In the US, small business (less than 500 employees) accounts for around half the GDP and more than half the employment. Regarding small business, the top job provider is those with less than 10 employees, and those with 10 or more but less than 20 employees comes in as the second, and those with 20 or more but less than 100 employees comes in as the third. The most recent data shows firms with less than 20 employees account for slightly more than 18% of the employment. Of the 5,369,068 employer firms in 1995, 78.8 percent had fewer than 10 employees, and 99.7 percent had fewer than 500 employees.
Franchising is a way for small business owners to benefit from the economies of scale of the big corporation (franchisor). McDonald's restaurants, TrueValue hardware stores, and NAPA Auto Parts stores are examples of a franchise. The small business owner can leverage a strong brand name and purchasing power of the larger company while keeping their own investment affordable.
10 Steps to Starting a Business
Starting a business involves making key financial decisions and completing a series of legal activities to help you plan, prepare, and manage your business.
1. Research and Plan Your Business
A well-written business plan is essential to starting and running a business. Business plans are required when applying for business loans or seeking investors. A good business plan describes in deal a business' mission and goals, and how these goals will be achieved.
2. Get Business Assistance and Training
Take advantage of free government training and counseling services, from preparing a business plan to getting financing, and help expanding and relocating a business.
3. Choose a Business Location
Look for a customer-friendly location and check with zoning laws.
4. Finance Your Business
Search for government backed loans, venture capital and research grants to help you get started.
5. Determine the Legal Structure of Your Business
Decide whether you are going to form a sole proprietorship, partnership, LLC, corporation, non-profit or cooperative.
6. Register a Business Name ("Doing Business As")
Register your business name with your state government.
7. Get a Tax Identification Number
Check with the IRS and your state revenue agency to find out which tax identification number you'll need to obtain.
8. Register for State and Local Taxes
Register with your state to obtain a tax identification number, workers' compensation, unemployment and disability insurance.
9. Obtain Business Licenses and Permits
Contact your federal, state, and local regulatory agencies to find which licenses and permits are required for your business.
10. Employer Responsibilities
Check with your state employment office to find the legal steps you need to take to hire employees.
Home Based Business Income Opportunities - Top Reasons You Should Take Action Now
Home based business income Opportunities are truly the best there is If you're on the fence about starting your own business, it's time to get off
Related Searches
|
Press Ctrl+D to bookmark Busiplus Small Business, and check back regularly for new info. Tell a friend about this site. |
