Are you ready for National Small Business week, because we sure are!
It can be hard to support the little guys, especially in today's modern society of monopolistic conglomerates and retail giants, but we know even the little guys make a huge difference. Here are some cool reasons why small businesses are amazing, and how you can help support them!
1. Small Businesses create jobs in your community.
From 2000 - 2017, nearly 8.5 million new jobs were created by a small business. This is accounts for nearly two-thirds of all new jobs created within that time! By shopping local, you help create sustainable jobs where you live.
2. Local and community banks help achieve most small business dreams!
We might be a little biased here, but it's true! Statistically, small and mid-sized banks account for more than half of all small business banking activities. We live and work in the communities where our small businesses operate. We see the market success and struggles so we uniquely qualified to help entrepreneurs achieve local dreams everyday!
3. Small, yet mighty.
Small and local businesses account for 99.9% of all businesses in America. There are 28 million small businesses in the US, outnumbering corporations 1162 to 1. That means although your business may be small, it has a huge impact on the economy and is highly valued. By definition, a small business is any business operating will less than 500 employees. Do you work for a small business? There is a good chance you might!
4. When you shop local, $68 of every $100 spent stays in your community!
Shopping small is great for your community and local economy. For every $100 spent at a small business, $68 stays within the community; however, when shopping at a big box store or chain, only $43 is kept local. That is a 25% difference. Imagine the impact your dollar can have!
5. Home or Vacation Destination?
Local business add flavor and individuality to your community! When your home town has unique offerings, tourists will be more attracted to visit where you live, which helps grow your local economy! Plus, you get to enjoy some pretty cool businesses too.
6. Eating local saves the environment.
Ready to make a difference by eating? We are too! When you eat at local restaurants you are not only promoting your hometown farmers (which is awesome!), but you help reduce your carbon footprint since your food isn't being shipped in, and less chemicals are used in transportation.
7. Fun Fact!
The fastest growing small businesses are beauty and cosmetology salons, auto repair shops, and dry cleaners. Wanna get rich quick? Maybe try opening a one-stop-shop where you can get a hair cut, an oil change, and your shirts done. It never hurts to try!
How are you going to celebrate Small Business Week?
We hope you stay encouraged to shop local, but think big; And, if your dream is to open your own business, we would love to help you achieve that dream (or any of your other financial dreams for that matter)! Shoot us an email or drop a comment. We would love to hear from you and what your small business dreams are!
We also believe in financial education for all our kiddos. While you are out and about this weekend shopping local, discuss with your kids the different types of businesses and different sizes. Then download our word searches for a fun way for them to learn about the small businesses in their area. Pick the word search closest to you or download them all! Happy Teaching!
To learn more about these tips and facts, check out our sources linked below: