essay about starting a small business

Starting a Business Essay – How to Start

Introduction.

The desire for one to employ him or herself is a dream that many people try to achieve in the early stages of life but how one can be his or her own boss depends on many factors. Starting up an own business is one of the few ways in which one can achieve this but creating a successful business requires a good combination of a good idea and the driving power to do it.

A successful business requires skills, experience, and ability to make a dream come true as most of the times it involves personal sacrifice particularly during the start up stage. When starting up a business it is necessary to conduct a feasibility study on how successful the business is likely to be under the existing conditions. The objective of this research is investigating how feasible and profitable is it to start a new business. The feasibility study involves among others the following:

Market Analysis

The question that comes to one’s mind when starting a business is whether there is a sustainable market for the product or service you want to offer.

Before one starts a business there is need to investigate whether there is a sustainable market for the goods or services that one wants to offer by assessing the consumers of your products, how many they are and the form they want the product to be in, the price the customers might be willing to pay for your products and whether the market is a permanent one or a seasonal one and the existence of both supplementary and complementary products to your goods and services.

After assessing the above and deeming the results positive then you can move into the next step of investigating who your competitor will be in the market.

Competition Analysis

Satisfaction that you have a reliable market is just the first step in the business development process. After you are satisfied that a reliable market exists, the availability of the market and the possible rivals you are likely to face in the market becomes the next big issue. This is done by analyzing who the direct and indirect competitors are.

The direct competitors are those individuals selling similar products as yours. A deeper knowledge of what they offer, charge, what they do well, and what they are not and the existence of any gaps that you may use to woo customers on your side is very important. Indirect competitors are those other business players who deal with complimentary products to the goods and services you want to offer.

The importance of studying these indirect competitors is that they may be a distraction to your customer pool by offering cheaper complementary products and thus causing a shift from your products to their products thus the necessity. After you have done the above analysis and the playground seems comfortable the next question that comes into your mind is how affordable the enterprise is.

Factors or Costs

Among the worst mistakes that any business entrepreneur can make is underestimating the start up costs and the operating capital required to run the business until the break-even position is achieved. It is always important to make accurate estimates as sources of extra capital in future may be limited. For example if one wants to start a French beans importing business it is very important to make accurate estimates of the required capital both for starting up to the point where the business will break even.

Calculating the set up costs and the working capital

Realistic forecasts boosts one’s confidence and the ability to meet own commitments. When you set the required costs straight it means you won’t require extra capital after the business has started and thus there are chances that the business may run successfully without shortages in the required running capital.

There are many types of costs that a business entrepreneur incurs in the process of starting a business and they include costs of sales, professional costs, administrative costs, transaction costs classified as either fixed or variable costs among others as indicated by Webber (n.d).

With the available cost on one side and the costs that may be incurred on one side, calculating the initial costs gives one a chance to consider the items which are of high necessity and giving them higher priorities compared to those lowly placed depending on the capital available. Accurate estimates reduce the gap between the real budget and the expected budget and thus placing the business in a comfortable position (Anon, 2009).

The working or operating capital is the amount of money needed to keep the business running. For a sustainable business one has to allocate enough working capital in order to ensure the business runs successfully. It is important to factor out the fixed and the variable costs so as to know the required capital.

Fixed Costs

Fixed costs are the fixed expenses the business has to incur irrespective of the sales made. The costs required when investing in the fixed assets such as the cost of machinery or the cost of land among others.

Machinery or plant costs: these are the costs required to buy the required machinery if the business demands one.

Land costs: these are costs of buying the piece of land or paying for the rent if you are leasing the land.

Stock costs: these are the costs required for buying the initial purchases which will be needed by the business.

Variable costs

These are the costs related to the delivery of one’s product or service. These costs usually relate to the activities going on within the business. They include;

Transaction costs: these are the costs which the business will incur during the negotiation process.

Administration costs: these are the costs which the business will have to incur when enquiring about any expertise information that may be required. Others include what the authority will charge you in order to issue you with a license allowing you to start the business.

Wages: the costs incurred when paying the workers or your own salary. Wages vary with the size of the business and the ongoing activities.

Costing and Pricing

When setting prices it is advisable for one to set prices which can cover the costs of production in addition to generating some profit. The business owner should take into consideration the costs which will be incurred during the start up and the running process so as to ensure the product set prices covers everything.

Other costs which should also be taken into consideration are the hidden costs (Garrison, Noreen & Brewer, 2006). Hidden costs are those costs which are incurred during the process of conducting the business such as the transportation cost or the transaction costs many people do not include them but to know the real business situation, it is always advisable to include them.

Measurements

The involved costs will be measured in terms of dollars by measuring the expected costs and benefits and then estimating how long it will take to reach break even point. The break even point is that time when the costs are equal to the benefits and the business is neither incurring profits nor losses. It indicates the costs have all been covered and it is a very helpful point in knowing how long the business will take before it can cover all the costs so as to allocate enough running capital to the business (Holland, 1998).

Cost Benefit Analysis

Evaluating quantitatively whether to start the business:

The last step in doing a feasibility test involves calculating the costs and the benefits involved in what is referred to as cost benefit analysis. The method involves simply adding up the value of benefits and then dividing with the costs involved in order to know how long it should take before the business breaks even (Nas, 1996).

A business man is deciding whether to start a business of importing French beans from Africa. The following are the costs he is likely to incur:

Pay back time: (8000/10500) = 0.7619048.

It will take approximately 9 months to reach the break even point.

From the above analysis we can summarize by indicating that the above business idea has got higher chances of succeeding. If the entrepreneur would like to reach break even point faster he should find ways of reducing transaction costs or search for more market opportunities in order to increase the revenue earned reducing the fraction further.

Conclusions and Recommendations

When starting a business, there are different types of cost that one must incur before the business can succeed. It is very important to calculate all the estimated costs that may be required in order to avoid surprises. Ensure you have enough capital to help you run the business until it has grown to fund for its own expenses. It is always advisable to talk with the people in the industry and enquire for as much information as important as it may be.

The support of the family is another vital factor that I can recommend for anyone starting the business so that incase of failure at least you may have somewhere to run to. Many people, as they start businesses, do not assess their emotional ability of dealing with some of the challenges that may come up during the start up stage and thus since there will always be the discouragements and the disappointments, prepare yourself psychologically for any outcome.

Reference List

Anonymous, (2009). Helping people build businesses based on good ideas and clear goals . New Zealand Trade and Enterprise. Web.

Garrison, R; Noreen, E; Brewer, P. (2006). Pricing decisions and cost management. Web.

Holland, R. (1998). Break Even Analysis . Web.

Nas, F.T. (1996). Cost Benefit Analysis: Theory and Application . New York: Sage Publications.

Webber, A. (Not Dated). Estimating Startup Costs for a New Business . Web.

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How to Write a Business Essay for Impactful Communication and Analysis

So, you've got a business essay coming up, and you're feeling a mix of excitement and a tad bit overwhelmed, right? Totally get it. Writing a business essay might sound boring, but trust me, it's a skill that's gonna come in handy when you're out there in the real world.

