There’s a lot to take into consideration when starting your business: your goal, your financing, how long-term your plan really is. A lot of the time you want to expand your business to a larger market, and service customers on a larger scale.
Yet there’s a lot of pros in comparison to the cons of having a small business. Some people never take this into consideration, so what are the advantages a small business can have over a big business?
What you will read in this post:
First of All, You Have Your Own Small Business
Congratulations, you’ve established your own small business! That’s a fantastic objective to achieve in itself, as you’ll become self-sufficient and be able to go anywhere you want. There’s a considerable amount of fallback and power behind you now.
If you run your own business, or even if you’re in a partnership, you get to choose every direction your company takes. It also means you’re involved in big and small decisions alike, meaning there’s nothing you won’t know about.
You Can Really Get to Know Your People
A small business usually has about 100 employees and no more, and at a stretch under 500. When you only have a portion of the usual workforce found in big businesses, working well and making friends both in and out of a company has far more reaching advantages. More word of mouth advertising, more effort and enthusiasm from employees, and better negotiating when it comes to schedules.
If you have a strong and stable workforce underneath you, then you’ll have a lot easier time communicating and using social media to your advantage. This means you can establish your brand very well with an online user base, where people are more likely to use humor and jokes in their messaging. This works well for anyone looking to get a foothold on a market, as we all have a little jokester inside us somewhere!
You’re Open to more Loan Options
Financing is a big part of the business world, and so difficult to navigate your way through. However, as a small business you have a smaller scale to work with and more chance of keeping to a budget. One very fortunate consequence of this is that you’re open to a lot more alternative funding sources!
As a small business, in the corporate world there’s an element of pity to take advantage of. Lenders are more likely to loan out to you as long as you assure them of your ability to pay it back, and if you have something interesting to invest in. Loans you can take out include a small business line of credit, bad credit loans, and alternative funding sources. Business credit cards will go farther as well as there’s less people likely to use them, and less risk of going over with your more limited assets.
There’s quite a few advantages to be had from being a small business. Evidently, there’s nothing wrong with working on a smaller market, and then heading up!