If you’ve ever considered starting a small business, you might be doing yourself and the a favor.
How can opening a small business help you?
While most small businesses don't become overnight successes, hard work and careful planning combined with a great idea can lead to serious financial success.
Plus, opening your own business gives you an opportunity to do something you want to do. You can follow your passion, provide a service or product that the community needs--and you can be your own boss.
How can opening a small business help the Hazelwood community?
In addition to simply providing a new product or service for the community, small businesses are good for the economy.
Small businesses make up 99.7 percent of all employer firms, according to the U.S. Small Business Administration (SBA), and they employ half of all private sector employees.
Data published by the U.S. Census Bureau shows that there are more than 150,000 privately-owned non-farm businesses in Missouri—and they employ more than two million people.
Here in St. Louis County, 30,182 privately-owned businesses employ 150,892 people.
Who wants to start a small business, anyway?
Starting a small business seems to be a pretty common goal. A study released by Civic Ventures found that more than 12 million Americans between the ages of 44 and 70 are interested in starting their own businesses—that’s one in four. More than half of those said they are “very likely” to start their businesses within the next decade.
And the younger set wants in too—a survey released by the Kauffman Foundation found that 54 percent of Americans ages 18 to 34 want to start their own businesses.
We’re here to help!
At Hazelwood Patch, we are all about supporting our readers and our communities. That’s why we’ve decided to add a new feature to our small business column.
In the coming weeks, we’ll outline the process of starting your own small business here in Hazelwood. We’ll provide step-by-step instructions, local resources, insight from local experts and more.
First up, we’ll discuss the idea and planning phase, followed by how to write a business plan. Next, we’ll discuss ways you can get free business assistance and training, followed by choosing a location and financing your business.
Then, we’ll discuss different types of ownership options and how to determine the legal structure of your business, followed by how to register a business name. We’ll follow that up with information on handling your business taxes—everything from how to get a tax identification number and registering for state and local taxes to what kinds of deductions you can take as a small business owner.
Finally, we’ll cover obtaining business licenses and permits, including where you can get your federal, state and local licenses and permits required for your business, followed by an overview of your responsibilities as an employer.
In the weeks that follow, we’ll offer tips, ideas and more local resources for small businesses.
Have you always dreamed of starting your own business? Subscribe to our daily newsletter so you won’t miss a single part of this upcoming series!
Do you own your own business in Hazelwood? We want to share your story with the community! Contact Patch reporter Angela Atkinson at firstname.lastname@example.org.