The $13.6 billion legalized cannabis industry is booming; it’s projected to grow to a whopping $85 billion in sales in 2030. But not all cannabis products are the same. There are two major types cannabis-derived products: THC-based: Made with tetrahydrocannabinol, the primary psychoactive component of cannabis. THC gives the user a “high,” and is far…
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26 Eye-Opening Coffee Statistics for Startups
Coffee sales in the US have increased for several years. At the same time, the cost of bulk coffee has been falling every year for seven years. If you have a coffee-based business, consider the stats below to create an up-to-date marketing strategy or business plan. 1. Coffee Shops Have Seen a 5,380% Sales Increase…
What Is a C Corporation? A Beginner’s Guide
A C corporation (C-corp) is a business structure typically used by larger companies or those seeking investments. Many business owners who opt to organize as a C-corp do it because they are required to, for instance if they have more than 100 shareholders. Other owners choose a C-corp structure to attract investors such as those…
40 Resources for Black-owned Businesses: Training, Marketing & More
Black business owners looking for training and certifications, access to funding, and assistance with key business operations like HR and sales can unlock access to programs and opportunities geared to help them succeed. Fit Small Business has created a list of resources for Black-owned businesses in the following areas: Training and certifications: Get certified as…
How to Choose a Business Location
There are three major steps involved when choosing a business location. First, you need to determine the type of location that will work for your business. Next, you need to start the search for the building or office. Then, once you narrow your search down to a few locations, be sure to vet each location…
How to Run a Focus Group for Your Product or Business Idea
Focus groups are when you or a moderator interview six to 12 people in your target demographic about a new product or business idea. A focus group may generate ideas, offer opinions, and provide firsthand feedback. It does not make decisions or dictate business strategy—it is one part of your overall research. When used as…
What Is an S Corporation? The Beginner’s Guide
An S corporation (S-corp) is a federal tax designation that Congress created so small businesses could receive favorable tax advantages. An LLC (limited liability company) or corporation can elect S corporation status with the IRS, but there are requirements. To become an S-corp, you must set up payroll, have less than 100 shareholders, and only…
What Is a Feasibility Study for Small Business?
A feasibility study for small business is an in-depth research and financial analysis that recommends if one should pursue a business idea or product. The study contains estimates of items such as income, costs, obstacles, and technical challenges. Typically, a feasibility study for a small business costs a minimum of $5,000. However, they can cost…
13 Grand Opening Ideas That Are COVID-19 Safe
A grand opening is a marketing opportunity that can make a big splash with your new business. While COVID-19 is adversely affecting many companies, some are moving forward and opening during the pandemic. If your business is in an area with minor social distancing restrictions, people may look forward to getting out of the house…
13 Market Research Tools for Small Business
Understanding your market can be the difference between success and failure of your small business. Market research tools help determine if your business or product idea has an audience you can sell to. Proper market research considers the audience, competition, and consumer needs, and although it can get expensive, many of the tools below are…
10 Creative New Business Ideas Started During the Pandemic
From virtual team-building campfires to quantum leaps in AR technology, the coronavirus has motivated some enterprising business owners to think outside the box. And many entrepreneurs are not letting the pandemic or recession stop them, with 500,000 new employer identification number applications submitted since mid-March. A depression or recession can paradoxically be a great time…
What Is a DBA & Who Needs It
The DBA (doing business as) is the public facing name of a business. For a sole proprietor, a DBA allows them to market a business other than their legal name. For an LLC, a DBA allows the owner to market a business with a name other than the registered name. Several states and counties use…