Happy Small Business Week!
The U.S. Small Business Administration (SBA) is celebrating National Small Business Week, April 30 to May 6, 2017. The SBA was developed in 1963 under the order of President John F. Kennedy, and has since been a government resource available for Small Businesses throughout the US. Learn more about the US SBA and Small Business Week: https://www.sba.gov/nsbw/nsbw
Take time to shop small businesses this week and every week! More than half of Americans either own or work for a small business, and they create about two out of every three new jobs in the U.S. each year.
Here are 7 reasons to support Small Businesses!
1. Small businesses are putting you to work.
Small businesses are responsible for 63%, or 4.3 million, of the 6.9 million jobs created since it began in 1963, according to the Small Business Administration.
2. Local independent small businesses invest more in our communities.
Local small businesses are proportionately more generous in their support of local charities, schools and community events. Studies show that nonprofits receive 250% more support from small businesses than large ones. In addition supporting local small businesses means a financial impact on your community. Local businesses tend to buy and sell with other local businesses. (Click here to see summaries of a variety of economic impact studies; these include case studies showing that locally-owned businesses generate a premium in enhanced economic impact to the community and our tax base.)
3. Shopping local small businesses saves you money.
The math for buying close to home is compelling—for every $100 spent at a locally-owned business, $73 remains in the local economy, and $27 leaves. Compare that to the same $100 spent at a non-locally owned business, where $43 remains in the local economy and $57 leaves. Locally owned small businesses tend to do business with other locally owned small businesses and aren’t constrained to buy only from a national distributor. They
bank with local banks, advertise in local newspapers and purchase local services such as accounting and printing. Each time a dollar is re-spent in the local economy, it’s like new income – creating a “multiplier effect” – rather than this money “leaking out” through remote corporate headquarters and centralized purchasing departments.Out of town shops have done a good job of convincing us that local business equals expensive. If you add travel, fees to transfer items and your time, the overall cost is often much higher.
4. Small Business shops value you more.Evidence from numerous surveys show people receive better customer care and service locally. These businesses survive by their reputation and repeat business, which means you get a higher standard of service. Small business owners are well informed about their products and know what they are selling. Because they know their customers, they can easily adjust their inventories to include the goods and services local people want to buy.
5. Competition and diversity leads to more choices
A marketplace of tens of thousands of small businesses is the best way to ensure innovation and low prices over the long-term. A multitude of small businesses, each selecting products based not on a national sales plan but on their own interests and the needs of their local customers, guarantees a much broader range of product choices.
An economy composed of many small, locally owned businesses is more stable and often more prosperous over the long-term than one dependent on a handful of absentee-owned companies. Local ownership ensures that businesses are firmly rooted in the community. They are unlikely to move and will do their best to weather economic hard times. Because there are so many of them, the failure of any one will have only a minor impact on the local economy.
Where we shop, where we eat and have fun — all of it makes our community home. Our one-of-a-kind businesses are an integral part of the distinctive character of this place. Our tourism businesses also benefit. “When people go on vacation they generally seek out destinations that offer them the sense of being someplace, not just anyplace.” ~ Richard Moe, President, National Historic Preservation Trust
7. Reduce environmental impact. Locally owned small businesses can make more local purchases requiring less transportation and generally set up shop in town or city centers as opposed to developing on the fringe. This generally means contributing less to sprawl, congestion, habitat loss and pollution. Small Businesses help to sustain vibrant, compact, walkable town centers-which in turn are essential to reducing sprawl, automobile use, habitat loss, and air and water pollution.
Small Business Administration a valuable resource for newly formed to established growing businesses – satellite resources such as Local SCORE chapters; Small Business Administration Development Centers are available to help with business plans, marketing plans, next step growth initiatives.