Small businesses are an
essential component of any local economy. They supply sorely needed tax
revenues and employ the local workers. Hopefully the small business owner will
become wealthy in the process.
Just How Small is a Small
Business?
In recent published reports,
any company that employs less than 500 workers is considered a small business.
According to those numbers, small businesses go way beyond the Mom and Pop
shops. In the US, small businesses account for 99.7 percent of all firms hiring
employees. In addition, small businesses add to the new job growth and they
contribute to the national economy. However, out of those businesses, seven out
of ten last for two years or more and only about 50 percent survive for five
years or more.
Tips for Opening a Small
Business
It is still possible to start
the old fashioned way, which was to find a location, print up business cards,
put up a sign and wait for the first customer to come by. But real success
comes with education, careful planning, understanding the industry and adequate
funds to get you going in the right direction. For the best chances of success,a good business plan is a must. It will force you to think through the
realities of owning your own business by taking a good look at overhead, expenses,
potential sales and projected income.
Where to Go for Help
The Internet is a plentiful
source for free seminars, courses and videos to help small businesses get
started on a solid footing. This involves questionnaires that will help you
determine if you're cut out for owning a small business. Are you a self-starter
or do you need someone to kick you in the pants? Do you enjoy dealing with
people or would you rather be working alone in a back office? How disciplined
are you and how do you feel about taking risks? These are all basic questions
that will help you make the plunge. Or not. If you do your homework and you
still feel motivated to step out into your own small business, then put your
best foot forward and enjoy the ride!