In this article, we're dishing out some awesome tips just for you if you have question on how to start a business essay. Think of it as your secret weapon to tackle those business essays like a pro. We'll keep it real, easy, and super practical – no fancy jargon or complicated theories. Let's dive into the world of business essay writing, where your words can make a big impact. In case you lack time or motivation to finish your assignment, use our business essay writing service to streamline the process.

What Is a Business Essay

Business essays are written pieces that explore and analyze various aspects of business-related topics, often focusing on management, marketing, finance, or entrepreneurship. They provide a platform for students and professionals to articulate their understanding of business concepts, theories, and real-world applications. Typically written in a formal and structured manner, a business essay requires critical thinking, research skills, and the ability to communicate ideas effectively. Whether delving into case studies, discussing industry trends, or evaluating business strategies, the essay aims to provide insights, draw conclusions, and contribute to a deeper understanding of the dynamic world of business.

How to Write an Introduction for a Business Essay

A business essay introduction sets the tone for the entire paper and captures the reader's attention. Here are some steps and tips to help you write an effective introduction for a business essay:

• Understand the Purpose of the Introduction

Clearly understand the purpose of your essay. Are you providing an overview of a business concept, analyzing a case study, or arguing a specific point? Tailor your introduction accordingly.

• Start with a Hook

Grab the reader's attention with a compelling hook. This could be a relevant quote, a surprising fact, a rhetorical question, or a thought-provoking statement. The goal is to make the reader want to continue reading.

• Provide Context

After the hook, provide some background or context related to the topic of your essay. Help the reader understand the significance and relevance of the subject matter in the business world.

• Thesis Statement

Clearly state your thesis or the main argument of your essay. This should be a concise and focused statement that outlines what the reader can expect from the rest of the essay. Make sure it is specific and reflects the purpose of your writing.

• Outline the Scope

Briefly outline the main points or areas that your essay will cover. This gives the reader a roadmap of what to expect and helps them understand the structure of your essay.

• Use Clear and Concise Language

Keep your introduction clear and concise. Avoid unnecessary jargon or complex language that might confuse the reader. Aim for clarity and precision.

• Be Relevant

Ensure that every sentence in your introduction is directly related to the topic of your essay. Avoid going off on tangents or providing excessive information that doesn't contribute to the main points.

• Consider the Tone

Choose a tone that is appropriate for your audience and the nature of your essay. Business essays can vary in tone, from formal and academic to more conversational, depending on the context.

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Business Essay Introduction Example

Here’s an example of an introduction for an essay titled “The Rise of E-commerce: Shaping the Future of Retail”:

The retail landscape is undergoing a seismic shift as e-commerce continues to redefine the way consumers shop. In this essay, we explore the profound implications of this digital transformation on traditional retail models and analyze the key strategies businesses are employing to thrive in this dynamic environment. From changing consumer behaviors to the strategic use of technology, the impact of e-commerce on the retail sector is undeniable, prompting businesses to adapt or face the risk of obsolescence.

How to Write a Business Essay

Working on a business essay might seem daunting, but it doesn't have to be. In this guide, we'll break down the process into simple steps to help you navigate through it smoothly. In this next section. We’ll be breaking down the essentials of drawing up a business essay from start to finish. From defining your main argument to structuring your points effectively, let's explore the key strategies that will set you on the path to success. 

Analyze the Prompt

Start by carefully reading and understanding the essay prompt. This involves breaking down the question to grasp what it's asking for, identifying the main topics, and recognizing any specific tasks or points to cover. This step helps you set the stage for a focused and relevant essay by ensuring you address all aspects mentioned in the prompt. You can hire a business essay writer to expedite the process if you want.

Think of a Thesis Statement

When writing a business essay, think of the thesis statement as the essay's compass. It should be a concise, strong sentence that lays out your main argument or viewpoint on the topic. Your thesis guides the entire essay, so make sure it's specific, debatable, and gives readers a clear idea of what to expect in your writing.

Create an Outline

We’ve already shared tips on how to write an introduction for a business essay, so let’s move on to the next stages. Organize your thoughts by outlining the main points and structure of your essay. This doesn't have to be too detailed; just a roadmap that helps you see how different ideas connect. An outline ensures a logical flow in your writing and prevents you from going off track. By the way, have you already picked business essay topics ? If not, here’s a list of great ideas you can use!

Provide Topic Background

Before diving into your main points, the business essay writing format implies giving your reader some context about the topic. Briefly introduce the key concepts, relevant facts, or historical background that will help readers understand the importance and relevance of your essay.

Write the Main Body

Start developing your essay by expanding on the main points outlined in your thesis. Each paragraph should focus on a specific idea or argument supported by evidence or examples. Be clear and concise, ensuring a smooth transition between paragraphs. It’s the most difficult part of the assignment, meaning you can use our college essay service to simplify it.

Write a Conclusion

Summarize your key points and conclusively restate your thesis. The conclusion should tie up the loose ends and leave a lasting impression on the reader. Avoid introducing new information but rather reinforce your main argument. For more details about how to write a conclusion for an essay , please refer to our guide.

Add a Bibliography

List all the sources you used in your research. Be meticulous about citing your references properly, following the chosen format (APA, MLA, etc.). This adds credibility to your essay and avoids plagiarism issues.

Edit and Proofread

As you’ve learned how to write a business essay, it’s time to master the art of self-revising. Review your essay for clarity, coherence, and grammatical errors. Editing ensures that your ideas flow smoothly, and proofreading catches any overlooked mistakes. It's a crucial step to polish your essay and present a professional piece of writing. Do you have another assignment on business management ? This guide will help you!

Choose the Writing Format

Reiterate the importance of selecting and adhering to the chosen writing format throughout the essay. Consistency in formatting, citations, and other style elements contributes to the overall professionalism of your work.

Business Essay Example

Business essay examples offer practical assistance to students tackling assignments by showcasing the application of essential writing principles in a real-world context. As a tangible reference, it demonstrates an effective essay structure and how to formulate a clear thesis statement and provide coherent arguments. By examining examples, students can glean insights into research techniques, proper citation practices, and overall essay organization, empowering them to approach their business assignments with increased confidence and proficiency.

Example 1: “The Impact of Technological Advancements on Modern Business Operations”

This essay explores the multifaceted impact of technology on operational efficiency, innovation, customer relations, and global connectivity. From integrating automation and artificial intelligence for streamlined processes to facilitating global expansion through digital platforms, technology emerges as a driving force shaping the success and sustainability of contemporary enterprises. While acknowledging the numerous benefits, the essay also highlights the challenges and ethical considerations inherent in adopting these technologies, emphasizing the need for businesses to navigate these complexities responsibly for long-term growth and competitiveness.

Example 2: “Sustainable Business Practices: A Strategic Imperative for Corporate Success”

This essay explores the pivotal role of sustainable business practices as a strategic imperative for corporate success in the contemporary entrepreneurship scene. Addressing environmental concerns, social consciousness, and economic viability, the essay delves into the multifaceted benefits of adopting sustainable approaches. It discusses how businesses can align profitability with responsible practices, emphasizing environmental stewardship, social impact, and community engagement. The essay underscores the importance of regulatory compliance and risk mitigation in business by examining the economic advantages and innovation opportunities arising from sustainable initiatives.

