Owning a small business in today’s economy is ideal. It has more benefits than what most people would ever think. Just imagine the 28.8 million small businesses in the United States alone. These digits prove that small businesses are very attractive to marketing enthusiasts out there. Let’s find out why!
One of the best ways to familiarize yourself with a small business venture is by taking a look at the numbers behind it. What draws people to this type of entrepreneurship? What makes it so appealing to both new and established business leaders?
Insightful Small Business Statistics
When we experienced the global financial crisis in 2008, the small businesses were the key to the nation’s recovery from the recession. Despite the global economic catastrophe, 60% of the jobs created were from small businesses.
Small business has lesser chances of failing. According to the Bureau of Labor Statistics, 50% of small businesses will survive 5 years or more. Therefore, it is more likely to stay and that’s a great business characteristic to consider.
Also, small businesses have consistently played a major role in economic growth because they create so many jobs. With 56.8 million employees, it’s many more job opportunities than the large businesses have offered.
Moreover, 64% of small business owners start with $10,000 or less. 75% of them used their own personal finances as primary startup funding. Which means money is not a big issue for individuals who want to build their own small enterprise.
Your Potential Opportunity in Business
Experts say that a small and emerging company has the great advantage of being agile. And it can be a breeding ground for fresh ideas. Energy and creativity are more feasible in this entrepreneurial venture. When owning a small business, it’s easier to drive the economic engine and gain the financial benefits you desire. Whether or not some people don’t agree with it, small business investment is one of the most lucrative investments people can make over an entire lifetime.
FYI: Small Business Can Make Insane Profit!
A lot of business investors who employ small business ideas have generated more than their productivity goal. There is money in a small company and you can earn it in a very flexible way. It even has the ability to grow and produce cash flow to fund your other investment plans. So if you are thinking about starting your own small business, NOW is the best time.
Owning A Small Business
Inspiring Reasons Why You Should Build Your Own
1. Independence as you’re the BOSS.
One of the greatest advantages of owning a small business is that you have the ability to direct the culture of your company. You’re in the driver’s seat. You steer your company’s future. Small business entrepreneurs can make their own decisions. It will also save you from having to work for anyone else.
You’re the one in control and that’s a pretty great thing. Also, a small business gives the owner a measure of financial independence. Which eventually allows a person to grow the business at his own pace and expanding profit margins. Learning is broader.
2. Your ideas are valuable.
Owning a small business means you create your own marketing plan. Although some people consider this critical, it’s an advantage because your ideas will matter. If you want to build or try something, you are free to execute. When thinking about the betterment of your company, you have the authority.
You lead. Your voice will be heard. You get to shape and flesh out your dreams and that’s truly exciting. However, be mindful. Not all ideas that will run into your mind are the best for your business. So it’s still advisable to seek others opinion.
3. You choose the people you work with.
This is important. People you work with can affect your overall performance. Therefore, it’s vital to work with someone whom you can easily get along with. Owning a small business means you get to pick your people. You don’t need a Human Resource department to do that. You can investigate on your own.
When you work for someone else, you rarely get to choose whom you work with. So use this advantage to surround yourself with positive people who can give you the confidence and optimism for better productivity.
4. Cost-effective and higher ROI.
This is probably one of the most exciting perks of owning a small business. Its affordability while receiving higher return-on-investment. Yes, there could be more money because you get to spend less in the beginning and you can get triple income as your business progresses.
Moreover, you may have lower debts and you can even avoid applying for loans. Because small businesses commonly don’t require higher finances. There’s a lot of great affordable small businesses ideas that you can consider. Just make sure that you make the right decision not to fall into small business pitfalls. That is still going to hurt.
5. You may have the option of a more flexible lifestyle.
If you work for a company, you don’t own your time. You need to do overtime sometimes which can take away some important family or personal moments. But, if you own a small business, you have your choice to raise your family and still have a successful career.
You can even run and manage a small business at home. Yes, that’s why statistics show that women own most of the small businesses. Because they get to work inside their house. They earn while still being able to perform their motherly duties.
To excite you even more, here’s a little bit more…
A small business can be small in size, but it’s ability to reach a wider range of audience is HUGE. It’s easier to introduce and promote to the public. Wait! Don’t think about big advertising productions. That’s not what I mean. In this social media era, you can sell your business anytime, anywhere.
One great example is the use of an explainer video to tell your brand’s story. You don’t need a PR team to do that. All you need is a high-quality and compelling Kickstarter video production on your website or post it on your social media account. Yes, that’s already marketing!
In business, there’s no ‘instant success’. It’s not a lottery that you win, and you get a million dollar the next day. Any type of business isn’t an easy path to take. But with the right attitude and mentality, Corporate Success could be your destiny.