A small business is a privately owned company that typically has fewer employees or lower revenue than larger companies. These businesses can take any legal form, from a sole proprietorship to a C corporation. Generally, a small business has fewer than 500 employees and less than $5 million in annual revenue. But the definition can vary by industry, and registering as a small business can open up opportunities for funding and government programs.
Running a small business can be difficult and risky, but it also comes with significant potential rewards. And small businesses tend to have closer, more personal relationships with their customers and clients. They also often create jobs in communities that may otherwise be underserved.
But running a small business isn’t for everyone. Owners stand to profit more if the business is successful, but they also face greater financial risks and can lose their entire life savings if it fails. In addition, small businesses are less likely to have the resources and support of large corporations, making them more vulnerable to market changes and technological advancements.
Fortunately, there are many small businesses that are succeeding despite the challenges. Good Company has profiled a consulting firm outside Atlanta that helps other small businesses grow; a biological dentistry practice in Katy, Texas, putting smiles back on patients’ faces; and a group home for adults with disabilities in Tallahassee, Florida. While these companies come from all different industries, they all share a common goal: to make the world a better place.