I am so excited that my small business is opening tomorrow.
What kind of small business are you opening?
It is a little restaurant in downtown.
Are all small businesses restaurants?
No, a small business can be anything from a grocery store to a lawyer’s office.
So it is not defined by the kind of business it is.
No, a small business is defined mainly by how many people are employed.
What is the largest numbers of employees you can have?
It varies by country, but in the United States, if you have less than 500 employees, you are considered a small business.
What are the advantages to owning a small business?
I can be my own boss, make my own financial decisions, it costs less to start up and I will have a closer relationship with my customers.
But what are the disadvantages?
There is a higher risk of failure if the owner does not prepare wisely, and bigger businesses can influence your success.
What happens if a bigger business moves in right across the street?
My customers will either stay with me or go across the street.
But isn’t that what destroyed a lot of the small business in America?
Yes, but that is why my restaurant is downtown, to stay away from the bigger businesses.
Where did you get the money to start your restaurant?
I have been saving my money for five years to start it.
Is there any other way to get money to start up a small business?
Yes, you can receive a grant from a private organization or a loan from a bank.
Is there anyone that can help me get a loan?
The Small Business Administration in the United States has programs to help new owners secure loans for their small businesses.
I think I would like to open an ice cream shop.
You should! Having a small business of your own is very rewarding!