According to the SBA, there are about 30 million small businesses in the U.S. Small businesses are essential to the economy because of the jobs it creates in societies workforce. Small businesses are also essential to communities because they supply needs to the people in the community, they also often give back to the communities they are established in.
Small businesses often supply goods and services you can not receive from major corporations. Although you may be able to get a birthday cake from your local supermarket but the supermarket may not have that delicious strawberry cheesecake one may desire from a bakery.
Most bakeries also have different forms, styles, and textures of bake goods that the supermarket do not have. Convenience plays a big role in small business as well. If I had the option to travel 1-2 miles to get a can of paint and a paint brush from my local hardware store rather than traveling 10 miles to Home Depot, I would choose my local hardware store.
Times are changing and so are businesses demographically. Now a days you can go to a supermarket and find several small businesses in the supermarkets. Supermarkets today now house small businesses such as Salad works, credit unions, Chickie’s and Pete’s, wine gardens, and flower shops. So they getting smarter at bringing the convivence of all in one shopping to the communities. I often visit a supermarket that has an all you can eat buffet on the second floor. Hmmm I may create a business proposal to put a daycare in one so parents can shop kid free. 🙂
When trying to understand the importance of small business and its effect on the American economy, one must realize that it is primarily on a local level. Sure, small businesses have grown astronomically and inevitably have formed a “chain business”, but those occurrences are too few and far between. Mainly, when a small business thrives, its surrounding community thrives as well.
Local government, a city’s citizens, etc. can all benefit from having a small business present. Small business offers a chance to put people in places of ownership and management that may statistically not be rightfully offered such standing at a larger, status quo corporation.
Small business also offers a sense of community within its walls between a business and its patrons. Having healthy competition among one another encourages small businesses to engage in new, innovative thinking regarding marketing strategy, increasing sales and return business, as well as seeking community outreach programs.
A former boss of mine owns a barbershop in Savannah, GA and was recently seen on 60 minutes being interviewed by Katie Couric. They discussed what it was like being a small business during a time of COVID-19. Moments like that help us understand that small business, while it primarily affects the economy on a local level, can have national-even international– influence.