A convenience store primarily trades on the convenience it offers to customers. The products stocked may be influenced by local tastes or ethnic groups, and the stores often have extended hours and are conveniently situated in residential areas. They are often part of a chain.
An investment scheme in the UK that replaced the Business Expansion Scheme (BES) on 1 January 1994. It helps small higher-risk unlisted trading companies raise capital by offering tax relief to investors.
A firm is any business organization, ranging from individual proprietorships to large corporations, and it can also refer specifically to a business partnership.
An independent store refers to individually owned and operated retail shops that may not be part of larger retail chains. This term is often used in retail indexes and classifications for market research.
A lifestyle business is a type of small business established primarily to support the income and personal objectives of the individual entrepreneur, aligning closely with their lifestyle and values rather than aiming for high growth or scalability.
A small retail store with limited capital, typically employing family members, and often characterized by personalized customer service and unique product offerings.
A proprietor is an owner of a property or business. In the context of a company, the owners are referred to as shareholders.
Quicken is a popular financial recordkeeping software produced by Intuit, designed to manage personal and small business finance.
SCORE, formerly known as the Service Corps of Retired Executives, is a volunteer organization founded in 1964 that provides free management advice to small business owners.
Self-employed individuals work for themselves, without a formal employer, and include sole proprietors and partners in partnerships. They shoulder all business risks and responsibilities, paying self-employment tax in addition to income tax on their net income.
Provision for Social Security (old-age, survivor's, and disability insurance) and Medicare (hospital insurance) for self-employed individuals. The rate is equal to the combined rates paid for Social Security by both employer and employee.
A Simplified Employee Pension (SEP) Plan is a retirement plan specifically designed for small businesses and self-employed individuals, allowing them to contribute toward retirement savings for themselves and their employees.
According to the U.S. Department of Commerce, a small business is defined as a business employing less than 100 people. Small businesses play a disproportionately important role in innovation as well as in economic and employment growth in the United States.
A Small Business Investment Company (SBIC) operates under the Small Business Investment Act of 1958 and provides financial assistance to small businesses.
The term Small Office/Home Office (SOHO) is used to describe a work environment where individuals operate from home or a small office setting, leveraging technology such as faxes, scanners, and personal computers to compete with larger corporations.
Software that helps taxpayers plan for and prepare their tax returns. Programs such as TurboTax and TaxCut help taxpayers analyze their tax situation and take actions to minimize tax liability.
