Hey There!! Its here - the first Friday for the month of May 2017... so that means its time for another Ardnek's First Friday Feature :) This first Friday falls within National Small Business Week so what better topic to discuss than small business. As a small business owner, small businesses are definitely near and dear to my heart. So let me start by saying this, being a small business owner is HARD... and sometimes it seems pointless, especially when you put your heart & soul into your business and you don't get the support you desire. Every entrepreneur has thought of quitting; however the pros outweigh the cons and the joy of doing what they love keeps them pushing everyday. So when you ask yourself, "Should I support small businesses?" ... I say Uhhh Yeah... and here are a few reasons why. Thank you in advance for reading and I hope you enjoy this month's blog!
The truth of the matter is that small business is actually big business... and here's why...
- There are almost 28 million small businesses in the US and over 22 million are self employed with no additional payroll or employees
- Over 50% of the working population (120 million individuals) works in a small business
- Small businesses have generated over 65% of the net new jobs since 1995
- Approximately 75% of all U.S. businesses are nonemployer businesses
- 52% of all small businesses are home-based**
But even with small businesses having such a large role in the US economy, only 50% survive five years or more. So why should you support small business?
1. Entrepreneurship isn't a cake walk
How many small businesses do you interact with in your everyday lives?... more than a few. When you think about it, it is really quite admirable ... to consider the amount of time, effort, and labor that these individuals put into and contribute to launch their business and make it survive. The long days, sleepless nights, and enormous amounts of work with minimal pay for the first few years... its commendable. Owning a small business is not for everyone and not an easy task, so those who journey down that path deserve all the support.
2. Customer Service is more personalized and memorable
Small business owners recognize that customer service and relationship building is one of the keys to small business sustainment; therefore generally speaking you should expect stronger and more personal customer service from a small business. EVERY customer is important to small businesses. Many small business rely on repeat customers and word of mouth referrals for new business, so keeping customers happy and with pleasant thoughts of them is essential. They are also usually more flexible and willing to "bend" rules to resolve customer issues or provide special treatment to ensure customer satisfaction than big businesses who don't care about a single customer.
3. Local Business owners support the community
Keeping dollars within your local community is always a good thing to do... but small business owners typically support their community... especially if their community supports them. Small business owners tend to do more good for their community when they feel like they are surrounded by support. So what kind of good can come from local business community support: economic advantages, strengthened partnerships, enhanced social relationships, positive community character, and support of local causes.
4. Variety and Inventory
Bigger doesn't always mean better, especially in business. Large businesses and chain services are more likely to have the exact same products, which is good for consistency, but that doesn't mean they have more to offer. Walk into a local business and you may be surprised by what they have to offer. Products and services differing from the ordinary are a small business gem and to the customer's advantage. Small businesses also tend to be eager to ensure they have the appropriate inventory. This helps keep customers happy and returning.
Always remember that while most small businesses will never grow to a multi-million dollar company their contribution to our economy, society, and your local community is immeasurable. Small Business Saturday, the Saturday after Thanksgiving, was created to show small businesses the love they deserve but you don't have to wait for one Saturday a year to support. Instead next time you are shopping or need a service, consider your local small business, it may be a purchase that goes a long way. :)
As always, thank you for reading this month's Ardnek's First Friday Feature. Got feedback, questions, or comments...don't hesitate to comment below or contact me separately. Want to always be first to get news, updates, and blogs from Kendra Logan & ASC, make sure to subscribe on our website. Until next time, do this one FREE thing everyday... LOVE!
Mrs. Kendra G. Logan
Success Advocate & Motivational Speaker
**Small business statistics taken from the Small Business Administration www.sba.com**