Final Considerations

Students engage in writing business essays to develop essential skills and knowledge crucial for success in the professional world. These essays serve as a platform for honing critical thinking, analytical, and communication skills, allowing students to articulate and analyze complex business concepts. Through the process of researching, organizing thoughts, and constructing coherent arguments, students gain a deeper understanding of business principles and practices. Business essays also cultivate the ability to synthesize information, evaluate various perspectives, and present well-reasoned conclusions. If you find with task troublesome, you can always tell us, ‘ write my research paper ,’ and one of our wordsmiths will fulfill the assignment quickly.

Writing Business Essays Doesn’t Work for You?

 Here’s an alternative – an expert writer with relevant experience and proper skills.

How Many Paragraphs Does a Business Essay Have?

What is the most important part of a business essay, how do you start off a business essay, related articles.

How to Write a Business Essay: an Ultimate Guide

Table of Contents

Writing an essay can be boring. A lot of essays are basically the same thing over and over again. You write an introduction, then you write your supporting paragraphs, and then you create a conclusion. Overall, the process is not a lot of fun, and you can often feel as though you are simply going through the motions for the sake of churning out extra work. But since you have to write an essay, it’s worth considering the many ways that you can make the process faster and easier. In this ultimate guide, we’ll discuss the best way to write a business essay so you can get through the process faster and with relatively little trouble.

It might seem obvious, but the first thing you need to do when you write an essay is to read the essay question. You need to be sure you understand each part of the essay question and how the parts of the question work together. You would be surprised how many students only glance at the question and then write a paper that only partially addresses the assignment. You don’t want to lose points because part of your paper isn’t on topic. If you find any parts of the paper that you don’t understand or that require explanation, be sure to contact your instructor for clarification before you start writing.

Read the essay rubric

These days, most essays have a grading rubric included with the question. A grading rubric is like a cheat sheet for writing your essay. When you review the essay rubric, you’ll see exactly how your instructor will grade your paper and what your instructor will be looking for. When you write your paper, you will therefore know exactly what to include and how to write about it in order to maximize your points—and you’ll also see what you can spend less time on because it won’t contribute to your overall grade.

Make friends with your library

Many students automatically turn to search engines like Google in order to research their papers, but this is not the most effective way to find high-quality business sources for your paper. Instead, take advantage of your library’s databases. Your college or university library will likely have dedicated business databases that collect high-quality academic articles on business topics. Using these resources in your paper will make your essay stronger and more effective, and it will put your paper on a solid academic footing.

Compile your sources before you write

Many students use the start-and-stop method to write their papers, composing a sentence or two and then stopping to look up more information in order to keep going. This, however, is an inefficient way to work. A better way is to read through your research sources before you start and copy into a separate file a series of quotations and facts that you might use in your paper, creating in-text citations and reference list entries for each before you start. Doing so will make sure that you don’t have to stop for research and have a ready bank of pre-cited material to work with as you write.

Outline before you write

Outlining is an important skill that will both save you time and improve the quality of your essay. Take time before you write to lay out your paper from beginning to end. Start with your thesis statement and carefully lay out the body paragraphs with a topic sentence, supporting details (including research, quotes, and citations ), and a closing paragraph . Plan your transitions to link paragraphs together. Any amount of outlining can be helpful, but the more effort that you put into outlining at this stage, the easier it will be to write your paper, and the less likely it will be that you get stuck in a tangent that goes nowhere or meander into a point that requires you to change your thesis and revise you whole essay.

Remember to revise and proofread

When you finish the draft of your paper, you aren’t done yet. The first draft is rarely the finished product. You should always set aside time to read your work back and to make revisions to make it clearer. You also need to carefully proofread for mechanical grammar, punctuation, and syntax issues to ensure that your paper is as close to perfect as possible. You don’t want to leave points on the table because your paper had easy to fix minor spelling or grammar errors.

Consider professional writing help

Another great way to get your paper done quickly is to seek out custom professional help from an essay writing service with academic experts. An online writing company such as this can create business papers for college students and deliver them fast. When you utilize professional writing assistance, you can receive a custom-written essay that can serve as a great model to help you understand how a professional would approach your business topic and organize and develop an essay to address your assignment. Using a model such as this can save you time and effort as you work on your own paper, allowing you to focus on the learning process more than the mechanics of academic essay writing.

Join the thousands who have sharpened their business writing skills with our award winning courses.

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Short Essay: How to Start a Small Business

Before you choose to go on this journey you should ensure that your business idea is solid. You cannot start a small business based on what you see everyone else doing. When the market is flooded with people selling baseball caps, opening up another hat shop is not a good idea. Planning a small business takes both knowledge and common sense. You will need to research how viable your idea will be in the marketplace.

Adam Khafif offers some phenomenal advice. He says, “Whatever you choose to pursue, make sure your customers and supporters feel valued at the end of the exchange.” Your business has to add value to the community if you want it to be successful. And, if you are truly serious about this endeavor, you will need to follow these 20 steps to starting a successful small business.

We are not trying to make the list a simple procedure because running your own business is anything but easy. However, we do want you to go at this endeavor as well informed and prepared as possible. Do not skip any of the steps we have laid out for you here:

• Understand the market . The truth is, the “next big thing” is probably not what you are going to create. Instead, understand the type of job you want to do and then research the market to see if your career desire can fill a need in your area. Don’t try to chase money. Instead, choose to sell the things you love.
• Write a business plan. These can be elaborate or simple. Just be certain that you answer some invaluable questions when you create the plan. The questions include:
• What’s your vision?
• What’s your mission?
• What are your objectives?
• What strategies will you employ to reach them?
• What’s the action plan?
• Get some business training and advice . There are government entities that are willing to provide free training and counseling services to help you prepare your business plan and achieve all the other steps on this list. Take advantage of their offer.
• Pick your location . Find a spot that is customer friendly.
• Acquire necessary financing . If you are shouldering the brunt of the monetary investment, more power to you. However, you will certainly benefit from financial assistance if it is available. Seek out the options and offer potential investors access to your previously prepared business plan.
• Figure out the legal structure . There are a few legal choices for potential business owners. You can choose to incorporate, act as a sole proprietorship, limited liability Corporation, or even a non-profit. Pick the structure that best suits your business endeavors.
• Register the business . The government will require you to register your business name as well as to set up the proper means in which to be taxed for your state and the IRS.
• Get your licenses and permits . Each county and state has its own rules about this. So you will need to do all the necessary research prior to opening day.
• Know your responsibilities as an employer . If you are going to be the only one working at the business then this is less important. However, if you ever intend to hire employees, you will need to understand all the legalities attached to that position.
• Utilize the local SBA. The Small Business Administration in your area will offer you a lot of resources if you will take the time to reach out to them.
• Get your EIN . This is achieved by contacting the IRS. It will enable you to get your business bank account and separate your personal assets from your business based ones.
• Get a business bank account . You absolutely must have a bank account for the business. Every state has its own laws about this, but if you want to do proper bookkeeping, this is a necessity.
• Create an accounting spreadsheet . If you can’t hire your own accountant there’s always Excel.
• Know how to price your goods/services . This is infinitely important as it will determine your business’ financial success. Don’t overprice your goods and services, but more importantly, do not under price them. Many a business owner has put him/herself out of business simply because he/she didn’t charge enough for products.
• Ascertain when your first sale will occur . You will need to know when sales will ensue as that will help you establish the business’ budgetary needs.
• Know what makes your business different . If you are not the only gift store in town, you need to know what your niche is. What makes your business different from all the other local options?
• Get a website . Websites are essential to success. They allow potential customers to peruse your inventory prior to driving to your brick and mortar establishment. They also provide contact information and business hours for those who have questions.
• Prepare to advertise . If people don’t know you exist, they cannot frequent your establishment. Advertising is not something to cheap out on.
• Learn how to sell . There are some great pieces of advice about learning how to sell.
• Understand how to close a deal . Once you have gotten the person prepared to make a purchase, you will need to know how to convince him/her that leaving your shop without the item is simply unacceptable.

