This article explores the best low-cost small business ideas you can establish in 2022. The list of these businesses or side hustle you can establish, operate and work from home. If you are wondering how to make money or what type of business do you need? probably this article is for you. We bring you ideas to make money along with the best logo ideas that can accommodate the businesses listed here. So no matter what business you choose to establish, we are here with a huge variety of ready-made logos for you to choose from.
What do we mean when we talk about small businesses?
Here is what we mean when we talk about small businesses, let’s dig deep.
What is a Small Business?
Any privately owned corporation, sole proprietorship, or partnership with few employees and relatively less annual revenue than a regular-sized business is considered a small business. Besides, they cannot apply for government support or qualify for preferential tax policy (varying city or country).
Small businesses have fewer human resources. Moreover, they also face challenges when it comes to building an up-front capital dedicated to quality initiatives.
Types of small business
The 5 most common small business structures are;
This is the most common and most accessible business structure to establish. You are solely accountable for profits, losses, debts, or any liabilities.
You only have to obtain the necessary permits and licenses.
A partnership is when a single business has two or more shares of ownership. The partners share the profit or loss and contribute equally, whether skill, capital, labor, or property.
Partners sign a legal partnership agreement which includes all the claws that all the partners have agreed to build up a partnership. It is not compulsory to make a legal partnership agreement document, but it is advised to prevent any complexities in the future.