Small Business Month

_{By Bromwich+Smith Staff | 820 words | Reading Time: 4 minutes | Date: 2022/10/04}

When it comes to spending your hard-earned money, there are always choices to make. Are you saving or spending? Are you planning on shopping online or in person- but for some the most important question may be are you visiting a big box chain store or a mom-and-pop shop?

Throughout the pandemic, many entrepreneurs have had to re-evaluate their financial situations, and for many that included the need to close their small business. For some it may be a mild inconvenience for others it was a shattering decision. Now, more than ever it is important to celebrate and support small businesses.

Why should I support small businesses?

Supporting small businesses is vital to the local economy, as they stimulate economic growth by hiring local employees at livable wages and stimulate the community in which they do business. Small business owners often support community programs, sponsor school events and community sports and are drivers behind community engagement.

Small businesses often bring fresh perspectives and new ways of doing tasks. Its often easy for small businesses to re-evaluate what is or isn’t working and to change gears, without needing to go through a chain of upper management, This means change within their business can happen quickly.

Small businesses are subject to income tax, property tax and employment tax. The additional tax payments is a boost to the economy and brings in more money to the government to improve public services, road repairs, building schools and developing communities.

How can I support a small business?

The easiest way to support any small business is through a purchase. With any purchase, we always recommend doing your own research. Smaller stores may have a higher price tag than a larger chain store. The costs of importing items is passed down to the consumer, and as they typically order smaller quantities the small business is paying a higher price as well. Many small business owners will support other small business owners as well, which often means you will find unique, or even handmade items.

While you may not always be able to support a smaller store with a purchase, there are other ways you can help without a financial commitment. Reviewing the business online, following and commenting on their social pages help boost their brand and get their store in front of new eyes. This can help them gain new customers and build brand awareness.

Simply put, just ask. Let your favourite small business know that you support them and ask them what they need. You may be surprised at what you might learn. Your small business may be looking for a new accountant because theirs had to close their doors, or they may be looking for ways to promote a shopping event they are hosting. Sometimes the simplest way to help is to ask what supports are needed.

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What should I know if I am thinking of starting a small business?

There are pros and cons to starting your own business, and before you jump into a big commitment, you should consider the following:

You may have more flexibility with choosing your hours, and the type of work that you do including on which clients you take on- eventually. At the beginning you will likely find yourself working longer hours and taking on tasks you may not see in your role. As your business grows and you have built up profit, you can re-evaluate and ensure you are on track for the business you want to build. Remember that you are the one putting your savings at risk and need to be aware of any financial setbacks you may experience. Being self employed may make you a liability to your bank. Consider that you may not qualify for a loan, or a mortgage if you are in the early stages of your new business and do not have the financial means to support your goals.

You may have the ability to make more money. This will be dependant on the amount of work you put into your business. If you are the sole employee and have low overhear than all profits, go to you. You may be able to enjoy tax breaks on travel, utilities, and office supplies so make sure to source out an experienced accountant to help you! On the flip side of making money, there can be tremendous costs with starting any business including stock, store locations, staffing, taxes, and more. Starting a business is a huge commitment and having the right team behind you can help give you the most current information on tax breaks, bank payments and more.

No matter what your financial story is, Bromwich+Smith has a number of debt relief strategies to help you regain control of your finances and get your life back on track. Reach out today for a free, confidential, no obligation consultation. Bromwich+Smith’s Debt Relief Specialists are available by phone at 1.855.884.9243, or request a call back at contact us page. We want to see you flourish!

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Related Blog:

Budgeting for Small Business | Bromwich+Smith (bromwichandsmith.com)