As we get ready to celebrate America’s independence tomorrow, Summit Financial Resources is also celebrating the spirit of independence that drives small business owners. By the numbers, entrepreneurs helm 28 million small businesses in the United States. These firms employ 58.9 million people, or 47.5% of the private workforce, and are the largest contributors to the country’s Gross Domestic Product (GDP). Perhaps just as important, small businesses give back to the communities they serve by hiring local workers, providing valuable products and services to residents, and building partnerships with neighboring businesses.
Independence is one of the primary benefits of being an entrepreneur. Small business owners can make their own rules, set their own schedules, and steer their own ship. This level of freedom goes beyond not having to ask for permission or punch a timeclock: it allows them to invest their time, energy, and creativity in doing work that is truly rewarding.
However, the stress of dealing with a never-ending list of tasks and grappling with day-to-day issues can make even the most successful entrepreneur forget why they left the 9-to-5 world. As a small business, we see July 4th as a golden opportunity to remind ourselves of the freedoms that are worth celebrating all year long. Here are just a few:
Being Your Own Boss
Autonomy typically tops the list of small business freedoms worth celebrating. As a small business owner, you have the power to make decisions about virtually every aspect of your operation, from what products or services you offer to how small or large you want your company to be.
Choosing the legal structure for your company is one of the most important decisions you will make when starting your own business. Whether you decide to be a sole proprietor or set up shop as an S Corporation will impact how much you pay in taxes, your personal liability, the amount of paperwork and accounting you’re required to do, and your ability to raise capital.
Reaping Greater Rewards
Because launching a small business is a risky proposition, the payoff can be much more meaningful. Leading and mentoring your team, building relationships with vendors, suppliers, and fellow business owners, and interacting personally with your customers can be incredibly rewarding. For many small business owners, making money can be less satisfying than having the chance to invest in the growth of their community – whether it’s the people who live in their city or those who purchase their products or services online.
Many entrepreneurs feel that starting their own business is less risky than following a traditional career. Instead of worrying about getting laid off and not being able to find a new job, you can create a greater sense of security by building equity in your own company and growing it over time.
Access to More Than One Financing Option
Today’s small businesses have countless financing options, from government-backed grants and traditional bank loans to cash advances and asset-based lines of credit. Summit Financial Resources works with clients to make sure they have a solid understanding of how financing works in order to make smart choices that address both their short- and long-term goals. It is also wise to research what’s available and understand what lenders will require so you can choose the option that is the best fit given the stage of your business, your revenue, and margins.
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Choosing Who to Work With
The freedom to choose the people you will and won’t work with is a powerful draw for many small business owners. Because you have the final say on hiring decisions, you can staff your firm with people who have the right skills, work ethic, and attitude to not only help your business grow, but to create a welcoming and supportive workplace.
The same holds true for choosing vendors, suppliers, and service providers who understand your business needs and are willing to partner with you to help you succeed. Some entrepreneurs even go so far as to refuse to work with customers or clients who do not pay their bills on time or who they feel do not have their company’s best interests at heart.
Personalizing Professional Development
Running a business gives you the ability to forge your own path to professional development. Instead of being stuck in a single role within a company, you will be in a position to constantly learn valuable knowledge and to decide exactly which skills you want to perfect in order to up your game. This might mean becoming a jack-of-all trades and learning a little about a lot of the facets of the business world. Alternatively, you could choose to hone in on a specific area of expertise, taking courses or earning an industry certification.
Summit Financial Resources salutes the visionary thinking and risk-taking spirit of every entrepreneur who has embraced the challenge of starting and growing their own enterprise. For us, the best part of being a small business is having the freedom to do what we love most: help other small businesses succeed.
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Summit Financial Resources specializes in working capital financing for small to medium-sized businesses that need increased cash flow. We provide working capital financing through invoice factoring, asset-based lending, inventory lending, and equipment financing.