How To Be A Small Business – Do you have an idea for a small business? Popular TV shows and social media opinion leaders make entrepreneurship look glamorous. Easy, even. It can be scary for an outsider looking in.
There are many reasons why people start small businesses. If you’re interested in those reasons, here’s a list of over 20 business owners who share their “whys.”
How To Be A Small Business
A common misconception is that you have to figure it all out before going out on your own. The truth is that a small business owner is always learning.
Steps To Acquiring A Small Business
According to the US government, what constitutes a small business differs from the definitional point of view. Also, what qualifies as a small business can also change over time.
For example, the US Small Business Administration (SBA) has a chart of size standards by industry. This is used to determine if a business is “small” and can take advantage of certain government programs. In general, a large number of companies can qualify as a small business. In addition to the size requirements, the SBA considers a business small if:
As a prospective small business owner, you’re in good company: There are more than 30 million small businesses in the United States.
These are just three of the many questions you should ask yourself when putting together your business plan. You can keep these questions at a high level initially and ask your team to help you sort through the details if you have questions. From there, you should consider the following when developing your plan:
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A business plan is your roadmap. This will help you start and grow your business. It is also an important marketing tool that can help convince people to invest in you and your company. You can download a business plan template to guide you.
The SBA identifies two main types of business plan categories: traditional and lean startups. The first is extensive, detailed and has dozens of pages. The latter is usually more direct and focused on key points and may be just one page.
No matter what app you’re developing, you’ll want to clarify a few things. In her article for Funder, Meredith Wood writes that you should ask these 10 questions:
These questions can be answered by conducting an internal audit. Think about what you want from your business and where you see it going. Once you have an idea and a plan, it’s time to think about the business structure you need to create.
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When you decide to start a small business, you need to choose a business structure. According to the SBA, the type of structure you choose can affect four main areas:
You don’t have to completely map out the future of your business years before making a decision. The business structure you choose now may change in the future. That said, you should be careful when choosing, and if you need to make a change to avoid any unwanted consequences, you should consult with legal and financial professionals.
There are several types of business structures. Here are the five most common at a glance, as listed by the Tax Administration:
A sole proprietorship is the most common type of business structure and is very easy to set up. It’s a solid choice for most new business owners who are just getting their feet wet or keeping small things on purpose. However, a sole proprietorship is not considered a separate business entity, which means that you are personally responsible for all business debts and obligations.
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A partnership consists of two or more persons. There are two popular types: limited partnership (LP) and limited liability partnership (LLP). This can be a good option for multi-owner groups, although there are tax issues and liabilities that you should check to see if a partnership is right for your circumstances.
A corporation, also known as a C corporation, is a business structure separate from its owners — meaning it protects you from personal liability. This type of partnership can be complicated and usually costs more to form, but it can be a good choice if you want to raise money and/or sell it.
An S corporation, also known as an S corporation, is a structure that can help business owners avoid the double taxation that exists in a C Corp. This could be a good choice for a potential C corporation that qualifies as an S corporation. However, some states do not recognize S corporations, and others tax S corporation profits above a certain limit.
A limited liability company (LLC) has the advantages of a corporation and partnership name and can protect you from personal liability in most cases. In this way, choosing this business structure can be the right move for a medium or high risk business. Unlike other business structures, an LLC may need to be dissolved if there is a change in membership.
What Do Small Businesses Need?
You can visit the IRS and SBA websites for more information and learn the pros and cons of each business name. You should also consult with tax, business and financial professionals about your options.
The availability of capital can help you grow your business in new and exciting ways. If you’re looking to raise funds from investors, keep in mind that they typically ask for or demand:
Fundraising is a lot like dating: not every investor is right for you and your company, and you have to work hard to find the right match. Be sure to research potential investors and have clear goals for each partnership.
If you are not ready to seek capital, you can always start your own business, secure a small business loan, or look for additional opportunities to generate net income for your business.
Proven Ways To Increase Sales For Your Small Business
First of all, if your full-time job doesn’t allow employees to do side jobs at the same time, this might help you decide. You should check if you can run a small business by looking at your employee handbook or talking to someone in your human resources department.
If you’re smart, it might make sense to stay after regular hours and work on your job. That way, you can free yourself from the pressure of putting everything into your business without a regular salary.
You may also want to test the waters with your own side efforts and gauge your success before going it alone. 6-12 months of living expenses in an emergency savings account won’t hurt either. There are lots of small businesses out there and we think it’s important to shop small and support local businesses whenever possible.
Whether your friend has a small business or you discovered a great one online or on your local street, show them some love!
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Most small businesses are on social media because it’s a great way to get their brand noticed, share their products with you, and keep you updated on the latest news and behind-the-scenes action.
By engaging with their posts by liking, commenting and sharing, you’re supporting them and getting their work in front of more people.
One of the best ways to show support is through word of mouth. Getting the word out about a small business and recommending it to friends and family will help them find new customers and hopefully attract more people to spread the word.
Reviews are very useful for small businesses because they show that their brand is a trusted place to shop and help others decide to buy their product or service.
Ways To Support A Small Business
You may be able to write a review on their website, Facebook page or simply email them to let them know what you think of the product and then they can share on their platforms.
Newsletters are a great way to stay up to date with business news, new products and information about products or services. Help them grow their email list by signing up and sharing the link to encourage others to do the same.
Most small businesses are made up of just one person or a small team of people. A personal message can brighten someone’s day! So send them a personal message via email or social media to let them know how much you care about their business and why.
Not only will it put a smile on their face, but it will also give them motivation and encouragement to keep going.
These 4 Tips Will Help Any Small Business Owner Succeed
All of the above tips will show you how easy it is to support a small business at no cost!
Of course, nothing supports them more than buying from them. So whether you have a birthday or Christmas coming up, consider ‘shop small’ and choose a small business to support instead of reaching out to the giant retailers.
We love to support our customers, as many of them are small businesses run by just one jeweler – we know how important it is to support them just because they are small.
Our team consists of 7 people, all experienced jewelers who offer everything
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