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Charlene Maurer Finerty: Not every business needs to be big

May 21,2018 03:44

Are you in business or hoping to start one? You have plenty of company. A first step in starting a business is realizing you can. Have you noticed that certain traits run in families? Dad fixes cars, child fixes cars. Mom is a dentist, child is a ...

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May 20, 2018 at 8:07 PM May 20, 2018 at 8:07 PM

Are you in business or hoping to start one? You have plenty of company.
A first step in starting a business is realizing you can.
Have you noticed that certain traits run in families? Dad fixes cars, child fixes cars. Mom is a dentist, child is a dentist.
A single mom had her own silk flower shop next to my former outlet/print shop.
Each of her three young adult kids owned shops of their own, because they knew they could. Yet, none was in the flower business.
In business or not, with or without employees, you become a statistic. Not every business has to be big, and we learn through statistics that the majority are very small.
According to 2015 Census.gov figures, 24,331,403 business in the United States had no employees.
You won’t be alone even if you work alone.
According to the data, fewer than 400,000 were C corporations. 1.1 million were S-Corps. Another 1.8 million were partnerships, which frequently spell trouble.
Many are formed with the heart more than the head, and after the love affair ends, partners disagree.
Well-matched partners can grow exceptional businesses, but disagreements still surface.
More than 21 million U.S. businesses are legally classed as individual proprietorships, commonly referred to as sole proprietorships or DBAs (doing business as). Wow.
The majority of these probably should not be proprietorships. Why? If they sell food or provide equipment, services or advice that customers can become unhappy about and sue, a DBA does not provide a separation between the business and personal assets.
Proper insurance may mitigate damages.
Women owned 9,878,397 businesses, and men 14,844,597 according to 2016 data.
Just 7,757,807 firms had any employees in 2016. Over 4 million of these 7.7 million had one to four employees.
Most businesses, even with employees, have very few staff to rely on for knowledge and performing the work. Only 7,660 of these United States establishments had 1,000 or more employees.
Slow and steady gets the job done. Later, it may be right to move up the ranks.
Remember, entrepreneurs can control sales growth two ways: by pushing for sales or constraining growth.
Knowing when to say no to too many sales, if necessary, can be wise.
More importantly, know whether you're best suited to receiving a paycheck or being responsible for creating them.
Charlene Maurer Finerty, owner of Plans and Profits, LLC, edits, teaches and writes custom business plans. See PlansAndProfits.com. She also offers a Write-Your-Own-Business Plan class on DVD at BusinessPlanWritingClass.com. Email finerty@aol.com anytime or call 343-1515 from 9 a.m.-7 p.m. Her column appears alternating Mondays.

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