get to shape your own working hours.

You can set your own pay rates, determine how long you’ll work, and when you’ll take days off. You’ll also be in charge of making sure you have enough work to keep yourself occupied and making sure you can pay the bills.

2. It’s easier to start a business than find a job.

A study by the Small Business Administration found that it takes an average of 35 days for someone to get hired. If you’ve been looking for work for over a year, this is good news – starting your own business means that you can be your own boss, and won’t have to wait on someone else to hand out the jobs.

But while starting your own business may take some time, it doesn’t require any special skills or degrees. Plus, when you’re the one writing the checks and calling the shots, you’ll be able to work with your own schedule.

3. You don’t need employees to start a business.

You’ll probably want to get some help at some point in your business’s life cycle. But while it’s easy to hire people when you’ve got a job, things can be a little trickier when you’re the boss. For starters, finding reliable, talented people takes time and money. And sometimes, it’s even more difficult than that: some states require employers to pay workers’ compensation and disability insurance for those on their payroll – costs that employers who don’t have employees aren’t responsible for covering.

And finding the right workers means hiring people you can trust, and whose work you’ll feel comfortable endorsing. Plus, when you’re working for yourself, there’s a lot more at stake than just your job.

4. When it comes to marketing your business, small is big.

One of the perks (and pitfalls) of being a small business is that you won’t have a massive sales force to get the word out about your new company. So if you want to get customers in the door, it’ll be up to you to spread the word about what you do – not just through marketing and advertising but through networking as well.

It’s also a good idea to keep a close eye on when people are most likely to make purchases. Most small businesses see the bulk of their business early in the morning or right after lunchtime, so if you want to get some customers in the door and make some sales, those should be your target times.

5. What’s a business plan?

Most small business owners know what their goals are for the near- and long-term future. They may be looking for steady, regular income and/or trying to grow their company into something big. They may simply be interested in working from home and being their own bosses. But that doesn’t mean they have a plan for how to accomplish all of that – though they might, in fact, have a carefully crafted idea of how they’d like things to pan out. 

A good business plan is basically a road map to your business life: it provides a roadmap for what you want to do, and how you’ll get there. Think of it like the outline for a novel: the basic premise will be there, but the rest will come together little by little as you go along. 


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