Small Business

There are several characteristics of a small business, which is mostly called mom & pops facilities. According to Federal Access "The legal definition of a small business is determined in the united States by the Small Business Administration, using Title 13, part 121 of the Code of Federal Regulations." Small businesses are common worldwide such as bakeries; restaurants, law firms, hairdressers, convenience stores, online businesses, and many others. Although they can be identified by assets, profits and sales, there are three main characteristics.

Normally small businesses are independent which are either privately owned by one owner or corporation of family members or partnerships. Usually divisions and branches are not considered small businesses. Secondly a small business cannot be a dominant force in the industry it belongs too. Thirdly the size and amount of revenue lends to whether it is considered a small business. A firm with up to 500 employees in manufacturing;100 or less in wholesale;46 million or less in retail annually; approximately $27 million for general and heavy construction annually; Approximately $10 million for contractors of a special service annually ; and approximately $1 million for agricultural, gaming, forestry and fishing.

According to U.S Government Info, "Small businesses with fewer than 500 employees drive the United States economy by providing jobs for over half of the nation's private workforce." Small businesses contribute approximately 70% of all new jobs. Small businesses are vital because they train most of America's current and future workers because they hire young people for their first jobs and many employ women especially stay at home moms and wives returning to the workforce, after being gone for some time.

Most small businesses are owned by a local owner so they take lots of pride in their business and the product they present to their customers. The quality of their products and efficiency of their work are usually much higher than those of large corporations. They have a much more personalized relationship with their patrons, and this is vital in keeping their customers coming back. Small businesses also contribute to the economy by paying taxes.

If I could start my own business it would be to open a Physical Therapy clinic for athletes, entrepreneurs, government and stars. I want to open this type of business to help out with founding a site for the wounded military warriors returning from these long wars broken and feeling defeated. The money I would make from the prices charged to those who could afford it will go back into ensuring that part of the business is providing the best continuous innovative service to keep the clients coming back and bringing in more clientele. The rest of the monies will go into a separate part of the program that will offer lower or no cost service to the men and women of the Armed