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Starting a Small Business

Small businesses are the major generator of new jobs in our economy, and in smaller communities or areas with slower growth, the only significant source on new employment. According to the Small Business Administration, small businesses have generated 60% to 80% of net new jobs annually over the last decade and employ about half of all private-sector employees.

Does that fact mean you should run out and start your own business? Not necessarily. Starting a business is tough, and you should determine early on if you are up to the task. Some of the questions you might consider before you start are, “Are you a high-energy person? Are you organized? Do you have adequate resources, and do you have a unique service or product?” You might also want to consider your health, and the interest of your spouse or partner in this new venture.

Most important, most successful businesses begin with a smart business plan. The office of the U.S. Small Business Administration (SBA) nearest you is a good source of information about planning for a small business.

SCORE®, Counselors to America's Small Business is a nonprofit association that works in partnership with the SBA to educate and advise small business owners. Also check our additional resources.

Page Author: Steve Wagner.(SBA statistics)

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Check our Additional Resources for more information

 

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