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The definition for a small business varies depending upon where you look it up. Now, as you move from town to town within any given state, that definition changes even more. Then there is the state tax board who might have a different idea yet as to what a small business is. Think that is tough, wait till you check with the IRS.
Not only is the definition always changing, so are the requirements for starting a small business. There are state, federal, city, township, and sometimes even the subdivision within the city in which you live, which will have their own requirements.
Check out the IRS web site and download the guidelines for your intended business. Also, go to the Small Business Administration web site and grab their guidelines. Now find your states web site and read.
Read everything that pertains to the requirements for starting, and once started, the ongoing requirements for staying in business.
No matter what anyone tells you, draw up a plan, a "Business Plan" that covers every obstacle you must conquer and exactly how you plan to do business.
There are many guidelines available on the internet as well as templates and such. This plan will be needed if you seek funding for your business. If possible, get what the lender requires within the Business Plan and ensure that you have those areas covered in detail.
Did you know that most Business Plans will have a complete section on how you plan on quitting or exiting the business?
In life there are two milestones that deliver the most satisfaction. The first is watching our kids grow and mature and turn into parents. The second is the reward and gratification of our own business that is supporting our families and our employees families. The business idea that we have taken from its birth to one that is self sustainable.
Very few people will realize that 2nd milestone. Most are to happy living by the perceived methodology of a normal life. What's that, it is birth, school, college, employment for 30/40 years, and then retirement.
What a crock of bull dung!
Look around your own family and your friends families. How many are able to enjoy their retirement? Most are still working.
Social Security, forget about it. If it is still available when we qualify, it will not support us!
Look what just happened to the American Airlines employees. Company took a proposal to Supreme Court to do away with the companies retirement plan that employees had paid into for years. Now the Supreme Court says the company can do away with that plan. Why the company still exist today must only be because the employees have no other options to retire and support themselves!
Has anyone seen any NHL games this (2005) year? NO! Why not? The players union and the owners could not come to agreement before seasons start. So they just shut down.
Think of all the thousands of people who lost their jobs and incomes! How are they supporting their families now?
What about all the companies moving south of the boarder or over seas? What and how are those employees making their living and supporting their families?
Why do people consistently put all their trust into an employer? Why not take charge of your own future and destiny? I'll bet the employees of Ford, General Motors, and Delta Airlines are looking for alternatives to their present income and hoping they can find some before bankruptcy claims three of the biggest corporations in the world today (2006-2007).
Let me ask another question. What do you think will happen to the economy of the US when, not if, we get hit by a tidal wave on either coast that wipes out thousands of thousands people and buildings? OR when the "big one" finally hits California and Nevada/Arizona become the new west coast? Do you honestly believe there will be a US economy?
The "Small Business" in your local community will survive unless they are dependent on product from either coast (who isn't) but they will have no room for employees.
The "Small Business" which is home grown and operated from a home office with an internet connection WILL SURVIVE! Why, they do not depend on any products from either US coastal area. They derive their income from the world wide economy and the worlds population. They will have a selection of products that support our everyday needs. Or they will have their own product that provides answers to the needs and wants of millions of people world wide.
"Small Business" is what makes the world go round. Take a look around your own area where you live. If it were not for the "Small Business Owner", would you even have a community? Do you think that the small business owner bought into the 'dream world' we have all been led to believe is the only way?
I apologize for my rant. It's just sickening to see all the trust for ones future be placed into the success of another person, the employer.
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