As the name suggests, small businesses are the backbone of our local and national economies. They drive innovation and economic growth, while bringing new ideas to life. They can take many forms, from a sole proprietorship to a corporation. And they can have a wide range of sizes, from a few employees to several thousand. Depending on their size, location, and industry, small businesses can be registered as either for-profit or nonprofit. Registering a business as small helps them qualify for certain funding and government programs.
Small businesses are more likely to have less bureaucracy than large companies, giving their owners a sense of independence and allowing them greater flexibility in managing their operations. They also have fewer reporting and financial requirements than their larger counterparts. Plus, owning a business entitles its owner to a long list of tax deductions that are not available to other workers.
While running a business is exciting, it isn’t easy. It’s important to know the risks before getting started, and understand that there are no guarantees of success. It is not uncommon for a new business to lose money for some time, and even some that succeed will not see their first profit until years after they open.
A successful business requires a solid plan and the right resources to get off the ground. Whether you need to secure investment funds, apply for grants, or apply for small business loans, Empire State Development can help.