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…
Small Business Lawyer: When to Hire?
A knowledgeable lawyer helps your business solve problems. As a best practice, you should get advice or assistance from a lawyer if you have any hesitation around a legal matter. Being proactive, instead of reactive with legal matters can save a small business thousands of dollars. Expect to pay anywhere from $200 to $300 per…
One-Page Business Plan: The Step-By-Step Guide
Right now you likely have a business idea. Awesome! Now you need to think through that idea by getting your thoughts on paper. The One-Page Business Plan will walk you through each step of planning your business idea. Once you know your financial projections, you can finish the basics of this plan in less than…
What Is a Business Partnership?
A business partnership is an agreement between two or more individuals who go into business together. There are several types of partnerships that business owners can create, such as a general partnership, limited partnership, LLC with multiple members, and limited liability partnership (LLP). Regardless of the partnership you choose, we recommend creating a documented agreement…
25 Best Home Based Franchises
Home based franchises are businesses you can run from your home, or that have a mobile vehicle such as a branded truck. Much of the work conducted by the home franchises listed below can be either full time or part time. Additionally, many of the businesses can start as a home based franchise and grow…
Best and Worst States for Businesses to Survive the Pandemic
Our 50-state analysis shows that business owners in Ohio (which ranked #1) were best situated to weather the economic turmoil of the COVID-19 pandemic. Those in New York (#50) fared the worst. Fit Small Business surveyed every state using metrics including overall financial health, infection rates, emergency reserve totals, and consumer confidence to determine in…