Following these 20 steps will help you be successful when you choose to start your own business.

If you ever need professional help with Business essay writing you can always hire a good freelance writer to get it prepared from scratch.

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A Way Forward for Small Businesses

• Alexander W. Bartik,
• Marianne Bertrand,
• Zoë B. Cullen,
• Edward L. Glaeser,
• Michael Luca,
• Christopher Stanton

In the face of existential uncertainty, you must balance urgency with prudence.

Small businesses with fewer than 500 employees account for 48% of American jobs and 43.5% of GDP, and they are facing an existential threat in the wake of the coronavirus crisis.  To understand the economic impacts on small business, the authors surveyed roughly 5,800 companies nationwide. They found these companies to be cash-strapped, with many having shut down or laid off workers, and uncertain about whether federal assistance will work for them. They offer five recommendations for small businesses navigating an uncertain future: 1) Don’t rush decisions, but do make plans; 2) Get in line for the Paycheck Protection Program now; 3) Understand how your customers’ needs have changed; 4) Do some realistic accounting; and 5) Keep your best employees loyal.

In these difficult times, we’ve made a number of our coronavirus articles free for all readers. To get all of HBR’s content delivered to your inbox, sign up for the Daily Alert newsletter.

It will be years before we fully understand the economic impact of the coronavirus, but one thing is painfully clear right now: Small businesses across the country are facing an existential threat. Businesses with fewer than 500 employees account for 48% of American jobs and 43.5% of GDP . Yet while these smaller firms are an essential part of the U.S. economy, they’re often financially fragile, with little cash on hand or resources to buffer even a minor financial shock. In the throes of the sweeping disruptions caused by the coronavirus, businesses around the country have closed temporarily. Many have ongoing expenses and little or no revenue and face the prospect that they may never reopen.

• Alexander W. Bartik is an assistant professor of economics at the University of Illinois at Urbana Champaign.
• Marianne Bertrand is the Chris P. Dialynas Distinguished Service Professor of Economics at the University of Chicago Booth School of Business, where she is the faculty director of the Rustandy Center for Social Sector Innovation.
• Zoë B. Cullen is an assistant professor of economics at Harvard University, in the Entrepreneurial Management Unit of Harvard Business School.
• Edward L. Glaeser is the Fred and Eleanor Glimp Professor of Economics at Harvard.
• Michael Luca is the Lee J. Styslinger III Associate Professor of Business Administration at Harvard Business School and a coauthor (with Max H. Bazerman) of The Power of Experiments: Decision Making in a Data-Driven World (forthcoming from MIT Press).
• CS Christopher Stanton is the Marvin Bower Associate Professor of Business Administration at Harvard Business School.

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College Admissions Essay Starting a Small Business

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Published: Mar 14, 2024

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Resources and Knowledge for the Small Business CEO

Essay on starting a small business.

Starting a small business is the best way to gain freedom. Although this statement is disputable, it has sense.

Why do people decide to become entrepreneurs? They are longing for independence. Small business helps one manage his time in the way he wants. He can produce the goods and services he likes. Finally, he is able to try to be responsible and creative.

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Small business is very important for the economy of every state. Small entrepreneurs contribute into the state budget a lot. It is possible to say that the complex of small and middle firms provides the country with the same profit as big business does. In simple words, a prosperous state cannot survive without small business. It is impossible to defeat poverty without small business. Thus, if you have any genuine and uncommon ideas concerning the production of useful goods and services, establish your own small firm.

Table of Contents

Starting up is not easy

Starting a small business is not an easy thing. Whether you’re doing something as simple as business paper writing as a business or as grand as running a construction company building skyscrapers, you should be psychologically and financially prepared to numerous challenges. Moreover, it is vital to know something about business, management and marketing.

To begin with, you should educate yourself about the business and market. Learn from reputable education websites. You can take Research Prospect as an excellent example of educational websites as its visual appearance is fantastic. It has simplicity, informational content, responsiveness, and a proper Content Management System. You can read an excellent article written by Research prospect professional editors on how to write an essay here:  https://www.researchprospect.com/how-to-write-an-essay/

You should also study the market in order to learn about the goods and services that are required by consumers. This factor is the crucial one. When you discover that people demand an item but no one has produced it yet, you have the best chances to conquer the chosen sector of the market. Secondly, you ought to think about the price and quality of your product.

There are two options. The foremost one is the production of high-quality and expensive goods that will serve long. The second option is related to consumerism. You produce poor-quality cheap goods and attract clients with the help of the lowest prices.

Sad to say but it is difficult to choose the best option. Many people are ready to pay a lot to possess a quality item. Others avoid paying a lot and prefer cheap products. If you need title cash now to start your business, consider applying for a title loan.

Create a business plan

Then, you should create your own business plan that will contain the entire information about the functioning of your firm. Think about the target groups of customers, production, logistics, storage and retail.

Apparently, you should produce and store your goods somewhere. Then, you will meet with such issues as revenue and expense. You will need to hire a few employees to run your business rewardingly. Without doubt, you will have to be selective, demanding and attentive in order to recruit the right people into your firm. Finally, you will meet the problem of rent, taxation, etc. A firm resembles a household. You should pay attention to the slightest problem, question and misunderstanding if you want to increase your income and develop your small firm into something bigger.

The ups and downs

As might be expected, starting a small business has many advantages and disadvantages. The most solid strong side is independence. You do not have to work for someone else. You work for your own profit. You possess the freedom of choice and actions. If you are not respected and appreciated at work, you can embody your original and amusing ideas in your own business.

Ambitious people always try to start a small business if they receive such an opportunity. You do not need to listen to the instructions and threats of your boss when you are late. At long last, you will earn more money. You are the boss and the entire profit is yours.

