All small-business owners want to find success. And according to the US Census Bureau, there are approximately 28 million small businesses in the nation, all of different sizes and structures. In order to determine what type of business success you hope to secure, it’s important to know the types of small-business success owners enjoy.
In a recent post to SmallBizTrends.com, author Clate Mask shares “The Seven Stages of Small Business Success,” of which we describe the four types most accounting firms achieve:
Solopreneur. Also called a sole proprietorship, this is how most accountants begin their practices, acting as a freelance bookkeeper who works from the comfort of their own home and without the help of employees. 22 of the 28 million small businesses mentioned above are solopreneurs, most of which find themselves struggling to get everything done in a traditional workday. Mask says the key to ensuring success for the solopreneur is to have a solid time-management system that enables them to dedicate the majority of their time to those tasks that ensure business growth.
Partnership. Only about 1.7 million small businesses are in a successful partnership that brings in between $100,000 and $300,000 yearly. This can be a tricky venture and requires a thoughtful selection of a partner. As Mask says, “The wrong partner can stunt your company’s growth and cripple its path to success.” However, having a partner enables you to divvy out responsibilities, enabling greater focus on business growth and profitability.
Steady Operation. A steady operation has four to 10 employees and enjoys revenues between $300,000 to $1 million. Mask claims that this business type needs to focus on marketing and service, especially customer service. Small businesses in this stage should invest in employees and processes that ensure customer satisfaction.
Local Success Story. Approximately 900,000 businesses fall into this category, earning $1 to $5 million annually and employing 11 to 25. Mask suggests that owners in this category focus on the big picture, ensuring that all employees, including those responsible for hiring, are dedicated to the company’s vision. He explains, “…setting your vision and making it known to your team will go a long way. A clear vision will attract the right people to your business.”
Mask defined these four of seven business types as success stages. So if you’re a solopreneur, consider which stage you might want to evolve into next! Understanding how each of these small business types works can help you aim for something more fulfilling than what you’re currently experiencing.
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Resource
Mask, Clate. “The Seven Stages of Small Business Success.” 28 February 2013 SmallBizTrends.com
