What Are the 4 Types of Small Businesses?

4 Types of Small Businesses: As a small business owner, you should understand that there are four different types: Freedom Seekers, Passionate Creators, Struggling Survivors, and Legacy Builders. Read on to learn more about each. Which one are you? Let’s break them down to find out. You might also be one of these four types of small businesses. This article will explore each type and offer tips for success.

Freedom Seekers

The Freedom Seeker is the least likely to think they will work for someone else in the future, but is the most likely to work from home. Despite this desire to be self-employed, they have the biggest challenge: time management. To alleviate this issue, many Freedom Seekers have embraced automation. Membership site management and project management software have helped these small business owners get organized. Freedom Seekers tend to spend less time on their work, and therefore need to find effective time management tools.

Freedom Seekers are also known as “freedom-seekers” because they are eco-conscious. They are more likely to buy products that are free-trade certified or sustainably made. They also don’t care about the opinions of others. In addition, these entrepreneurs typically work alone, and they are often obsessed with minimizing their working time. Their biggest challenge is finding time for everything. But, they do it anyway!

Passionate Creators

The four types of small business owners are Freedom Seekers, Struggling Survivors, and the Passionate Creator. The Passionate Creator values the freedom to decide their own schedule and work experience. They don’t want the 9 to 5 grind or a glass ceiling. This is their type of business. They have an entrepreneurial spirit and are determined to succeed. Passionate Creators have a unique sense of purpose.

Struggling Survivors

Many of the challenges of owning a small business are real. The Struggling Survivors in small business are largely worried about their lack of time. While most would agree that a corporate job is more secure, many also acknowledge that owning a small business is not for everyone. For instance, time management is the number one challenge for every profile. Many Struggling Survivors have already considered shutting down their business.

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Among the many challenges facing small business owners, one of the most difficult is the lack of support and respect from their peers and family. In one study, Infusionsoft surveyed 850 small business owners in the US to gauge their motivations and challenges. This data grouped the respondents into four groups: Freedom Seekers, Passionate Creators, and Struggling Survivors. Freedom Seekers started their business to control their fate, schedule, and revenue. Passionate Creators, meanwhile, started their business because they love what they do and value the impact it has on their customers.

Legacy Builders

A Legacy Builder is a business owner committed to creating a lasting legacy for his or her family. As such, he or she will do whatever it takes to ensure the success of the business. This type of business owner is laser-focused on one industry and has never considered selling or closing the company. The Legacy Builder will turn to his or her family or co-workers for guidance, and will rely on time-tested processes and intuition rather than technology.

A Legacy Builder is in it for the long haul. They chose to start their own business because they genuinely wanted to do something special and unique. Their desire to create a legacy would reflect their values, ethics, and community, and they would have an opportunity to pass their business on to their children and grandchildren. They are often determined to create something unique, lasting, and stable, as well as contribute to the local economy.

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