Small is an adjective that can be used to describe people or things that are noticeably smaller than average. Some examples of small include infinitesimal, minute, miniature, tiny and exiguous. Infinitesimal is a formal word that means extremely small in size, while minutes and miniatures are informal words that mean exactly proportioned or similar to something else.
Small business is an important part of the American economy, employing a substantial number of Americans and contributing to the country’s overall economic health. As a result, the federal government has set specific criteria for small businesses to ensure that they are treated fairly.
The Small Business Administration (SBA) sets these standards. These standards also determine whether a small business can participate in certain federal contracting programs. The SBA also makes sure that small businesses have access to business loans and financing programs designed to promote economic growth.
If you have a good idea for a small business, it’s best to research what the market looks like and whether there are any gaps that need to be filled. This includes researching your competition, analyzing their marketing strategy and understanding what they offer to their customers. It also helps to understand the target demographic and what they’re looking for in a product or service.
A successful small business requires a strong marketing plan and a clear understanding of your goals. Your business plan should include an executive summary, a description of your company and its market placement and a financial projection. A good business plan will help you attract investors and gain a competitive edge over your competitors.
Some of the most popular types of small businesses are services-based. They can be very lucrative, particularly if you have a skill that is in demand. Writers, graphic designers, virtual assistants, SEO practitioners, dog walkers, cleaners and real estate professionals are just a few examples of businesses that focus on providing services rather than products.
Another type of small business is one that can be managed by a single person. This is usually a good fit for someone who wants to be their own boss and enjoy the flexibility and control that comes with being a self-employed professional.
Using personal savings to start a small business is very common, especially among millennials. In fact, a Kabbage survey found that almost half of small business owners use their personal savings to pay for parts of their business.
In addition to the cost of operating a business, small business owners often sacrifice other aspects of their lives in order to succeed. This includes spending more time on the business than they would otherwise, missing doctor’s appointments and not taking vacations as frequently.
Despite the challenges that come with being a small business owner, most small business owners remain highly optimistic about the future of their companies. Two-thirds of these business owners expect to see their revenues increase in 2017, while over half expect to earn a 10% or higher return on investment. These are the kinds of results that can only be achieved with hard work and determination.