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.
Enjoy Greater Prosperity!
Tax professionals charge 100 + an hour providing planning and preparation services to clients. In the course of one tax season, many tax preparers earn what others take an entire year to bring in. Universal’s Professional Tax Preparer Program will enable you to help your clients save enough money in taxes to more than cover your fees. And what you earn in one tax season will more than cover your registration for this course.
The modules in Universal’s tax training include the following:
1. Establishing the Tax Foundation. Learn the entire process for determining income and adjustments to income, which will factor into the Adjusted Gross Income. In fact, you’ll cover all the information necessary to prepare Page One of Form 1040.
2. Becoming the 1040 Expert. This module deals with background information and forms that go into the 1040, Page 2. We also discuss all the adjustments that can be made to gross income, including credits that are allowed and different types of deductions and exemptions that can be taken against that adjust gross income number.
3. Profitable Business Returns. In Module 3, we introduce you to the world of business organizations and their tax concerns. This module is a practical companion to Module 2, as it give you experience in completing each of the schedules and forms common to business organizations.
4. Building Your Successful Tax Practice. Module 4 was designed to give you a head start in creating and running your own tax preparation service. You will find yourself light years ahead of the competition as you put these strategies into play.
Invest in your business by becoming a Professional Tax Preparer (PTP) before next tax season. Universal’s PTP program will give you hands-on training in completing full individual (1040) and business returns while enabling you to further grow your business. Call 1-877-833-7909 to enroll now.
Mask, Clate. “The Seven Stages of Small Business Success.” 28 February 2013 SmallBizTrends.com