It's May and we're celebrating National Small Business Month! This month is a special tribute to celebrate every small business alike and how entrepreneurs have taken on this journey to pursue their American Dream. There are about 33 million small businesses and about 61.7 million people are employed by them in the United States. That's a whole lot to drive the economy forward! It's clear that small businesses are important and play a huge part in our everyday lives.
Let's explore and celebrate three reasons why small businesses are essential.
1. Small businesses stimulate growth in the economy
Creating employment opportunities is essential for the economy. When more people are employed, there's more money going around being spent on goods and services, which directly affects economic growth. That's why it's important to understand how small businesses are closely linked to job creation. Small businesses typically hire people from their local area, creating an increase in local jobs and spending in the community. As a plus, they frequently purchase from local suppliers and support nearby services. Creating jobs also helps reduce unemployment, which can positively impact the social and psychological well-being of the people around us. Just think about it like this: more jobs equals more opportunities for everyone to thrive and contribute back to the economy.
2. Small businesses present opportunities for new ideas and technology
Small businesses often originate from a simple idea, but it is the passion behind that idea that truly fuels the heart of the business. Whether it's wanting to make a difference in the community, to forge your own future or to create the next big thing, being a small business owner allows you to think innovatively through and through. Small businesses are important for sparking new ideas and innovations. These new creations have the potential to impact your local community or even contribute to global change. It all starts with an idea!
Passionate entrepreneurs like yourself have the freedom to try out new ideas and develop groundbreaking products and services. It's an opportunity that many larger corporations aren't able to easily dive into because of all the moving parts. Just take a look at the popular TV show, Shark Tank, where small business owners showcase their innovative ideas and products to potential investors. For example, the product ScrubDaddy featured on the show in 2012 became incredibly popular due to its simple yet innovative design - featuring three distinct holes in the sponge that enhanced its effectiveness in washing dishes. This shines a little light on the ingenuity and creativity that small businesses bring to the world of entrepreneurship.
3. Small businesses provide a sense of community
No matter where you are, it's important to feel like you are a part of something bigger. This is where the importance of community comes in. Small businesses play a key role in molding this sense of belonging and connection. They create localized spots where people connect, share experiences and build relationships together. Whether it's at a local cafe, neighborhood store or a community event that's hosted by a small business, these gatherings bring people together from all walks of life.
Imagine the most recent time you walked into your favorite local shop. You might've come across stunning art prints drawn by talented local artists. You may have smelled the inviting aroma of freshly roasted coffee beans that filled the air, reminding you of your hometown. Perhaps you wanted to purchase some beautifully handmade furniture crafted from the hands of your fellow neighbor, adding a touch of local craftsmanship. This is what having a community is all about; a place you feel like you can truly call yours.
Small business owners like yourself understand that there are ups and downs in entrepreneurship. The time you got your first customer must've felt like a dream come true, while navigating challenges like the COVID shutdown in 2020 may have slowed down your business. Despite these hurdles, the journey you've embarked on has been meaningful and impactful to the economy and community. Your dedication deserves to be celebrated!
Feel free to check out our previous blog on common small business myths debunked!
Author: Gary Wong
What's your favorite small business?
Feel free to let us know in the comments below!
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About Stingray Advisory Group LLC: Stingray Advisory Group LLC is based in Grand Rapids,
Michigan, and is a proud member of People First Economy and the West Michigan Hispanic Chamber of Commerce. We help businesses thrive. By improving our client's sales over 60%, reducing their expenses and boosting their engagement by 40% or more, we enable our clients to refocus on what they love.
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