Not all good things in the economy are bad, it’s just the way we use them. This is a lesson that many have failed to take in their lives, as they focus solely on what the economy has done them. For example, unemployment is not bad if it means you have something to fall back on. But when it reaches the point where there is no more job creation and unemployment is at an all time high, that’s when you have a problem. When in comes to small business, the same principles hold true, when you look at the advantages over big business.
U.S. small business owners are doing very well; however, new establishments are popping up at an alarming rate faster than the authorities can keep up. However, this rapid pace of growth is accompanied with a sudden surge of activity on some sectors of our economy, and quite a noticeable surge in others as well. It seems as though our economy has been hit by the recession bug. That is, people are losing their jobs, businesses are filing for bankruptcy, government spending is cut, and the tax burden is growing. All of this affects our economic growth. Therefore, it is important to note and take into account some laws that impact small businesses.
One of the major factors that impacts the economy is the law of demand and supply. This law basically states that as more people demand an item, the price of that item goes up. In other words, it makes sense to invest more if you expect to earn more. This is essentially the same concept that investors make use of when they speculate on rising stock prices. When this happens, so too does the economy.
There are actually a number of laws that impact small businesses and the way that they operate. One such law is the Anti-Growth Act that was enacted by the United States government back in 1979. The Anti-Growth Act sought to restrict mergers and acquisitions of small businesses. The reason being that many businesses were being established and those that were being established were considered to be a hindrance to economic growth.
Another law that is relevant to the operation of online shops is the Lanham Act. As of today, the United States federal law forbids any type of discrimination when it comes to the hiring of employees. In addition, it prohibits the employment of workers who speak languages other than English. The intent behind this Act is to ensure that all individuals have equal opportunities no matter what their background. Therefore, having an online shop is considered to be an investment and therefore there may be restrictions placed upon the online shop in order to maintain a level playing field.
When one considers the advantages of having an online business, there are a variety of options that are available to the entrepreneurs to make use of. An online shop can give you the ability to reach new customers from all over the world. There are a plethora of products that can be sold through the internet which can be very advantageous in the eyes of the customer. In addition to this, small businesses that operate via the internet also have the ability to save money that would otherwise be spent in advertising.
In terms of customer support, an online business has a wide array of options. If you decide to provide a telephone number or even email address so that your customers may contact you, then you can easily do so online. Also, it is possible to provide excellent customer support through an online website. The advantages of having an online business are many, but one cannot deny that it requires a lot of knowledge and skill when it comes to operating such a business.
There are many advantages of having an online business; however, it also has a few disadvantages. One of these disadvantages is the cost associated with running such a business online. Although some people may be able to cut down on their costs to the extent that they are able to start up their own online store, it still takes a lot of effort and time. In addition to this, customer support has become an area where online retailers are losing out. However, if you choose to run your business online, you will realize that the benefits of having an online business outweigh the disadvantages that are linked with it.