Whether they’re mom-and-pop shops or growing companies with hundreds of employees, small businesses play a critical role in innovation and job creation. They can be structured in many ways, from sole proprietorships and partnerships to corporations. Regardless of their size or legal structure, most small business owners have the drive to bring their unique products and services to the marketplace—and to make their mark in their communities and niche industries.
It’s no secret that small business is often more challenging to manage than larger companies. Entrepreneurs must have strong leadership skills, including the ability to delegate tasks and encourage their team members to grow professionally and personally. They must also be able to set aside their own personal interests for the good of the company, even if it goes against their opinions or beliefs. This is why it’s important for small business owners to have a solid plan and clear goals in place, so they can stay focused on what matters most—and avoid the risk of burnout.
Getting your small business started requires a lot of research. You’ll need to know your market, the demographics of your audience and the outlook and tactics of competitors. You’ll also need a strong understanding of the financial landscape, including local and state laws and regulations. Start by checking with the Small Business Administration to see if you qualify as a small business and registering your business with the North American Industry Classification System (NAICS) to get a code that can help you interact with government, regulatory and trade organizations.