Small businesses are actually vital to the success of our economy. It meets the local necessities and it offers success for the future. Some example of small businesses are locksmiths, emergency plumbers, financial consultants and hairdressers. Small businesses actually provide the requirements of bigger businesses. Examples are catering services, printed stationery and photography services. You do not need to have your own enterprise to be part of enterprising. Being an entrepreneur just means that you should have and develop the right attitudes, skills and initiative so you can make a contribution to an organization. It is exciting to be an entrepreneur. Today, you can find a lot of small businesses. These businesses are owned and operated by one person. Most small businesses employ less than six people. This kind of small businesses are a good source of employment. A lot of people nowadays are self-employed. Because of this companies, people will be successful in the future. There are a lot of small businesses that survive and prosper.
Here are the benefits of small businesses:
Development of personal relationships
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Small businesses are a great place to create personal relationships with employees, suppliers and even with their customers. You know who your dealing with when you are part of a small business since you can easily put a face to the people you come in contact with. If you want to have strong relationships then you need to have person to person interaction.
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Has the flexibility to respond to challenges and problems
There is also a little hierarchy when it comes to small businesses. Larger businesses have created procedures that are difficult to change. Small businesses are much more flexible than larger businesses. Another good thing about small businesses is that they can make fast decisions.
The innovation and inventiveness
Small businesses are really positioned to develop and introduced a lot of new ideas. Because small business owners do not need to report and seek for approval from anyone else.
Has a low overhead
The operation of small businesses are small and this is the reason why they have a lower overhead costs. Small businesses operate in smaller areas that has a lower lighting and heating costs and a cheaper rental rate. Because small businesses has lower overhead cost, they can offer a much lower price for their consumers. Larger businesses has a higher overhead cost and this is why the price is too high.
Catering for niche markets or limited markets
Small businesses can actually have profit even with a much lower sales figure. That is why they can sell in smaller markets. Some examples are jewelry makers and window cleaners.