SMALL BUSINESS – A GOOD IDEA ?
If you’re thinking of starting a small business this year – 2019 – you’ll have plenty of company. According to the SBA, US Small Business Administration – there were 30.2 million small businesses in the US in 2018. That number represents 99.9% of registered businesses; employing 58.9 million people which is 47.5% of total US employees.
So according to those numbers you won’t be alone in the world of small business. As a matter of fact if you choose to be in business for and by yourself ie you’re the only employee you will be in a group of 23 million people. In total 89.6% of businesses in the US last year had 20 or fewer employees.
For a moment let’s continue to look at some numbers. There are over 8,680,000 small business employees in health care & social services. Another 7,997,654 in accommodation and food services. These are the two bigs of the smalls.
If you are like me then you think these outfits aren’t small. All of the above information is cited in the SBA Small Business Profile from 2018. When I think of small business, especially small business start-ups I visualize a landscaper, a plumber, hair dresser, UBER driver, dance instructor, restaurant owner and now more than ever a person working from home on their computer. I am also thinking about those of us that self fund the enterprise or maybe reach out to friends and family for start up money.
Sixty-four % of small business start with $10,000 or less in seed money ( this from fitsmallbusiness.com). Some additional stats from Fits Small Business –
- 55% of new small businesses last 5+ years
- 52% are home based
- these businesses make up 55% of all employees
- 38% are woman owned
- 72% (seems low) have a website
- 96% employ social media
I wanted to show you all the numbers so you knew that not only are you not alone in starting a small business but that you will be part of a great community. Small business people love what they do ( I’m proof of that ) and they love to share and lift up others.
In the coming weeks I will be posting on the following topics:
- Mission Statements – Who and what you and your company are and will be.
- Business plans – can’t reach the finish line if you don’t now how to get there
- Finding an ideal location
- Choosing an online niche and presence
- Funding your new business
- The legal structure of your business
- Hiring professionals – accountants and attorneys
- Choosing a name
- Setting up your website
- Your domain name
- Setting up a professional email address
- Finding products Our
- Pricing Management
- Making a real budget Team
- Taxes …oh my…
- Handling the money
- Customer relations
- Growing your business
If this list seems overwhelming it is …and it isn’t. How do you eat an elephant …..one bite at a time. If starting your own business was easy everybody would do it. I think most of the people that fail do so because they didn’t have a plan or a mentor to help them progress from one step to the next.
I do have a tremendous amount of information and materials to share but I didn’t want to drop it all on you at one time. Please leave a comment or request some help and I’ll be there for you.