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Not Totally Suspension…HELP SMALL BUSINESS THRIVE

November 21, 2016

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As you’ve undoubtedly heard, small business is the backbone of the American economy.  That’s not just a line people hand you;  small businesses contribute to our economy in a big way.

Here are a few facts from the US Small Business Association:

  • There are 28 million small businesses and they account for 54% of U.S. sales.
  • There are over 600,000 franchised small businesses and they account for 40% of all retail sales.  They also provide 8 million jobs.
  • Small businesses provide 55% of all jobs and 66% of all net new jobs since the 1970’s.

And would it surprise you to know that small businesses are leaders in tech and new product innovation?  Well it’s true.

Here’s another interesting fact, small business owners continue to reflect the diversity of our American culture as the number of minority owned businesses (including Hispanic-American, African-American, Asian-American) and female owned businesses grows.

So let’s take a quick look at the ways in which small businesses contribute.  Clearly they add to the economy by paying employees who further contribute to the economy with their purchasing power.  They purchase goods and services generating a need for other businesses.  They generate tax revenue needed by towns, which may reduce the tax burden on residents.   But these companies do more than contribute economically; they support and help grow their communities.  It’s often the local shop or business that supports local causes, sponsors  youth sports teams, and contributes to community charitable causes.

In 2010 Small Business Saturday was created to highlight and support small businesses throughout America. Soon after it was officially recognized by the US Senate and was being supported by state and local officials in all 50 states.  Today, whole neighborhoods continue to sign up to rally and promote their small businesses and their Main Streets.

I, too, am the proud owner of a small business.  I own a trailer repair company with my husband.  We not only employ ourselves but two other mechanics and a helper.  And we’ve been able to give some much needed experience to a few young family members looking to break into the workforce.  I speak from experience when I say that we need Main St. as much as we need Wall St.

So on November 26, and on every Small Business Saturday, I urge you to patronize the shops in your community.   But don’t stop there.   Throughout the year remember other business like the small, specialty manufacturer, the micro brewer, or the independent trailer repair company, like mine,  and give these economic workhorses your business.

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