Nevertheless, there are many factors that cause problems to a novice entrepreneur. You should remember that independence is also responsibility. You are responsible for your firm, its prosperity and the wellbeing of your employees. Furthermore, you are responsible for the health and life of your customers who consume your products.

You are expected to know how to develop and improve your small company beneficially. You should know how to behave in case of crisis and unpredictable situations. You should be ready to wake up at night and spend the whole day at your firm in order to settle down all urgent problems and conflicts between employees. You should be a teacher, psychologist and negotiator who is able to resolve conflicts and motivate his staff practically.

You have a great opportunity to share your experience in creating and managing your business, shoot and edit a video using ad maker  in which you can talk about the difficulties and successes that you have experienced. Perhaps this will be useful for people who also want to open their own business.

Starting a small business is a challenging but beneficial idea. You are able to establish you own store, café, restaurant or bakery and embody your offbeat and splendid ideas there. On the other hand, you should be ready to resist numerous challenges and work hard for the protection and development of your business.

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Starting a Personal Small Business

Introduction, essential steps to successful business management, works cited.

Small businesses have certainly started to play an important role in the growth and development of a lot of economies in the world today, and they are becoming increasingly popular. The reasons for this are not particularly hard to discern. More and more individuals are joining the small business for a variety of reasons that include the search for extra income, independence and for convenience purposes. As an established serial entrepreneur, I have had my share of personal experiences on the critical success path towards success in small businesses. During this period, I have had the chance to discover a lot about the most critical things that you need to become successful in managing your small business. Use this guide as your checklist to determine whether your business plan is on the right path or whether you need more information as regards your strategy and the business market you are venturing into.

The first step is to make sure you offer what people want to buy, not what you feel comfortable selling. Many small businesses often make the biggest mistake in this stage. You are much better off selling products that fall under proven category than venturing into an entirely new market. The risks associated with such a venture are very large in measure that small businesses cannot sustain. The next step is to get your cash flowing immediately because cash flows remain the lifeline of any business. You can easily do this by requesting for work up- front and arranging to pay the balance on delivery. Lussier (107) illustrates that.

You can do the same in retail, especially on high-ticket or specialty item and position it as an added value and a way to insure delivery by a specific date and you can also add value to generic items by creating private labels, and develop continuity programs where customers pay an up-front monthly fee to insure delivery or availability of items they will buy on a repeat basis.

You must be strategically positioned to have first hand news in order to keep your costs at their minimum levels. In business, “All the cash flow in the world is worthless if it’s not positive cash flow, which means you have to bring in more cash than you pay out” (Pilgrim, 37). To achieve this, you must ensure that your costs and expense remain at bare minimum.

In addition to the above, the major driving factor behind any business unit is a good return on investment. It is necessary to spend a good fraction of your time exploring ways to increase your profits. This involves analyzing the five business drivers that include leads, conversion rates, average dollar sale, average number of transactions and profit margins and how they relate to each other. If you can develop the capacity to master them while at the same time keep your costs low, then you are on your way to success. “In planning, it is far more important to overestimate your expenses and underestimate your revenues” (Pilgrim, 39).

Accountants and economists with tell you that “Being conservative in your numbers doesn’t mean you are willing to accept those numbers, it just means you are arming yourself with information you can work with and work over” (Hodgetts, 90). The mistake here is to focus on raising your brand before you get your leads. Leads are far more essential than brands because they define your brands and not vice versa. In addition to the above, test and measure everything because in business, you cannot charge what you cannot measure and you cannot tell the impact of a strategy if you cannot track its results. You must accept that learning is process and indeed a continuous one in this filed and do not be tempted to think that once your last annual sales were exemplary, you are bound to ride on the same trend.

Research articles on the rise of small business in the market today reveal that more and more people are opting to retire early and use their savings for personal businesses. In fact, over 30% percent of businesses are managed by early retirees and 25% of those that made use of the strategy listed above have demonstrated the tenacity to survive. While managing your personal business comes along with a number of challenges, the satisfaction derived from increased income and high levels of independence warrants a trial. Do not fear venturing into a small business, many have tried and succeeded. This could be your gate-way to freedom and run-away from the stressful workplace and a tyrant boss.

Hodgetts, Richard M. Effective Small Business Management. Journal of Business Management. 4.3. (1992): 89-99.

Lussier, Robert, N. Management Fundamentals: Concepts, Applications, Skill Development. Journal of Business Management. 11.2. (2008): 107-128.

Pilgrim, Bruce. Talking to My Cats: A Small Business Journal . Journal of Small Business. 5.2. (2007): 37-44.

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Most People Have No Business Starting a Business. Here's What to Consider Before You Become an Entrepreneur You need to find the right business opportunity at the right time and take the right steps to beat the odds.

By Cynthia Kay • Apr 22, 2024

Key Takeaways

• Small businesses could significantly improve their odds by starting the right business at the right time and taking the right steps.
• Don't rush the following steps. They set the foundation for beating the odds and growing a great business.

Opinions expressed by Entrepreneur contributors are their own.

There is no such thing as the perfect time to start a business . I know. Growing up in a family business, I always thought I would love to own my own business, but I was waiting for the perfect time. Then, I got fired from my job in broadcasting and had to decide what to do. Was I ready to take on being a business owner? Did I have enough experience? Where would the start-up funding come from? Did I want to own one, or was I just enamored with the American dream of being a business owner?

The hard truth is that most people have no business starting a business because they have unrealistic expectations and have not done the hard work to ensure its success. The statistics bear that out. According to the U.S. Bureau of Labor Statistics , "20% of new businesses fail during the first two years, 45% during the first five years, and 65% during the first ten years."

I have been in business for more than 35 years, which puts me in the category of only 25% of the companies that make it 15 years or more. Am I clever or lucky? Or a little of both? I believe that small businesses could significantly improve their odds by starting the right business at the right time and taking the right steps.

Related: You Won't Be a Successful Entrepreneur Until You Adopt These 3 Habits

The right business

Ideally, there are two things to consider. First, the type of business. The right business for one person is very different than the right business for another. In my case, broadcasting experience was a great foundation for starting a media production company. I had worked for several television stations in a variety of roles, so I understood both the production aspects, what might be compared to operations in other businesses, and the financial considerations.

When you start a business in an industry where you know you have an edge , you see the opportunities and the pitfalls. You can become a recognized leader faster than someone who is just getting started. You also may have recognition or awards that give you instant credibility. In my case, I have won over thirty broadcast awards, indicating that I was a seasoned professional.

One side note: I know people who have been very successful in starting businesses without a specific background in the product or service. These are, however, well-educated businesspeople who can successfully lead an operation and have found others with the skills and understanding of the industry. Being a franchisee is another way to get started because the franchise owner has put the products, systems and training in place to jumpstart ownership.

The second thing to consider is the business owner's passion and commitment level. Even knowledgeable and prepared individuals must work hard during the first few years to set the foundation. Business owners know that means missing family events, long hours, and plowing money back into the operation instead of putting it in their pockets. If you have a passion for business, it is easy to stick it out. If you don't, resentment builds, and the business suffers.

