The USA has one of the strongest and most influential economies, which is built on a developed credit system and the development of individual businesses throughout the country. The most famous and richest businessmen in the world started their businesses in the States.
Due to the high standards of living, the purchasing power in the USA is many times higher than in other countries, and people are more willing to spend their money on buying things/services that they may not have needed so much.
Small and midsize enterprises in the USA
The three most popular small business sectors in the US are:
- Services sector. It occupies a record 38% of the total small business market in the country. In the service industry, it’s easy enough to start your own business.
- Construction. It occupies about 12% of the total market. It is also easy to start a business here. It is not necessary to have a good education or make high contributions. If you are a good carpenter or plumber, you can legally register and provide services in your city.
- Healthcare. It occupies about 10% of the total market share. If you have a medical education, the necessary equipment, and certificates, you can treat clients at home. Medicine in the United States is well-paid. Hence, medical services to the population are mainly provided by large and small private organizations, as well as paid public clinics.
Officially, a small business in the United States is an enterprise:
- With an annual income of no more than two million dollars.
- Assets must not exceed $5 million.
- The number of active employees is between 10-500 people.
- The business must have one owner or two co-owners.
To open a small business in 2022, an investment of 500 thousand dollars is enough. It is also necessary to draw up a business plan and register it with the local tax office.
In some cases, you can get a loan for the development of small businesses from the state or private funds/organizations at low-interest rates.
It should be remembered that a midsize enterprise in the US pays more taxes, and it is slightly different than a small business.
However, it enjoys additional privileges. For example, the procedure for opening branches in another city or state is greatly simplified. You can also take larger loans and investments, and there is an opportunity to cooperate with foreign partners.
Starting a business
You will have to submit some documents and certificates to start a business. For example, if you plan to open a dental clinic, you need to present certificates for equipment and documents from the epidemiological station, and some of your employees must have a completed higher medical education of the US standard.
Additionally, you will need to submit a ready-made business plan and the availability of funds for opening and primary development. Only in this case can you receive a license and assistance from the state.