Saturday, November 26th, is earmarked as Small Business Saturday. In honor of that, lets take a look at twelve of the big benefits small businesses have on our economy and communities:
1. Small businesses are doing their part to keep the unemployment rate low
Though it’s hard to nail down an exact number, statistics suggest that small businesses account for between 60 and 80 percent of all US jobs! These businesses may only employ a handful of workers, but they add up to a large portion of the job market.
2. There are more small businesses than you may realize
It’s clear from that last fact that small businesses are abundant in the US. But just how many are there? It’s estimated that 25-37 million small businesses small businesses preside in the United States. So if you’re looking to start out your career working for a small business, there are plenty of options out there.
3. You don’t need a huge team to run a successful small business
Concerned that you need to hire employees right off the bat? Don’t be! The truth is that about 22 million small businesses consist of just one person.
4. Small businesses are killing it in retail
Consider starting your own boutique store or workingfor a local retailer? You aren’t alone. Small businesses are rocking the retail market. They’re actually the largest retail employers in the US economy, making up about half of the retail employment market.
- Small business owners are California dreamin’
Wondering where small businesses have fertile land to grow? In 2012, California had the highest number of small businesses and had the most workers employed by small businesses.
6. You don’t need to break the bank to get started
You don’t necessarily have to take out a huge loan to become a small business owner. There are several small businesses you can start for $100 or less. Think house and landscaping projects, like painting or gardening services. Or go online with app services, like becoming an Uber driver.
7. Social media is helping small businesses make big strides
There are several savvy ways to market your small business without a huge marketing budget. Facebook’s total number of users rose to 1.65 billion, a jump of nearly 60 million over the fourth quarter. Additionally, more than 3 million businesses are using Facebook’s
8. Small businesses have a surprising survival rate
Perhaps you’ve heard that most small businesses fail almost as soon as they launch. You might be surprised to learn that 70 percent of small businesses remain in operation for at least two years. Additionally, 50 percent are still around in five years; 33 percent are alive in ten years; and 25 percent are still thriving fifteen years later.
9. Small business are filling the employment void
Small businesses have done wonders for our economy. Large companies have eliminated a whopping 4 million jobs since the 1990s. But small businesses have come to the rescue, adding around 8 million!
10. Small business encourage inventiveness and new ideas
Small businesses are launching pads for new innovations. In fact, small businesses generate 13 times more patents per employee than large patenting companies.
Now that you know the facts, the benefits of small businesses are clear. They play a large role in our communities and the economy—and there’s a real future for those who start them.
