There are more than 28 million small businesses in the United States, making up a whopping 99.7 percent of all U. businesses, according to the Small Business Administration.
When you consider some of the most popular reasons to start a business, including having a unique business idea, designing a career that has the flexibility to grow with you, working toward financial independence, and investing in yourself — it's no wonder that small businesses are everywhere.
So you may be in for a real challenge when you decide to take the plunge, ditch your day job, and become a business owner.
The stage is often set in the beginning, so making sure you follow all of the necessary steps when starting your business can set the foundation for success.
The good news is that there are different types of business plans for different types of businesses.
If you intend to seek financial support from an investor or financial institution, a traditional business plan is a must.
Your small business can be a sole proprietorship, a partnership, a limited liability company (LLC) or a corporation.
The business entity you choose will impact many factors from your business name, to your liability, to how you file your taxes.
But not every small business is positioned for success.
In fact, only about two-thirds of businesses with employees survive at least two years, and about half survive five years.