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…
LLC vs S-corp vs C-corp: What is the Best for Small Business?
The limited liability company (LLC), S corporation (S-corp), and C corporation (C-corp) are all business structures that you may be considering. The LLC is a low-maintenance legal entity that’s best for a simple business. An S corporation is a tax status created so that business owners can save money on taxes. A C corporation is…
21 Best Businesses to Start in 2020
The best businesses to start are those that are either low-cost, high-profit, low-competition, or trending. You also may want to look for a business that performs well during or after COVID-19 restrictions. To compile this list, we reviewed market research by companies such as IBIS World, Statista, Bureau of Labor Statistics (BLS), and Grand View…
How to Start a Cleaning Business: The Complete Guide
Cleaning businesses offer a wide range of services, including disinfecting, vacuuming, dusting, tidying up, floor mopping, and waxing. More recently, cleaning businesses are specializing in CDC recommended procedures to kill the COVID-19 virus. In this guide, we talk about low-cost strategies to get your cleaning business up and running on a budget. We cover how…
6 Best Business Plan Software 2020
Business plan software gives you the tools to create financial projection tables, charts, and other documents you need to plan your business. Software is often better than using a free template because it gives you step-by-step directions and educational materials to help you complete a clear business plan. We review the best business plan software…