Small business is a term that we use day-to-day. That is because in the past decade the rise of small businesses has been higher than in earlier decades. This is could largely be attributed to the increasing number of services and opportunities that are available to small business owners, to enable them to start and keep their business running.
Small business guidelines
There really isn’t any guidelines for when the term small business is used, however it is often defined as a business which has a small number of employees and/or the nature of the business. How few employees is debatable, and the definition of when a business changes from a small business to a larger corporation varies by country and industry. This number is however generally less than 100 employees.
Types of businesses that are small businesses
Small businesses due to their nature, are in most cases sole proprietorship, partnerships, or privately owned corporations. In many countries, small businesses, are most often related to: accountants/book keepers, restaurants, consultancy services, guest houses, photographers, small shops, hairdressers, tradesmen, solicitors, lawyers, small-scale manufacturing, customised jewellery etc.
Mode of operation
Small businesses in some cases are located in private homes, for two main reasons. The first is because it is economical and in most cases convenient. The second reason is that there are several tax benefits with having your business in your home.
In a nutshell
Running a small business is an exciting venture, and a great way to introduce yourself into the business world, and to gain business sense and creating economic livelihood. If you are interested in starting your own small business, find out more about your industry and your business market potential. I would also recommend getting some advice from an accountant or lawyer specific to your industry and local area.
Good luck with your new venture!