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Small Business | Debt.org

Small Business

As an entrepreneur, you may have started your own small business to do what you love. While following your passion can make you happy and successful in your own way, it won’t necessarily pay the bills. It’s important to remember that the inherent purpose of any business is to make a profit. You should keep this basic principle in mind, and make sure the finances of your small business are always a priority.

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Small Businesses in the U.S.

6.79 million

Small Business Closures 2008-2010

170,000

Small Business Owners in Major Debt

49%

Small Business Funding

When you first decide to open your own business, you’ll have to find a way to get it off the ground. Most new businesses pay initial costs with startup funds from two main sources: small business loans and personal savings. You may be able to obtain a loan or other financial assistance through the U.S. Small Business Administration. Learn your options for funding your small business.

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Small Businesses & Debt

Once your business is up and running, re-evaluate your finances and expenses. You may be able to reduce expenses, open a corporate credit account and start a small emergency fund. You’ll also want to think about debt relief techniques such as paying more when the budget allows, consolidating debts and settling debts. Find out how to handle business finances and debts.

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Small Business Taxes

As with individuals, small businesses must deal with taxes in a number of forms. They must file tax returns to report their earnings, and they must collect sales tax. Sales tax is often one of the most confusing details of starting a business or expanding online, as laws can vary based on the state in which sales are made and whether your company acts as an online merchant. Read about how to make sense of the rules.

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Small Businesses by the Numbers

America’s estimated 25 million small businesses are essential to the national economy. They employ half of all private sector workers and account for as much as 80 percent of the country’s job creation. This could explain why banks and lenders are so willing to support new ventures; although 31 percent of small business owners opt to borrow at least some of their capital from family and friends, a full 75 percent of startup capital comes from credit cards, bank loans and lines of credit. But startup funding and manpower may not be enough to sustain some businesses; while 70 percent of new small businesses survive at least two years, only half survive the first five years and just a quarter persevere for 15 years or longer.

Personal Debt While Running a Business

Starting a business is a tough task, but it’s easier when you’re on stable ground financially. As much as you try to keep personal and business finances separate, you may end up with some overlap, especially if you used personal capital to open your business. Therefore, decreasing your personal debt is a good step to take, both for your sake and for your company’s. When you have little or no debt, you can put more capital into your business. Additionally, you’ll go to work with less stress and be able to devote more energy to the company. Consider debt relief options like debt settlement.

Bill Fay

Author

Bill Fay

Bill Fay is a journalism veteran with a nearly four-decade career in reporting and writing for daily newspapers, magazines and public officials. His focus at Debt.org is on frugal living, veterans' finances, retirement and tax advice. Bill can be reached at bfay@debt.org.

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