A small business begins as someone’s small idea. It grows and becomes an idea beneficial for the owner, the employees as well as the country. It is estimated that more than 80% of global jobs are created by SMME’s, making small businesses the main player in economic growth.
If you are considering buying a small business in South Africa, this is definitely something worth a shot. Reports show that small businesses contribute 40% in GDP, this means that if encouraged and promoted, more people can benefit from them.
Government is encouraging people to buy or start a small business. This can be advantageous for many people in terms of employment, poverty and crime, which can all quickly drop as a result.
However, many people fear starting a business because it is ‘apparently’ risky. Yes, it can be risky, but with the right guidance, you can reap the benefits and also impact the economic growth of the country, with your small business.
Nevertheless, except for the obvious impact on the economy, Small, Medium and Micro Enterprises (SMME’s) are better than big businesses in many ways. Small Businesses are much more swift and nimble.
What are the advantages of owning a small business?
- Owning a small business gives you the power to quickly change or try new strategies, unlike big businesses that are often hampered by their big size. Their larger size, does not allow them the ability and the time to make drastic changes fast.
- As a small business, it is much easier to know everyone, creating that sense of family and friendliness. This makes it much simpler for you to operate your business. Employees also enjoy the feeling of being treated like family, so they work faster and proficiently.
- Smaller local businesses are much closer to home, so it makes it much easier for the company to develop a personal relationship with the customers. This personal relationship builds trust in the community, trust that is difficult to develop by larger companies.
- And the most obvious advantage is that small businesses are much ‘leaner’ than bigger businesses. Since there are less employees than in larger companies, there are also lesser departments to manage.
A small business has so many advantages, adaptability is another one that bigger companies lack. This means that if something goes wrong, you can do damage control much faster. Whereas with a bigger company a mess could not be that quick to clear up.
If you have a business idea, consider starting your own business or buy a business, the latter being the better option.
If you are looking for a business for sale, visit the Junk Mail website for small businesses for sale.