{"id":19677,"date":"2021-12-08T09:00:46","date_gmt":"2021-12-08T15:00:46","guid":{"rendered":"https:\/\/www.suretybonds.com\/blog\/?p=19677"},"modified":"2026-01-27T14:32:51","modified_gmt":"2026-01-27T20:32:51","slug":"how-small-businesses-can-overcome-bad-advice-2021-entrepreneurial-insights-survey-preview","status":"publish","type":"post","link":"https:\/\/www.suretybonds.com\/blog\/how-small-businesses-can-overcome-bad-advice-2021-entrepreneurial-insights-survey-preview\/","title":{"rendered":"How Small Businesses Can Overcome Bad Advice: 2021 Entrepreneurial Insights Survey Preview"},"content":{"rendered":"

Many entrepreneurs, such as Alex Mastin, CEO of Home Grounds<\/a>, have highlighted how difficult it can be to find accurate resources relevant to small businesses:<\/p>\n

\u201cI quickly learned that the industry is swimming with misinformation and bogus claims. Finding the right specialists and fellow\u2026 connoisseurs took many months of research and cold calls. The right mix of experts in different departments was essential in taking the company off the ground and into people’s homes.\u201d<\/strong><\/em><\/p>\n

The importance of small businesses to the United States economy has led to an oversaturated market of information for entrepreneurs that is confusing at best and misleading at worst. We have recently previewed findings of SuretyBonds.com\u2019s 2021 Entrepreneurial Insights Survey<\/a> in posts that examine resources crucial to entrepreneurial success<\/span> as well as the importance of outsourcing to small businesses<\/span>. In this post, we will work through the difficulties in seeking out reliable information<\/span> and offer resources that can help answer the most pressing questions and concerns for many entrepreneurs and small businesses.<\/p>\n

What is some of the bad advice surrounding entrepreneurs and small businesses?<\/h2>\n

Fortunately, information about the myths surrounding small businesses is almost as easy to find as the misinformation itself. In this post<\/a>, Forbes tackles three misleading tips for entrepreneurs: Focus only on strengths, market yourself by telling your story, and set high goals. These kinds of narratives are misleading, partially because of their focus on the large and general at the expense of the clear and detailed. With these entrepreneurial myths in mind, this post will consider some of the more specific, nitty-gritty aspects of entrepreneurship that small businesses may struggle with.<\/p>\n

How do I know what\u2019s required to get licensed and bonded?<\/h2>\n

After you have taken the preliminary steps to starting a business, such as conducting market research<\/a> and writing a business plan<\/a>, you should research license, bond, and registration requirements. These requirements (and associated fees) will vary depending on where your business is located and whether your business activities are regulated by a federal agency, so you should devote plenty of time to your research. If you have the resources, some experts recommend hiring a business attorney to help make sure these requirements are met during the startup process.<\/p>\n

Getting your small business registered<\/h3>\n

The U.S. Small Business Administration has helpful information on registering businesses<\/a>. While some small businesses don\u2019t need to be registered, this could mean missing out on legal and tax benefits, as well as personal liability protection.<\/p>\n

Most small businesses should simply register their business name with state and local governments and file for a federal tax ID. Unless you want trademark protection or tax-exempt status, you will most likely not need to register with the federal government. If your business is an LLC, corporation, partnership, or nonprofit corporation, you will need to register with the Secretary of State\u2019s office, business bureau, or business agency in the state where your business operates. You will likely also need to outsource to a registered agent service, which will receive documents and papers on your behalf, before you file. The remainder of the documents that you will need to submit will vary based on your location and your business structure<\/a>.<\/p>\n

You should additionally pay attention to registration requirements and whether or not you need to register with local agencies.<\/p>\n

Getting your small business licensed<\/h3>\n

If your business activities are listed here<\/a>, you will need to register with the federal government. Otherwise, your state will be the entity regulating your business\u2019s activities. State licensing regulations vary, so you will need to research the requirements of the state, county, and city where your business operates. Be sure to pay attention to when your license expires, as not renewing on time could result in having to reapply.<\/p>\n

Getting your small business bonded<\/h3>\n

Obtaining a surety bond is typically a required part of the licensing process. Even if it is not required, there are <\/span>often benefits of being bonded for both customers and businesses.<\/p>\n

A surety bond is a contract among three parties:<\/p>\n