Starting a small business can be difficult. It can also be very rewarding. It takes a lot of hard work and persistence to get your business off the ground. Despite the challenges, many small businesses have survived and thrived. These stories are inspiring, and they will encourage you to keep pushing through the tough times with hope that your business will grow.
According to the Small Business Administration, a small business is a company that has fewer employees and lower annual revenue than larger companies. Small businesses can be structured in a variety of ways, from sole proprietorships to partnerships to corporations. However, it is important to know that the legal structure of a business has an impact on taxation and liability. Registering a business as a small business can also open up opportunities for funding and government programs.
There are more than 34.7 million small businesses in the United States, employing 59 million Americans. They play a critical role in innovation, job creation, and economic resilience across the country. Small businesses range from solo entrepreneurs and family-run shops to growing companies with hundreds of employees. The definition of a small business is generally based on revenue or number of employees, and size standards vary by industry.
Regardless of their size, every small business faces unique obstacles. In our series, Good Company, Regions features a small business owner each week who is doing great things in their community. From a consulting firm outside of Atlanta to a biological dentistry practice putting smiles on patients’ faces to a group home for adults with disabilities, our series celebrates the power of small business.