A study conducted by WalletHub reveals that more than 50% of the American population works for a small business. InfoRich Group Inc. president Margaret King hopes that the celebration of the National Small Business Week on May 5-11, 2019 helped raise awareness and recognition of small businesses and also their sales and revenues.
Another WalletHub study found that some of the best small cities to start a small business is in the Upper Midwest. There are several advantages in starting a business in small cities. These include lower overhead expenses, the potential to become “a big fish in a little pond” and a closer relationship with customers. But there are also disadvantages such as a less diverse customer base, problems in finding top talent and limited industry options.
Here are some tips for small businesses who are having problems with their enterprise. Business owners should avoid combining their business and personal accounts, their time should be split 50-50 between developing their products and services and attracting customers.