Related: Passion, Freedom, Impact: The 3 Ingredients of Business Success

The right time

You might think that timing is about the age at which you start a business. It is not. Entrepreneurs start businesses at all ages. Over the years, we have seen many young people and their parents on Shark Tank trying to find an investor for their businesses. One might argue that the business is really the parent's idea, but not always.

At the other end of the scale, there are encore entrepreneurs. These are successful business owners who sold their businesses and could not sit still or who left corporate America and struck out on their own late in life. Of course, many of those who are starting businesses are millennials and Gen Zers. The right time is at any age.

What's more important is whether or not the product or service is ready for the market and in demand. Media production as an industry has been consistently in demand since I started but was even more popular during and after the pandemic as people needed to communicate but did not want to travel or meet in person. Many side hustles have soared in popularity, and there is still room for new entities. But others have crowded fields. It's important to look at the competition and see how your offer measures up. Is it different, a better value, or more convenient?

One last thing to consider: Sometimes, you are so far ahead of the market that you need to do more than just sell; you need to educate and create demand. Think about it. Things like computers, meatless burgers and even kitty litter changed or created an entirely new industry. Timing here is tricky. Get in too early, and it takes huge resources to get noticed. Too late, and you can't catch up.

Related: Can You Turn Your Side Hustle Into a Business

The right steps

Benjamin Franklin said it best, "If you fail to plan, you plan to fail." To be successful, you need to take the right planning steps. You need to do the tedious work of creating a business plan. This is the roadmap for how to start, operate and grow the business. There are lots of different templates and resources to create a plan, whether you are starting a traditional business or a lean start-up. Just pick one that meets your needs. You also must find and surround yourself with a great team of advisors, including a business attorney, financial professional, insurance and risk management team and more.

Don't rush these steps. They set the foundation for beating the odds and growing a great business.

Related: 3 Advisors Every Business Owner Needs

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Business Essay Writing: How to Start Your Own Business Essay

Table of Contents

Most people believe that launching a small business is the best way to achieve freedom. Even though this claim has some merit, it is debatable.

Why do people choose to launch their businesses? They yearn to be on their own. One can better manage his time by operating a small business. You can create the products and services he desires, attempt to be thoughtful and responsible.

The economy of any state relies heavily on small enterprises. Small business owners make significant contributions to the state budget.

One could argue that the complex of small and middle-sized businesses brings the nation the same profit as big enterprises. Simply put, a prosperous state cannot exist without small businesses.

Without small businesses, poverty cannot be eradicated. Allow me to discuss some factors that should be considered when starting your business.

Factors to Consider When Starting Your Own Business

1. starting up is difficult.

It’s not simple to launch a small business . Whether you own a construction company or a business, you must be financially and mentally prepared for hurdles.

Additionally, having a basic understanding of management, marketing, and business is essential.

You should first familiarize yourself with the industry and market. Use trustworthy education websites to learn.

The most essential component is researching the market to determine what products and services consumers want.

If a product is needed, but no one is making it, you have the best chance of dominating the market.

2. the Cost and Caliber of Your Product

The cost and caliber of your product are the second things you should consider. Two choices are available.

The creation of pricey, high-quality products that will last a long time is a choice to make. The second choice has to do with consumption. You make cheap, subpar items and draw customers by offering the most affordable pricing.

Sadly, selecting the ideal solution might be challenging. Many people are willing to spend much money to own a high-quality item. Others steer clear of high prices and favor affordable goods. Consider requesting a title loan if you require title cash to launch your company.

3. Business Plan

You should write your business plan, which will include all of the details about how your company will operate. Consider the client’s target markets, production, distribution, storage, and retail.

It would appear that you should create and keep your stuff somewhere. Then, problems like revenue and expense would come up.

You will need to hire a few staff to run your firm profitably. To bring the appropriate people into your company, you will need to be picky, demanding, and careful.

You will eventually run into issues with rent, taxes, etc. A business is similar to a family. Pay attention to the slightest problem, question, or misunderstanding to enhance your income and build your small business.

The Peaks and Valleys of Starting Your Own Business

Starting a small business involves a lot of benefits and drawbacks, as one might anticipate. Independence is the strongest side. You are not required to labor for another person.

You can decide what to do and how and work to benefit yourself. If you don’t feel recognized and valued at work, you can implement your unique and entertaining ideas in your own company.

Ambitious people always attempt to launch a small business if given a chance. When you are late, you do not have to heed the advice and warnings of your boss. You will eventually start to make more money. The entire profit belongs to you because you are the boss.

However, there are a lot of things that can be problematic for a new business owner. Keep in mind that independence comes with responsibility.

You are accountable for your business’s success, your employees’ well-being, and both. Additionally, you are responsible for the well-being and lives of those who use your products.

You must understand how to build and enhance your small business profitably. You should be aware of how to act in emergencies and unforeseen circumstances.

To handle crucial issues and employee disagreements, you must be willing to work nights and weekends. You should be a skilled educator, psychologist, and negotiator who can settle disputes and inspire his team.

Starting a small business is a challenging but worthwhile endeavor. You can open your shop, café, restaurant, or bakery and implement your brilliant and eccentric ideas there. To protect and build your firm, you must face many challenges and work hard.

Abir Ghenaiet

Abir is a data analyst and researcher. Among her interests are artificial intelligence, machine learning, and natural language processing. As a humanitarian and educator, she actively supports women in tech and promotes diversity.

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Starting a Small Business, Business Plan Example

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Introduction

In am a student in the Valencia community college in my country and I am thinking of starting a small business dealing with the supply of clothes for children. I have the intention and desire to expand my knowledge of business practices and have decided to engage my activities in the Valencia since there are a lot of businesses dealing with the clothing of the children and all of them seem to be doing well. Is it because of the population is large enough to support all these businesses dealing with children ware or it is because the children of this town are less careful with clothing and therefore  make them wear out quickly necessitating the need for the fast replacement compared to the other cities?

I have done some research on the Valencia city and it has come to my notice that parents in this city like having their children smartly dressed as compared to the other cities. The parents and caretakers of children in the city buy children clothing almost on a monthly basis, explaining the reason for high demand for children clothes as opposed to its neighboring towns. People here are obsessed with smart children and take pride in the looks of their children more than any other city in the nearby. As a result, it has become a centre for small businesses dealing with clothes of children. People from the nearby cities also come to shop for their children here since the city has established itself as a city dealing with exclusive designs of children clothes. There are a lot of varieties of clothes for children and all the designs the children like are available here.

I thought of which business to start and arrived at this type of business, one dealing with clothes for children. I did some research from various websites and they were bearing almost the same information with what I knew. But in addition to this, the research also enabled me to understand the clothing business better on how to manage it financially. I got to understand how I could evaluate the business on the basis of its financial status and to make decisions based on the financial status of the business. From the research, I understood the best methods of running a business to get the best returns and therefore profit. This will help me on a great deal in knowing how I can modify the business operations to have the best outcome.

