BUS-155-003N Small Group Planning - Group 2

                                     The Good and the Bad of Becoming a Small Business Owner Some people attempt to make a business before realizing how hard it may be. These are a few of the good and bad things about being a small business owner.  The Good: 1. Impacting your Community - Being a small business owner allows you to give back to the community that keeps your shop open. The biggest way to impact your community is by sponsoring local events. Sponsoring local events lets you help those in need or help give the community a fun event. 2. You are the boss - Being the boss is great as you are in charge of everything. This is a heavier burden then working for a company, but it allows you to do what you want with your company.  3. More Freedom - Owning your own small business allows you the freedom of when you want to work. Your hours can...

 The Process to Open a Small Business 1. Research     Researching the market and studying how it is will be a significant factor in determining whether it is the right time to open a business.     Research locations and tips that will help your business be successful.     Research what legal things you will need in order to open your business.  2. Business Plan     Create a business plan that will prepare you for any hiccups that might come along the way.     A business plan will help ensure you have everything you need to ensure the business is thriving.      Planning will prepare you for each step, ensuring you have done everything you need to be ready and prepared to open your business.  3. Choose a name     This is self-explanatory, but choosing an original and unique name is essential to ensure this name has not already been used. 4. LLC     This is also quite self-explanatory, but i...

  Small Business - Benefits and Risks Opening up a small business can bring a significant number of benefits but can also bring along a lot of risks. Benefits:  - You can be your own boss, running a business exactly how you envisioned it.  - Ultimate control is in your favor; you can decide what goes and what does not. - Liability and Tax benefits come along with opening a small business. - Health insurance benefits  Risks: - There is always a chance of the business going south and losing a tremendous amount of money. - A significant number of legal obligations come with it, including licensing and insurance. - Some months are more complex than others meaning making ends meet and paying bills may be extremely difficult at times. 

Opening a Small Business: Post #2      Last week, I discussed some Pros and Cons of Owning a Small Business. This week, I would like to discuss the process of opening a Small Business.  Steps: Step 1: Have a plan You do not want to wing it, having a plan is crucial for your sucess Also important to have contingencies Step 2: Acquire Funds You can acquire funds by getting Investments, Loans, Crowdfunding, or personal funds Step 3: Get Appropriate Federal/State/Local Permits         Depending on what your business is, you might have to get additional Permits Getting the Permits might require inspection, or other requirements Step 4: Pick a Location You can own the land, property, or rent out your business, depending on your funds and or needs Step 5: Open your Business Unless you are very lucky, you have to get the word out somehow. Advertising is your best bet. Source: Small Business Administration. (n.d.). Retrieved April 13, 2023, from htt...

 Pros and Cons of Owning a Small Business  There are many reason why you would want to own your own business. But owning your own business is not as easy as it seems. Here are some pro's and cons of owning a business. Pros: You are your own boss Don't have to take orders from anyone Get to choose who you work with Hire or Fire anyone you please Work your own hours Get to choose what hours you and your employees work  Potential to make more money than a regular job The higher risk, the higher potential reward   Cons: Greater risk The higher risk, the better potential reward, but also the higher risk, the greater chance of failure Potentially unstable income You may make more money, but there's also a chance you don't Have to work harder You are now a business owner, you have to do the leg work Taxes are different You make money on your own Set aside money to pay off taxes Business Costs Not only is it difficult to run a small business, it's also expensive.