Small businesses sprout like mushrooms nowadays. It becomes a trend these days because most people are making money out of their hobbies and passion especially when the market is just a click away and it is very convenient to offer products and services through the World Wide Web.
What are the reasons why people find small businesses very fulfilling that they become so passionate about it and cant wait to get started to have one? Heres why.
A small business is basically privately owned. You are the boss. You can decide on anything and everything on your target business from naming, designing, selling and so on. Generally, the small business is a family affair the owner-manager employs his wife and children. If the business grows, you can hire more employees, them being extensions of your family. You can hire some of your relatives and local community members or neighbors that you know personally you can trust.
A small business is low in capital but high in labor intensity. Small business also means small capital. Most people engaging in small businesses do not have sufficient financial resources, so they cannot purchase big machines or modern equipment. What is only possible for them to do is to use labor instead of machine in their business operations. These are usually in retailing and service industries.
One good small business example that uses simple equipment like the printer and a personal computer is the card printing business. You will only need a few people to run this business especially when your shop is just small and youre only printing products such as business cards, greeting cards, flyers and other simple printed materials.
A small business is efficient in specialized skill or service. It can produce well goods or services that are designed to the particular needs of an individual or a few clients. For instance, customizing cards like business cards require specialized skill and service; repair works on cars and appliances require individualized service. Also, tailors, barbers, real estate agents and others provide services that require specialized knowledge for specific needs.
A small business succeeds in small, isolated or overlooked markets. In rural communities where markets are small due to there are few residents, a small business is viable. For example, small restaurants, internet shops, and grocery stores are profitable enterprises in rural areas. Clearly, big corporations cannot survive in small towns where the demand is very much limited.
A small business often operates in an unstable market. Big corporations are careful with their investments. To be sure or safe in their business ventures, they conduct first a market research or feasibility studies to determine the business viability. Conducting this market research is actually a standard procedure in putting up a business which involves huge resources in terms of money, machines and materials. Such feasibility studies do not apply in most small businesses.
A small business is closer to the market. Not a few small businesses conduct their operations inside the market place. Being closer to the buyers, compared with corporations, you can get first hand information about your consumer tastes and preferences. Such advantage enables you to respond quickly to the need of the consumers. It is not possible for big businesses to act quickly to satisfy a new demand.
Lastly, the area of operation for small business is also small. This means the business is community based. The owner and the employees live in the community where the business is located.
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