Small Businesses Make a Big Impact

There are 30.2 million small businesses in the U.S., and they account for 54 percent of all U.S. sales and 66 percent of all net new jobs over the last five decades, reports the Small Business Administration (SBA). The SBA recorded 58.9 million small business employees in 2018. When their owners are looking for resources, they often turn to their public library. Point entrepreneurs in the right direction with best-in-class resources from Gale. 

All small businesses, and even big businesses, cycle through stages on their journey toward profitability. With our Small Business Roadmap, entrepreneurs can prepare for important milestones by receiving guidance on how to begin, what decisions need to be made and how to implement them, as well as general project management.  Download the Gale Business Suite brochure >> 

  • Small Business Stages

    IDEATE
    Button up your business idea. Envision a product or service that’s unique and fulfills a need or solves a problem. Additionally, self-reflect to ensure you have what it takes to start a new business. 

    MARKET RESEARCH & TARGET COMPETITION
    Thoroughly conduct market research. Examine the industry and trends in the market, research prospective customers and their buying habits, and identify competitors. Market research and competition analytics is an important process in small business stages. 

    DEVELOP A BUSINESS MODEL
    Create a business model and test it. On paper, build the high-level framework that your business will operate in. Test the model by determining when the business will be able to cover expenses and realize a profit. 

    STRUCTURE THE BUSINESS
    Sole proprietorship, partnership, or corporation? Research which one best suits your needs and move forward with registering your business or corporation. 

    ASSESS FUNDING OPPORTUNITIES
    Whether raising capital for startup or expansion, your options include self-funding, equity (angel and venture), debt (loans from financial institutions), and crowdfunding to help assemble the appropriate balance of funds needed for your business. 

    IMPLEMENT A BUSINESS PLAN
    Define the strategies and goals of your business and how you will operate it profitably. This living document should be updated as needed and will answer many of the questions banks or investors will ask.

    BUSINESS LICENSES, INSURANCE & OTHER REGULATIONS
    Make sure your business is operating legally. It is advisable to seek legal counsel and authoritative resources.

    CREATE BRAND IDENTITY
    Plan your marketing strategy. Figure out what differentiates you from the rest of the market and capitalize on it.

    REFINE, MATURE & INNOVATE 
    Your business plan must evolve. Recognize what worked and what didn’t by digging into your business’s analytics. Pay attention to your executive statements, which will inform your decisions about new opportunities.

    View the Small Business Roadmap >>