Although 2019 is predicted to be a quiet year for small business reforms and trade legislation, it seems that whatever the political or financial climate, there is no stopping small business ventures setting up and thriving. According to the US Small Business Administration, there are nearly 30 million small businesses in the United States employing 47.8 percent of US workers. All of these small businesses and start ups have a huge impact on the economy through job creation and innovation. However, even when times are quiet, by starting small, establishing adequate protection and focusing on narrow practices, they can become more effective and efficient.
However, even when times are quiet, by starting small, establishing adequate protection and focusing on narrow practices, they can become more effective and efficient.”
Protecting Assets
Even when working with a smaller client base, it’s important to stay protected as a small business. Taking advice from legal teams to protect financial and future interests, as well as being familiar with corporate agreements and settlements such as the one involving Erik Gordon, can help new businesses to flourish. In addition to purchasing insurance, another way to safeguard business against liability is to build protection into contracts. In preference to setting up as a sole trader, establishing a limited liability company is inexpensive and straightforward, and can protect personal assets..
Starting Smaller
One of the main benefits to keeping a business small and focused is that it will require lower overheads, so incurring less risk. The Small Business Administration stopped processing new loans late last year, meaning thousands of small business owners are unable to start or expand their companies. However, today’s technology means that startup costs have diminished. For many business types, it is possible to get started without depending on investment capital or bank loans, but relying instead on readily available resources, skills already possessed, and free advice and social networking, easily accessible online.
Maximizing Quiet Times
Most small businesses experience fluctuations in activity, sales or profits at some point, and especially during their first year. Quieter times provide a chance to analyse these trends, check to see if the patterns are industry-wide, and plan for these variations in the future. They are also a great time to regroup and re-evaluate, and staying busy during these periods with marketing, bringing in new leads and consolidating ongoing work keeps the business steady and productive.
Not all businesses start with a fanfare: some prefer to set out quietly and carefully, with a narrow focus and low overheads. Then, even quiet times and slow periods can still be valuable, and certainly don’t have to signify the end of business. Using time gainfully means businesses can be prepared and protected for the future, and ready to take advantage of new opportunities as soon as they present themselves.
