Small Business Challenges Big Business Profits in Troubled Times
A small business is described as a business that is owned and operated by a private individual(s), is made up of a relatively small number of employees, and generates a smaller sales volume. The definition of "small" in this instance varies among countries and is stipulated in their specific business and/or labour policies. Small businesses come in the form of convenience stores, bakeries, small-scale manufacturing shops, and even online ventures such as programming and web design. In these troubled times, however, it is unfortunate that it is the small business that suffers, even though they are shown to be the life blood of the community. They face constant competition from the big businesses that force them to lower their prices and their profits, which eventually ends up to the increase of their unemployment rate. Big business profits have a lot to answer for, but can the small businesses survive and beat the odds? Ultimately, it is up to the individual if they want to support the small businesses and support the community as well.Despite the possible limitations of small businesses when it comes to earning big business profits, these establishments are major contributors to a country's economy. In the US alone, they account for more than half of the employment and approximately 50 percent of the GDP, according to the US Small Business Administration. It has also been found out that these enterprises are responsible for creating the most number of new jobs within communities.
Small businesses exist in order to challenge the larger conglomerates as well as keep well above the local competition. It is for this reason that they account for a large part of a country's economy. Although the establishment of a large company within a community would mean more jobs, the closure of one would also contribute to the displacement of a mass of employees as well as spell disaster for the town's income. A smaller institution, on the other hand, might not generate a hefty sum as well as employ a massive host of individuals, but they, along with the other smaller institutions within the town's vicinity, may provide a steady source of income, provided that they thrive and flourish.
Different establishments within the area, no matter how small, make the town seem interesting to people who do not live there. The diversity that these enterprises provide may attract tourists and passersby, especially if the shops are providing products that are specific and exclusive to the community. An influx of shoppers would mean greater income for the businessman as well as of the community, which is basically what businesses are about.
With the growing desire of a multitude of employees worldwide to be "their own boss," it is not surprising to see a number of little shops sprouting daily in every available space within the neighbourhood. Particularly with the current economy's downward slope, individuals are already looking for ways to make it big on their own and experience the freedom of generating income without having to commute daily to the office, beat deadlines, or answer to a superior.
Establishing one's own business, however, can be a daunting task. As a budding entrepreneur, one has to make certain that the products and/or services will sell and will continue selling for a very long time. Aside from that, the businessman has to ensure that the quality of products and services provided by the enterprise will not be compromised in the desire to reap big business profits.
How then, is it possible, to start a small venture and earn big, without compromising production standards? The trick is simply to attract a huge and steady customer base. Even if the business is relatively minor in size, a steady stream of customers would reflect success for the businessman's endeavour. The entrepreneur's next and continuous challenge would then be to maintain this client base and ensure its stability for many years to come.
There is a whole lot of free information out there that are proven to be effective guides to aspiring business moguls. Whether you want to establish your own cozy little coffee shop, or open up a local library in the neighbourhood, you have to make sure that your venture will draw a huge number of customers and keep them interested in order for your business to stay afloat for the longest time. Ultimately, your goal should be to earn big business profits for your small business. Without sacrificing the products' quality, of course.
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