Starting, managing and growing a small business is complicated. Fortunately, there are a wealth of resources available to help you make it through the peaks and pitfalls of the journey.
A small business is defined by the Small Business Administration (SBA) as a for-profit company that has fewer employees and/or lower revenue than larger companies. Small businesses can take on a variety of legal structures, from sole proprietorships and partnerships to LLCs or corporations. Registering as a small business can open up opportunities for funding and access to government programs.
Entrepreneurs and small business owners are the backbone of America. They drive economic growth, create jobs and contribute to solving societal problems such as the digital divide. Small businesses can be created in virtually any industry and in a wide range of sizes, from one person working alone to a company with thousands of employees.
Successful small businesses often have a well-defined vision that is rooted in a passion for what they offer. They know their niche and how to reach their target audience, whether through social media or direct sales outreach. They also have a strategy for market expansion that works best for them, such as partnering with other small businesses to capture a new audience or opening a new location.
The most successful small businesses are highly organized and can effectively manage time, people, money and supplies. They can identify important tasks and prioritize them, while also understanding when to step away from the day-to-day operations of the business. Having the right tools, such as project management software, can help them accomplish these tasks more efficiently.