Last updated on May 28th, 2021 at 09:29 am
A business must start somewhere. Today’s article is about surprising facts about small businesses.
Small businesses are the foundations for large organizations. Most businesses start small then expand later.
Small businesses allow people to transact fast and easily. They also build relationships fast.
Are easily trusted and provide the best services. Also, grow to be the best organizations.
Well, before we get to surprising facts about small businesses, let’s get more information on them.
What is a small business?
It can be defined as a privately owned entity that transacts for the purpose of making a profit.
Can also be a private corporation, partnership, or sole proprietorship with fewer employees and low revenue.
They are basically small and can be operated by one person. Can also be limited to one geographical location.
However, they make efforts to reach many through online marketing.
What do you need to start a business?
1. Business name
It’s what the business will be registered under. It’s the name people will know your business through.
A good name should be simple and informative. It shouldn’t leave people questioning their guts.
It should speak for the business. Here is how to choose a business name.
2. Funds
Are crucial since they drive the business. They help one to pay for various business aspects.
They also help one make plans for the future. Also, help one secure business assets and safeguard them.
3. Business plan
It is a tool for business that helps one analyze, make decisions, and plan for business success.
This is the way the business will operate. It shows how the business will operate and gives a timeline for various activities.
It also helps one plan for the future.
4. Product
This is what you are going to sell. It’s what your clients will be transacting with you to get.
It’s what will sell your business. Go for quality over quantity.
5. Online Presence
It’s establishing a way to reach out to many. One can do this by creating a website, blog, or even being on social media.
These days it’s easy to create a website. Besides one doesn’t need coding or designing skills.
You can also go live for free. Yes, without having to spend any dime. At OLITT all these and much is possible.
6. Marketing
This is increasing reach. It’s using the internet and other media to ensure you communicate with many people.
This means you promote and create a brand for your business.
Pros and cons of a small business
Pros
- Independence- a business owner is free to work whenever they want. They also can choose when not to work.
- Opportunity- can make decisions of their business alone. Opportunities don’t pass them.
- Control- choose how resources are used. Make plans and decide how the business will run.
- Financial gain- working for someone else will not earn you as much as your own business.
Cons
- Commitment- one needs to be accountable for all. Time management is crucial for business growth.
- Stress- one goes through a lot, especially when making big business decisions.
7 Surprising Facts About Small Business
1. They create jobs
Most people are employed by small entities. Large businesses tend to lack vacancies.
Most people trust small businesses more. Even though they don’t hire a large number they got vacancies.
Most offer opportunities to the neighbors. This ensures the community grows with the business.
2. They are homegrown
Most small businesses are family-owned. It’s not a surprise to find a business that has been run by one family.
Family provides the best insights and besides, there is always someone ready to help.
3. They survive
Most businesses start and fall. For small businesses it’s hard and failure isn’t caused by funds.
Large businesses leave behind small entities. Large entities also come from small businesses.
4. Grow the economy
Small businesses control economic rates. They lay a foundation on how different costs vary.
They also indicate how well the businesses are supposed to operate. From them also people get employments.
They increase the country’s revenue through taxes. They also give an opportunity for people to grow.
5. Innovators
They are flexible and adaptable. Are quick to accept change and accommodate their clients.
Business ideas are born here. They produce products that solve the market needs of all.
They are committed to ensuring customers are always satisfied by what they get from them.
6. They aren’t as small as you think
Small can mean less than 100. However, with these numbers, they are able to serve the surrounding area.
They have a large network infrastructure. In fact, they interact with many people and create new connections daily.
They are small in number but large in operations.
7. Have a large number of clients
Each day small businesses interact with a large number of clients. They are vastly connected.
Aren’t limited to customers for they offer goods and services that accommodate all.
Small businesses are changing the world of business. They are giving life to large organizations.
The above are but few facts about small businesses. However, if you own a small business make sure to read this.
