What's the minimum wage for a small business? Our weeks
Small businesses
Small businesses or (the minimum wage for a small business) are sole proprietors, partnerships, and corporations in which there are fewer employees in a range of 1500 and can generate a maximum annual income of almost $41.5 million (2017).
It is interesting to note that in America there are 99% small businesses out of 28.7 million associations.
Share of firms, by number of employees
Here we will discuss types of business structures and also some ideas for
small businesses.
Types of business structures
Every business whether small or large is based on five business structures. In which how the structures can handle things like taxes and how they operate well. Each structure has its benefits in one way and may prove disastrous in another. These structures can enable to improve the entrepreneur’s plans for his organization.
The types of business structures are following:
- Sole Proprietorship
- Partnership
- Corporation
- S corporations
- Limited Liability Company( LLC)
Sole proprietorship
A sole proprietorship means a business that is handled by only one person or more easily, we can say a single owner. For example, any kind of retail shop, chef, tutor, personal trainer, etc. There is a different kinds of businesses that can be handled by one person. It is relatively a susceptible method to establish a sole proprietorship. The owner is responsible for all the benefits, losses, taxes deductions, etc in business.
Partnership
As the name suggests it means there are more owners of one business, unlike sole proprietorship. All the shares, benefits, taxes deductions, and losses are shared between partners. The one is not responsible for all of the stuff, both are liable for that.
Corporation
First of all, the meaning of the corporation is “the business entity that is inhabited by shareholders who elect a council of managers to supervise the activities of organizations.”
In corporations, the shareholders are free of responsibilities and corporations can even run after the originators are retired. Corporations can raise funds easily like sole proprietorships and partnerships.
S Corporations
S corporations are different editions of simple corporations. The profits, losses, taxes, and all other kinds of stuff are comprehended by the shareholders rather than the corporations. The shareholders give all the taxes on their earnings. So due to it, it cannot affect the corporation.
Limited Liability corporations
Limited liability corporations first originated in the year 1977. In simple words, we can say that it is a mixture of other building systems of business in accurate proportions.
In it, the corporations are responsible for all of the benefits, losses, taxes deductions, etc and shareholders are free of worries, unlike S corporations. It is easy and accessible to set up like sole proprietorship and partnerships.
the minimum wage for a small business
Ideas for small businesses
Here is a list of some of the ideas for small businesses that are profitable also:
Organic vending machines
Whenever I arrive at the hotel or whatever when I see a vending machine it’s normally unhealthy snacks and drinks etc and I wonder if should I just skip the meal and wait for something that is healthy or should I have a cheat day? An organic vending machine business would be a great business for places where people tend to care more about their health and where they watch what they eat.
In the USA, the vending machine market in 2019 was over 6000 million dollars and is projected to be over 7000 million dollars by 2026. So this market is definitely growing. This is more suitable for high traffic areas of the city and maybe for a little richer population.
Cost: Depending on its size and features, a vending machine approximately
costs about $1200 and $3000.
the minimum wage for a small business
Minimum wage
In the USA, the vending machine industry can earn up to annual
$23 billion revenue
Driver service
You want a driver for your car and again yes it exists. I know you can find a driver who would cost you hundreds and hundreds of bucks but the problem is that no service makes it available for normal people. So again definitely it would be a great business.
Minimum wage
In the USA, the minimum average annual base salary is $55285.
Personal Chef
No service makes about being a personal chef. You don’t have to be a perfect chef. You don’t have to throw dinners for 12 people. I’m talking about day-to-day cooking, more and more people are staying at home or working from home. Cooking is another task to take some time away from you. It is like a one-person business. You just create a website and advertise around your area. You give people leaflets with menus that you can provide and provide the time at which you are. You can provide them with all the recipes you can come and cook. Also, create an additional service where you can buy all the products and surely it is a really good business as there are many people who love cooked foods.
Minimum wage
In the USA, the minimum average annual base salary is $94198.
the minimum wage for a small business
Drone videographer
It is huge right now well. It was 4.4 billion in 2018 and is expected to be 63 billion by 2025 which is a little more than 10x and I am talking about drone videography. So first of all you all know how to operate a drone. If you know how to create footage for a drone you can be a filmmaker, you can create movies, create footage for ads, you can work with bloggers, can film weddings and you can work for industries such as farming, oil, and gas, and civil engineering industries and they need a specialist. This would be a great business if you have skills in it.
Minimum wage
In the USA, the minimum average annual base salary is $108320.
Photography
Like videography, photography is also a good business. If you know how to capture fantastic pictures and you have great skills in that then definitely it is a valuable business. You can make your account on Instagram, and Facebook, hire professional photographers and build your team. It will be worth it.
Minimum wage
In the USA, the minimum average annual base salary is $43273.
Personal Trainer
Nowadays people are getting conscious about their health and many people want personal trainee for their coaching whether at the gym or home. So indeed it will also be a great profession if you have skills in it. But you have to work harder on it. If you have a passion for it then definitely go for it.
Minimum wage
In the USA, the minimum average annual base salary is $39959.
the minimum wage for a small business
Gym owner
Like I have previously said that nowadays people are getting conscious about their health. They want to be fit. You can make your gym but remember you would have money to buy machines. But not too much. You have then go it. It is also a profitable business. You have to invest one time and then with small efforts, you will be able to earn a handsome amount of money.
Tour guide
If anyone comes into another country (unknown) for a trip they will book a tour guide. Almost thousands of people come to another country as a tourist. So tour instructor would be a great profession. You can create a website and provide your best services and with every passing day, your business will grow.
Minimum wage
In the USA, the minimum average annual base salary is $40292.
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Boutique Owner
Another idea is to open a Clothes shop and you know everyone has to buy clothes. Your skill is that your interaction with customers must be good and you should have to provide the best quality clothes. Believe me, with an experience of a close relative, it is a very profitable business with a little amount of money.
Makeup artist
Almost everyone loves makeup. It is a skillful business. If you love makeup or love to do it. It is also a great business. You can make your beauty shop and also make an account of your beauty shop on Instagram and Facebook and by your passion and hard work, it would be a great option according to your taste.
Minimum wage
In the USA, the minimum average annual base salary is $72316.
Final thoughts
Here I have listed some of the ten small businesses and there are so many more like a gardener, tutor, handyman, online dating consultant, freelance writer, etc. They are all profitable small businesses from which you can earn a lot.
the minimum wage for a small business
