Did you know there are approximately 30 million small businesses in the United States?
While some of these companies will close up shop, there is no shortage of entrepreneurs right behind them chasing their dream.
There are many reasons why America needs small businesses, including the following;
1. Employment Opportunities
Every year, small businesses generate millions of new employment opportunities.
Here’s an interesting excerpt from a U.S. Small Business Administration press release from April 2018:
“The United States’s 2018 Small Business Profile shows that small businesses added 1.9 million net new jobs during the latest year studied. There are 30.2 million small businesses in the United States, which employ 47.5 percent of the state’s private workforce.”
Without small businesses, these millions upon millions of new jobs wouldn’t exist. Subsequently, the unemployment rate would go through the roof.
2. Positive Impact on Many Industries
Small business employment impacts almost every industry imaginable, with these three at the top of the list:
- Health care and social assistance
- Accommodation and food services
- Retail trade
It’s easy to focus on the “big name brands” when examining an industry. However, as you dig deeper, you’ll come to find that it’s the small businesses that make up most of an industry and its employees.
3. Overall Impact on the Economy
It’s easy to understand that more small businesses mean more employment opportunities. But, it goes much deeper than that.
Small business has a big impact on the economy as a whole. Here’s an interesting statistic shared by Groupon:
“There’s nothing small about the amount of money generated by small businesses across the U.S. In fact, 54 percent of U.S. sales come from small businesses. Additionally, they create about 50 percent of the non-farming gross domestic product (GDP) or roughly $6 trillion every year.”
The numbers don’t lie!
There’s no two ways about it: America needs small businesses to run effectively. Fortunately, there is no lack of entrepreneurial spirit in the United States. There will always be people who are willing to take control of their own destiny.
For more insights on marketing strategy that actually works for small business, subscribe to the FreshLime Newsletter here. Connect with Jay Bean, Founder of FreshLime and Small Business Marketing Expert on LinkedIn and Twitter. And last of all, if any of these tips have helped you or if you have anything to add please comment below. We’d love to hear from you!