startup or small business?

 by Jo Magliocco

by Jo Magliocco

The words founder, entrepreneur, and start-up bring to mind different visions for different people. We might picture ourselves sitting at our kitchen table, drawing out your business plan for an online store, course, consultancy - whatever it is we dream of doing so we can be self-employed. Maybe, if we’re thinking in Silicon Valley terms, we’re envisioning a room full of venture capitalists sitting around a long table and asking us questions about our pitch deck. Either way, what we’re all imagining qualifies as some form of entrepreneurship.

All entrepreneurs want to create one of two distinct types of business. To make things simple, we’re going to call them small businesses and startups.

Small businesses grow slowly and either use or improve on a existing business model. They are self-funded or funded through traditional loans, so they need to establish revenue streams quickly to sustain and grow. They don’t rely on rapid hiring for growth, so they often start as one or two person ventures and stay that way for several years. Small business owners want to support themselves and their families

Startups create a new product or business model. They need to grow and hire top-notch talent rapidly so they typically raise several rounds of venture capital and investors don’t see revenue for the first several years. They are hoping to capture a significant or majority of the market share in their industry with their disruptive new idea. Basically, if you don’t think about taking over the world and being like Amazon, Facebook, Netflix, or Uber, you’re probably not in the startup camp.

At choose basic, we are experts at working with small businesses, but we are not, nor would we ever attempt to be, experts at startups. We don’t work in the world of VCs or IPOs but rather the world of mom and pop shops and creative freelancers. We offer our best tips for those who are self-funded, working with existing business models, and looking to capture a small market share then increase it over time. These traditional businesses have stories, personalities, and are built on a strong foundation of values and beliefs. And most important of all, they’re simple to start and grow effectively.

Our goal is to help individuals who want to grow their legacy in the form of a small business. We don’t claim to have the definitive “right way” to run a business, but we have one that’s worked for us and the hundreds of businesses who have worked with us in the past. We hope that what we share will add value to your small business. And if you do have the next great startup idea, that doesn’t mean you won’t find something useful here. It just means we aren't putting money on our ability to write the business plan for the next Tesla quite yet.

methodJo Magliocco