What is a Small Business?
Under the legislation set forth by the Fair Work Act of 2009, which is comprised of regulations set forth by the United States Department of Labor (DOL), a Small Business within the United States is classified as a business that is privately owned, having an employee base not exceeding 15 individuals, and a reduced amount of gross sales and net profit in comparison to larger businesses.
What is a Small Business Opportunity?
A Small Business Opportunity can be defined as a prospective commercial endeavor available to an individual – or individuals – that allows them the chance to participate in a Small Business operation. This can include:
The creation of a Small Business
The opportunity to become a partner within a Small Business
The opportunity to purchase the rights of ownership with regard to a Small Business
The opportunity to sell the rights of ownership of a Small Business
The opportunity to invest in a Small Business
Types of Small Business Opportunities
A Small Business Opportunity is a relatively general term notwithstanding a very clear classification set forth by the United States Department of Labor. However, the following types of Small Businesses are common within the realm of Small Business Opportunities:
Turnkey Small Business Opportunity: This type of small business is already established and functional. Upon transfer of ownership, the business is immediately functional.
Home Business Small Business Opportunity: This type of small business is operated from within the residence of one or more of the employers of the small business in question. Many individuals choose to engage in this type of Small Business Opportunity due to the fact that many of the expenses are concurrent with preexisting residential expenses.