From a wedding photographer to a record producer to a Hampton Hotel franchise, small businesses are the backbone of America’s economy. They are a vital source of jobs, provide essential products and services to consumers, and are responsible for the innovation that propels our global economy forward. Despite these positive attributes, there are many challenges that come with being a small business owner.
One of the most common obstacles that many small business owners face is staying compliant with the myriad federal, state and local rules and regulations. This can be difficult and costly, especially if you are not aware of the latest requirements.
This is why it’s important for all small business owners to stay on top of new laws and regulations in their industries. Luckily, there are a number of online resources that can help you with this task, and a good place to start is with the Small Business Administration.
There are also a variety of other organizations that offer support to small businesses, including the National Federation of Independent Businesses and the Small Business Association. These organizations can be a great resource for learning about the latest requirements in your industry, as well as providing tips on how to comply with those rules.
Despite the many hurdles that they face, small businesses are by far the largest employers in America. As of 2016, there are approximately 23 million small businesses in the United States, accounting for 89.6% of all employment. In fact, there are more small businesses than there are people in the country, which makes it no wonder that these entrepreneurs are a critical part of our economic landscape.
When it comes to determining what exactly qualifies as a small business, there are a few different factors that the government takes into consideration. In particular, the Small Business Administration sets standards for size on an industry-by-industry basis. These standards are based on two considerations: the number of employees and average annual receipts.
For example, according to the SBA, a business is considered small in the Ambulatory Health Care Services industry if it has less than $5 million in revenue or fewer than 1,500 employees. The SBA uses these definitions in order to ensure that they are supporting the most significant amount of small businesses possible while maintaining appropriate levels of oversight.
Other criteria that the SBA considers include the type of business, location, financial motivation, and ownership structure. These guidelines are used to identify the most promising small businesses and to provide them with the necessary tools, resources and opportunities for success.
As a small business owner, it’s crucial that you keep your eye on the prize and understand what you need to do in order to grow your company into something much bigger. By utilizing new technologies that can streamline your workflow, you’ll be able to onboard employees quicker, renew customers with a single email and keep on top of compliance requirements. Ultimately, this will help you create more value for your customers while saving you time and money in the process.