Types of Small Business:
- Sole Proprietorship
Sole Proprietorship is nothing but the easiest way of doing business, This business can be operated by a single person which is not a legal entity (unincorporated business). Most of the small business follows sole proprietorship because of ease of setup, simplicity, or nominal cost.
In this one, the person is personally responsible for paying the debits on the profits earned from the business. This can be operated by your personal name or a trending name but still, the owner is legally responsible.
Advantages of a Sole Proprietorship:
1.Sole Proprietorship easy to establish and inexpensive
2.There is no need to pay unemployment tax on owners name.
Disadvantages of a Sole Proprietorship:
1.In this owner’s will have a hard time, Because of they responsible for the losses and liabilities of the business.
2.Owners don’t have the freedom to increase capital by selling an interest in their business.
- Micro Business
Microbusiness is nothing but a small business which has a necessity to run an organization with less than 10 employees. As per the SBA the business which has less capital i.e. $35,000.
//Tips on improving //
Use High-Impact Marketing
Wasting money on ineffective marketing is easy. Seek out low-budget, high-impact marketing strategies to improve your small business. Test one or two new tactics and see which perform best before adding them to your marketing mix. Social media is an excellent low-cost and low-risk way to promote your business. LinkedIn, Facebook, Twitter, and Instagram are but a few good tools to build a social presence and attract attention to your business.
No business operates in a vacuum. Events and changes in the global landscape have an effect on your business. Stay current on trends and issues happening in your industry and local community.
Find Best Practices
Keeping everything transparent is an important underpinning. That means breaking down silos, communicating effectively, testing, and monitoring and approving your processes in order to keep everything running smoothly. Another example is documenting your processes to avoid any miscommunication.