Small Business Owners

In present days, small business is becoming a big hazard. Especially General stores, Fancy Stores, Mobile Shops, Vegitable shops and Medical shops etc.

Basic reason is..., House owners are increasing RENT equivalent to their average monthly income. 20 days of their business income is going to rent and maintenance charges.

By any reason if they are not able to open remaining 5 days, they will not get anything for their survival. This is the position of 90% business owners keeping in rental premises.

Suggestion is, if you have OWN Premises then it is OK, Otherwise long-lease for at-least 5 years will give you some relaxation. If you want to close the same meanwhile it is better to endorse to some other for certain money.

Who is a small business owner: To be a small-scale business owner, you must own a business with fewer than 500 employees and less than $7 million in annual revenues. A caterer who works alone and from home is a small-scale business owner, as is the owner of a catering company with several franchises.

Small business owner need to have: Confident. Confidence comes from knowing yourself and your abilities. Persistent. Running a business doesn't always go as planned. Goal-Oriented, Budget Conscious, Personable, Passionate.

Title for a small business owner: Owner, CEO, Founder, Managing Director, President, Director, Principal. Managing Partner or Managing Member.

What makes a great business owner: Business owners need to be able to show they're capable of making hard decisions on a daily basis. Listening to advice and keeping an open mind is great, but at the end of the day, it's your decisions as a business owner that will set the agenda.

What do small business owners call themselves: Proprietor is an older term used to describe the owner of a small business, and is particularly common within small, main-street style retail businesses.

How do business owners become rich: Follow these steps to get rich:
Start your Day Early.
Have the Courage to Take Risks.
Wealth Accumulates.
Pick a Business with Profit Potential.
Run a Tight Schedule.
Become a Frugal Business Owner.
Do Smart work.
Use Digital tools for your faster works, for business & stock management.

What should business owners focus on: A small business owner needs to take a good look at their “to-do” list and decipher what they can handle and what can be delegated to trustworthy employees. Identify the strengths of each staff member and see who can best handle the marketing, the purchasing, the financing, driving sales, etc.

How important is small business: Small businesses are important because they provide opportunities for entrepreneurs and create meaningful jobs with greater job satisfaction than positions with larger, traditional companies. They foster local economies, keeping money close to home and supporting neighborhoods and communities.

Key to running a successful business: Be Consistent. Consistency is a key component to making money in business. You have to keep doing what is necessary to be successful day in and day out. This will create long-term positive habits that will help you make money in the long run.

Can you be an owner of an LLC: The owners of a limited liability company (LLC) are called members. Each member is an owner of the company; there are no owner shares, as in a corporation. An LLC is formed in a state by filing Articles of Organization or similar document in some states.

How do I run a business smoothly: Running a business is never going to be a smooth process.
Six Tips to Run Your Business Smoothly:
Have a Plan.
Create a System.
Learn How to Delegate.
Outsource What You Can.
Use Technology to Your Advantage.
Hire team players.

How do you handle a small business: Here are a few things you should do as a small business owner to stay on top of your finances.
Pay yourself.
Invest in growth.
Have good billing strategy.
Spread out tax payments.
Monitor your books.
Focus on expenditures, but also ROI.
Set up good financial habits.
Plan ahead.

Wishing you all the best,