The major focus of this study was defining small businesses and determining standards that can be used when establishing a small business. The study was designed to ascertain how to find financial resources for a business, ways to continue a successful business, turning a business into a franchise, and looking at ways to keep a business from failing. The resources used were current articles and books that addressed the issues of starting a small business. Tables showing the advantages and disadvantages of starting a small business were analyzed for differences in order to determine the best practice in starting a small business.
Introduction.
Small businesses are generally confidentially owned establishments, partnerships, or sole proprietorships. "Small" in terms of government support and tax plan varies by country and by industry. It ranges from less than 15 workers underneath the Australian Fair Work Act 2009, 50 workers according to definition used by European Union, and fewer than 500 workers to succeed to the U.S. Small Business Administration. Small businesses can also be classified according to other procedures as assets, remaining profits, and sales. Small businesses are mutual, depending on the financial system in process. Typical examples include convenience stores, hairdressers, tradesman, lawyers, accountants, restaurants, guesthouses, photographers and etc. Characteristics of small business include size definitions, Demographics, License industries, Retailers cooperative. The legal definition of "small business" varies by country and by industry. In the United States the Small Business Administration establishes small business size standards on an industry-by-industry basis, but usually stipulates a small business as having fewer than 250 workers for developed businesses and fewer than $7 million in yearly receipts for most non –manufacturing businesses.