Whether you are running a storefront, managing an online business or catering weddings and other events, your small business has unique challenges that may require outside support. The Small Business Administration (SBA) offers a variety of resources to help you start, run and grow your small business.
Small businesses are privately owned and operated enterprises that typically have fewer employees and lower revenue than large corporations. They can take many legal forms, from a sole proprietorship to a limited partnership or corporation. The criteria for determining who qualifies as a small business can vary by industry and country, but in the United States, small businesses are usually defined by how many employees they have or their annual revenue (with exact numbers and caps differing by industry).
Advantages of Small Business
A few advantages of small business include:
Low overhead: Smaller companies often have less overhead than larger firms, allowing them to offer products and services at competitive prices. Personalized customer service: Smaller firms can build deeper relationships with customers, which can yield greater loyalty and advocacy.
More control: Small business owners have more autonomy over their company’s decisions, and they may be able to take more risks than larger corporate executives. But it can also be challenging to manage a business on one’s own and deal with the long hours that entrepreneurs must work to see success.
Overall, Americans are very positive about small business and the role it plays in our economy. Across demographic groups, majorities say that owning a small business is important to their own personal definitions of success and the American dream.
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