Tuesday, March 29, 2016
Celebrate Mom & Pop Business Owners Today
Small businesses are the backbone of the American economy, fueling our country's prosperity in many different ways. In 2012, according to U.S. Census Bureau data, there were 5.73 million employer firms in the U.S., and firms with fewer than 500 employees accounted for 99.7% of those businesses while companies with less than 20 workers made up a whopping 89.6% of all in existence. These small businesses employ many of our neighbors as they put a good deal of income back into the local economy to benefit all those living, working and playing nearby.
According to the U.S. Small Business Administration, there are more than 27 million small businesses in the United States. Still, as many of us small business owners can attest, it is not easy to own your own business; it takes long hours, lots of hard work, a good deal of dedication and a quality team supporting your endeavor, whether your company has been handed down from one generation to the next or is a brand-new start-up that you've created to pursue your passion. Today's National Mom and Pop Business Owners' Day is an excellent time to show appreciation for the vital role small businesses play in the U.S. economy.
As Grasshopper shares, small businesses have a big impact locally. "If you spend $100 at a local business, roughly $68 stays in your local economy. If you spend the same at a large business, only $43 stays in the local economy," which adds up for major effect.
Please take time today and every day to support the privately-owned small businesses in your own community. Share your positive experiences with others and give feedback to the companies themselves when your visit does not meet or exceed your expectations. It is through healthy small businesses locally that the entire U.S. economy thrives, benefitting us all now as well as far into the future.