The business will be owned totally be me and therefore will be a sole proprietorship type of business. I will be the only decision maker. All the total capital will be raised by me through personal savings, borrowing from friend, family support or even a loan from a bank or a financial institution. I will start the business with a small shop and a van. I considered this type of business because being the founder of the business project I would be responsible for all liabilities and debts and exchanges made in the business. As such, I will have all powers pertaining to decision making in the firm. I will also be responsible for ensuring that the products reach customers. In addition, since it will be a new job in the market, being the proprietor will enable me to make the necessary adjustments without having to consult any other individual.

The business will start with the name “Valencia Kids Clothes Suppliers”. This name was considered in order to make the people of the targeted region to feel recognized. The business will be located in one of the main streets of Valencia in a region that is close to several family estates. This location was considered in order to make the business premise assessable to potential customers. Other than the shop, the business will also use the business van in marketing the clothes to other regions especially in areas from opposite direction, which have high number of children.

In order to reduce fraud, the following internal control will be implemented; there will be a well structured accounting procedure which should be followed when purchasing or supplying the products. This control will help to reduce fraud, since all products entering into the supply systems and moving out will have to be accounted for. In addition, the internal control will give the targeted clients assurance of the quality of products. In addition, as the sole proprietor, it will be my responsibility to ensure all periodic reconciliation tallies with the records in other accounting books (Business Glossary, 1). This internal control will help reduce internal fraud.

The business will be medium sized and will require one time start up expense of $33,590.00.  To obtain license for the business $150 will be used while $ 300 will be used for legal and professional fees. In addition, $1000 will be used in advertising and promotion while the remaining amount will be used on equipments, decoration of the business premise and installation of various equipments among other activities. This money will be used in modifying the business premise in order to be customer friendly, purchase various children clothes products with different designs and in the outreach programs where the van will be used to transport some of the goods to other designated areas in order to increase market area.

The service revenue for the business will be $89,600.00 while the operating expense for the business will be estimated to be $51,840.00. The estimated annual net income will thus be $37,760.

Income Statement

For the year that ended December 2010

Products revenue $89,600.00

Operation Expense

Advertising Expense $2,880.00

Salaries Expense $ 42,000

Transport expense $2160.00

Supplies expense 3,000.00

Telephone and other utilities expense 1,800.00

Total operating expense ($51,840.00)

Net Income $37,760.00

The businesses assets will include a business van, stock and cash which will total to $113, 560.00. The liabilities will be $ 25,800.00 hence making Valencia Kids Clothes Suppliers equity to be $87,760.00. Hence, based on return on assets analysis, the business will be expected to have positive revenue which will be expected to continue increasing the subsequent years.

Business Van $24,000.00

Stock $4,000.00

Cash $85,560.00

Total Assets $ 113,560.00

Liabilities $25,800.00

Equity $87,760.00

Equity and Liabilities $113,560.00

Developing this business will have financial and non financial benefits, not only to me but also to other members of the community. Some of the financial rewards will include increased revenues which will in turn translate to economic stability.   In addition, the business will enable me to develop business personalities who will be liable for different business obligations. These benefits of running a business as sole proprietor will enable me to learn how to manage and predict business risks, i.e. a non financial merit of the business. This business will require few legal costs and hence make the company to be profit oriented. Based on return on assets analysis, the company will be able to recover a return that is above the amount I invested as capital by 33% and hence the business will provide business security to the owner (me). Based on debts assets ratio only 23 % of the business capital was sourced from the creditors.

Doing this research has been of great help since it has enabled me develop a strong perspective on how proper planning is important before establishing any form of business. Ina addition, this form of research has showed me the importance of research before developing any business. Through research I was able to identify the needs of people in particular regions and capitalized on the fact that customer needs to develop the business due to what is at demand. The research that was done for various business analysis strategies such as return on assets analysis, have been very important in helping me identify and determine the right business to consider.

Works Cited

Business Glossaries, “Business Defination for Internal control”. Barron Education Inc. 2007. page 1 Retrieved 13 th March 2010 from http://www.allbusiness.com/glossaries/internal-control/4943791-1.html

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6 steps to building a successful small business, from brand identity to customer loyalty

• At a recent event about small business, experts advised that having a clear vision is the key to a successful brand.
• A strong brand identity and effective marketing strategy depend on connecting with customers.
• The conversation was part of Insider's event " Marketing for Small Business ," which took place on Tuesday, April 25.
• Click here to watch a recording of the full event.

This is the era of the small business. With marketing resources like social media, podcasting, and local advertising available at your fingertips, small-business owners' marketing opportunities are skyrocketing. 

At a recent event hosted by Insider and presented by Mailchimp, marketing experts shared insights into how small-business owners can leverage these tools. On the panel were Jamal Miller, senior director of product marketing at Mailchimp, Shane Pittson, vice president of marketing at Quip, and Tiffany Tolliver, founder and CEO of The EmmaRose Agency. They spoke with Jennifer Ortakales-Dawkins, a senior reporter covering entrepreneurship at Insider, as part of "Marketing for Small Business."

From building a strong brand identity to uncovering the best marketing tools, these industry experts shared a roadmap to growing a small business.

Start by building a brand identity

The panelists explained how crucial building a strong brand identity is to moving a small business forward.

"To stand out with your brand identity, you have to have a clear vision," Tolliver said. "What we're communicating is something bigger than trying to generate revenue."

Tolliver's best advice for securing your brand identity is to keep it simple and consistent. She said, "When you think of the really legacy-based, really easy-to-find logos, like Nike and Target and things like that, they're not changing up their brand identity often, they're making little tweaks."

Identify a core customer base

Another crucial step in building a successful business is determining the core customer base — the people who are loyal to the brand. 

Miller said, "There's often no better way to learn about your audience than to be very intentional about spending time with them. One of the things that we pride ourselves on at Mailchimp is being very close to our customers, setting up a lot of time to engage with them."

Establish trust through marketing

A component of nurturing a customer base is fostering trust between the brand and the customer. 

Pittson said, "With proactive communication, thinking about your emails, your advertising, your presence on organic social, be consistent. And if you're posting regularly and within a framework, then your audience and your customers are going to grow to increasingly trust you and come to you for that type of insight."

Identify your metrics for success

Tolliver maintains that each company's marketing metrics are going to look different.

She said, "The company needs to assess what success to them looks like in their marketing, because we all have different goals. So if I'm working with client A or client B, their metrics for success are going to be different, even though they could be doing the same exact thing."

The panelists gave examples of how to use tech to measure the impact of a campaign. Pittson said, "One of the early things we did was set up an if-this-then-that automation, anytime someone tweeted about Quip or about some of the product lines we were in, we had different Slack channels."

Miller said, "The key piece to automation is a connection between all of the different tools that you're using in your marketing tech stack, to ensure that when something happens in one of your channels, you can respond to it quickly in another."

Build a loyal community  

Supporting causes outside of the business has been helpful for Quip in building trust with its consumers. Pittson said, "Always take a minute to step aside and be opportunistic about some of those moments, and ultimately that authenticity is going to come through."

Starting with a clear vision and maintaining authenticity is Miller's top tip. He said, "Tiffany started us off with this idea of vision, kind of the extent to which you can stay grounded in your brand's vision, your brand voice, to maintain that authenticity, is always going to help win the day in terms of scaling with some sense of authenticity."

Tolliver said, "What a lot of my clients are facing right now when they are building their communities, it's not just looking at who they're serving in the realm of demographics, but the psychographics. People are dealing with a lot of things today and the dismissal or not having the awareness of that from your customers, at least in the service-based industry, is detrimental."

Put the customer first

Pittson advised reading reviews and allowing the customer to guide the small business' vision.

He said, "Ensuring that you're being led and directed and you're guiding your vision based off of the voice of the customer and the experience of the customer is always going to be a recipe for success regardless of what business you're in."

• Main content

'Put the skunk on the table' and other tips for succeeding as a small business in Mass.

BARNSTABLE — The Small Business Administration played matchmaker Wednesday at the high school where local lenders were on hand to talk with small-business owners about how they might tap into capital to start, grow, or expand .   

The event drew nine lenders and 15 organizations that could provide resources to help small businesses get loans. About 200 small businesses registered for the event, according to Robert Nelson, Massachusetts District Director for the SBA.  

“There is a small-business boom in Massachusetts,” said Nelson. 

He said 17 million small businesses have started up nationally since the start of the Biden-Harris administration , setting an all-time record. The average monthly number of small businesses start-ups is 440,000 nationally. The SBA has been a crucial partner in that growth. The government agency offers a variety of loans from $500 to $5.5 million, but each has different allowed uses, borrowing limits, repayment terms and approval requirements. 

Cape Cod saw $35 million in Small Business Administration loans in 2023

Last year, the SBA processed $27.5 billion in 7A loans , which are guaranteed loans to lenders, and $6.4 billion in 504 loans, Nelson said. The 504 loans are typically for owner-occupied real estate loans or funds to buy major equipment. SBA guarantees make it easier for lenders to approve loans.  

In Massachusetts, the SBA did $818 million last year in capital support thru 504, 7A, and microloan programs. In Barnstable County $35 million in more than 100 loans were made.

They included loans to providers of home health care, food and janitorial services, restaurants, interior design, electrical and finish carpentry businesses, and home, toy and game stores, Nelson said. Loans were made to new businesses, established businesses and those owned by women, veterans and people of color.

What lenders want from a small-business owner seeking a loan: 

Do your due diligence before seeking a lender. Find a lender you can trust and who will work with you. Don’t get discouraged. Be prepared with a business plan, an elevator speech, and an understanding of the business and industry. 

How much money is needed and for what? Provide estimates for what is needed. Show how revenue is generated and who your key vendors are. Provide financial projections. 

Lenders want to know how much capital an owner has put into a project.  

Trying to get a loan when there are negatives in your background 

“Put the skunk on the table," said Eric Bancroft, vice president and SBA specialist with TD Bank. “Disclose the negative aspects of your business. Did you file for bankruptcy? What is your debt?”  

Personal information that can be considered includes credit issues, personal tax returns and financial statements, business tax returns, any other assets and other sources of income, including spouse and passive income.

Respond quickly to lender questions during the underwriting process. Provide a list of professional advisers (paid and free) who help the business. Schedule appraisals or environmental reviews, if needed. 

Is there a guarantee from spouses or partners, or other assets or sources of income? Are there credit issues? Lenders will look at personal tax returns and personal financial statements, business tax returns and your skills as they align with the business.

Working with local government 

All cities and towns must comply with Massachusetts General Laws. Understanding the process in one town can help with bids for other towns. Consider small jobs to bid on and build relationships with larger contractors. Opportunities can pop up for jobs, like carpet cleaning or janitorial services for schools. Use these as steppingstones to other opportunities.  

Working with Massachusetts 

Massachusetts must hit benchmarks for doing businesses with minority-owned business. A business must be certified to quality. Once certified there’s an increase in opportunities to partner with larger vendors who have diversity commitments.  

The state's Operational Services Division offers a free 3-hour training course on getting certified. 

The Inspector General's office offers a 2-day course on state procurement procedures and requirements.  

The state uses COMMBUYS for purchasing. Find out how the state purchases what you are selling.   

Denise Coffey writes about business, tourism and issues impacting the Cape’s residents and visitors. Contact her at [email protected] .    

Thanks to our subscribers, who help make this coverage possible. If you are not a subscriber, please consider supporting quality local journalism with a Cape Cod Times subscription.  

This Southwest Florida city ranks as one of the best in U.S. to start small business

Does size matter when it comes to starting a small business? In other words, the bigger the city the better chance of success for entrepreneurs?

Not necessarily.

In fact, for entrepreneurs looking to start a small business in a small city, a study by WalletHub identified Fort Myers as being one of the best locations in the U.S. to do that. Fort Myers is ranked No. 3 and one of only two Florida cities to make the Top-10. Altamonte Springs (Central Florida) is No. 9.

More: Lee's hosting 'largest gathering of CEOs.' Where are 450,000 headed to in SW Florida?

What to know: Fort Myers a 'best place' to start small business

• To determine the best small cities to start a business, WalletHub compared the business-friendliness of more than 1,300 small-sized cities. WalletHub's data set of 18 key metrics ranges from the growth rate of the number of small businesses to investor access and labor costs.
• According to WalletHub, a city with a smaller population can offer a greater chance of success, depending on an entrepreneur’s personal preferences and the type of business they’re starting. The best cities can even help new businesses survive economic shocks such as pandemics or inflation.

Did you know: Fort Myers a 'best place' to start small business

• According to the study, Fort Myers has one of the highest numbers of investors per capita in the country, which improves the chances of startups finding the funding they need. This investment access allowed the number of small businesses in the city to grow by over 21% between 2015 and 2021.
• Fort Myers also ranks in the top 100 cities (out of more than 1,300) for office-space affordability, at $12.20 per square foot, and for the number of startups per capita. Since current businesses are thriving and have access to good capital and low building costs, it’s a great time for startups to get a piece of the pie.

What they are saying: Best small cities to start a business

“The benefits of starting a business in a small city include lower overhead costs, stronger relationships with customers and the potential to become a big fish in a little pond. But there are drawbacks, too. Entrepreneurs who want to build a large professional network aren’t likely to make as many connections in a town with fewer residents. Other restrictions might include limited industry options, a less diverse customer base, and difficulty attracting and keeping top talent.” − Cassandra Happe, WalletHub analyst

Who is No. 1: Best small city to start a business

According to the WalletHub study, Cedar City, Utah is the best small city to start a business. It has one of the highest rates of startups per capita, as well as the fourth-highest growth in the number of small businesses between 2015 and 2021, at over 33%. This growth is significant because it shows that the city has the conditions to keep small businesses afloat even during this period of economic difficulty.

Cedar City has the fourth-lowest average commute time, too, at just 13 minutes, so people can spend less time sitting in traffic and more time being productive. It ranks in the top 100 cities (out of more than 1,300) when it comes to annual employment growth and working-age population growth. There will be plenty of people for new businesses to hire in the future.