Small Business Management

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Small Business Structure Starting a small business is a wonderful way to share your ideas, services or inventions with the community around you. There are so many benefits to owning and operating a small business but you first must know the correct steps to take. One of first step in creating a successful business would be to create a well written and thought out business plan. The US Small Business Association also known as the SBA stated “Your business plan is a essential roadmap to your businesses success”. (SBA) A business plan should contain everything such as a explanation of your companies profile and goals, a description of your company including a mission statement, market analysis for who you will be creating a product or service for, organization and management of the business, what service or product will you be providing to the market, marketing and sales tactics, and lastly your funding and financial projections. With all these components together in one business plan a inspiring small business owner will be on track to success. Once your business plan is finished it is important to obtain business assistance and/or training. This could be any where from going to college to obtain a business degree, taking small business classes, attending seminars or utilizing the US Small Business Association. Any of these tools will only benefit you in creating a successful business structure because as a business owner you are going to need to know the law of business and the regulations that small businesses must follow. Business owners will need to be familiar with registering for state and local taxes, receiving a tax identification number and obtaining a business license or permit. Without these all components taken care of a business will not be able to exist. Secondly, which is a very important step would be financing your business. When starting your own business it is very important to determine your budgetary needs. According to the SBA “ To


Cited: "Choose Your Business Structure | SBA.gov." Choose Your Business Structure | SBA.gov. US Small Business Administration, 28 Oct. 2013. Web. 28 Oct. 2013. . DeBaise, Colleen. "Management Basics." The Wall Street Journal Complete Small Business Guidebook. New York: Three Rivers, 2009. 99-114. Print "Follow These 10 Steps to Starting a Business | SBA.gov." Follow These 10 Steps to Starting a Business | SBA.gov. US Small Business Administration, 28 Oct. 2013. Web. 28 Oct. 2013. . Pride, William M., Robert James Hughes, and Jack R. Kapoor. "Choosing a Form of Business Ownership." Foundations of Business. Mason, OH: South-Western/Cengage Learning, 2013. 105-24. Print. Touchpoint in General Business “8 Different Types of Small Business Management Styles- What’s Yours?” Bank of America Online 9 Jan. 2012. Web 28 Oct. 2013 https://smallbusinessonlinecommunity.bankofamerica.com/community/running-your- business/generalbusiness/blog/2012/01/09/8-different-types-of-small-business-management-styles-what-s-yours

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