May 4-8 is National Small Business Week and it’s the perfect time to pay tribute to the strength small businesses bring our local (and national) economy.
The Small Business Administration (SBA) defines small business as any business that employs less than 500 people. If you think about your community, that’s a good portion of your businesses. Did you know:
Small Businesses…
- Are owned by 28 million people in this country, with an additional 22 million working as freelancers or consultants.
- Employ 115,938,468 people (as of 2012 according to the Small Business Administration), over 50% of the workforce.
- Marketing’s most popular areas of focus for 2015 are email, social, and blogging. Their least popular areas are trade shows and traditional advertising. (AWeber email survey)
- Make up 99.7% of all companies in the U.S.
- Employ 37% of people in the high-tech industry.
- Have created 64% more jobs over the last decade and a half.
- Account for 54% of all sales within the U.S.
- Have struggles. Even with 543,000 new businesses being started every month, more than that number closes their doors. 70% of them last 0-2 years, half 5 years, a third at least 10 years, and 25% last over 15 years.
That’s why our support of small business is crucial. Starting a business is a risky endeavor, some industries like hospitality/restaurants, are riskier than others. Small business owners often use their personal finances to fund their dreams. When a business fails in our community we all feel it.
Small businesses are the backbone of our economy. 87% of the population believes small businesses are vital to our country’s prosperity. These entrepreneurs not only create more jobs and opportunity but they do so at an astonishing rate. Yet our support is critical. Please get out there during National Small Business Week (and all weeks) and support small businesses. They are the job creators, the visionaries, and the dream facilitators for us and generations into the future. Without their prosperity and influence future generations won’t know what the dream of business ownership is all about.
Image credit: © Can Stock Photo Inc. / bolsunova
