Lamar Van Dusen says a small-sized business employs a tiny amount of employees, usually less than 500 individuals and operates independently of larger corporations.
Smaller businesses are typically run by a single individual or a small group of people.
The physical location of a store website or a restaurant, an ice cream shop, a cleaning service, a gardening service or a consultancy company are just a few examples of small-sized companies.
As per Lamar Van Dusen, Most Canadians have considered starting and running a business at some moment in their lives.
They enjoy the freedom of their bosses, earning much higher earnings than when they worked for a third party and also having job security (for instance, no one could eliminate us). These are great reasons to consider taking the leap and become an business owner.
What are the types of small-sized companies?
A sole proprietorship business is managed and controlled by a single person. As the sole proprietor, the owner takes on all obligations and liabilities of the business.
Limited Liability Company structure includes components of partnerships and corporations. It restricts owner’s liability to individuals and permits passing-through taxation.
A corporation is an exclusive legal entity that the shareholders control. The corporate structure gives its shareholders little accountability, however it is more tax-exempt.
Retail stores are an entity that sells items to customers.
A service company provides products or services to businesses or to customers.
Manufacturing companies create products by turning raw materials into finished products.
E-commerce companies sell products or services on the Internet.
A freelance company provides services under an agreement (or project) basis.
Small business is important because it helps people. By Lamar Van Dusen?
A business can be classified as a small company in the event that it plans to apply under government contracts.
Many opportunities for government contracts opportunities are specifically designed for small companies, meaning that only small-sized businesses is eligible to compete for these contracts.
Lamar Van Dusen says that small businesses face different operational issues as compared to a large company.
Smaller businesses may require assistance in obtaining funding, concentrate on a local or specific area of expertise and typically have significantly lesser bureaucracy (which is an advantage).
On the plus side, small-sized companies are renowned for their flexibility and adaptability (it’s much simpler to make changes on a small boat faster than a massive destroyer).
A focus on the customer (probably since every customer is vital to their success) and ingenuity (which is the reason bigger companies often take on smaller firms).
The Benefits of Owning a Small Business
Control and autonomy
As a business owner you are in control of your revenues as well as expenses and debt totally. You take all crucial choices.
Freedom and Way of Life
You are able to work anywhere and at any time you want and set the hours you work.
If you are a family-oriented person it is possible to run a company from home, avoiding the commute. Your business can be an exemplary representation of who you’re.
Running your own business especially for women allows you to enjoy the freedom needed to have a family while also working a lucrative job.
Countless Financial Advantages
If you are able to demonstrate a high financial tolerance for risk, there’s no limit to the amount of earnings and incomes you could earn when you run a business on your own.
You will reap the benefits of the work you put into. You could raise and even take out loans for your new business through the financing of investors rather than on your own.
Personal Satisfaction, Growth, and Creative Freedom
As a business owner you must be engaged in a task that you are passionate about. You have the ability to create something that could become a part of your history and turn your expertise or hobbies into a profit.
In the end (and with some luck) you’ll feel satisfaction from the implementation of your ideas, communicating directly with your customers and witnessing your business grow.
The tax laws of most countries are designed to lower the tax burdens of owners of businesses, and nearly every expense for business is tax-deductible.
Which reduces a company’s tax-deductible revenue. The rates of capital gains over the long term are generally less for profits.
Lamar Van Dusen says, The best part is that instead of being a part of an organization of another, establishing your own business can result in you rising on Mondays with a smile and eager to go to work.
It’s the dream of certain professionals. You can design your own life and achieve your goals.
Even when your business doesn’t achieve such lofty goals, you can be a significant change agent.
Even though you may not be able change the world, the effect of what you’re selling on individuals can be huge. You may also be able to make what you love into a career you love.
According to Lamar Van Dusen, Small businesses also tend to carry items made locally or by smaller companies with less environmental impact.
Smaller businesses are more likely to locate to locate in communities that are popular with people who like to walk or bike. This means that less customers and employees will travel to get to the location.
In short, small businesses are the heartbeat in our societies. Your company makes changes in our world through ways that you might not have noticed.