Small Business Bonanza
Do you frequent a local coffee shop or restaurant?
When you shop, is it at a local boutique or flea market?
Does your family retain an accountant to keep your financial house in order?
Is lifelong learning your wheelhouse and you enjoy presentations and performances?
The commonality among all of these is they're small businesses.
According to the SBA, 99 percent of firms in the U.S. are small businesses, The 30 million businesses in this category employ almost 50 million people in our nation.
Digging a little deeper, a recent U.S. Census Bureau survey reported that minority-owned firms comprise 1 million small businesses, totaling a payroll of over $2.5 trillion (think GDP of France).
Veteran-owned businesses employ almost 4 million people, contributing $950 billion annually to the U.S. economy.
1 in 5 small businesses is owned by a woman.
Asian-owned business represent 1 in 4 firms in the accommodation and food services sector.
30 percent of businesses in the health care and social assistance sector are African American-owned.
Running a business isn't easy. According to the U.S. Bureau of Labor Statistics, 1 in 5 businesses fail in their first year and 50 percent are not around in their fifth year. Keep in mind, this data is prior to the stress the pandemic imposed on businesses of all sizes. Now more then ever, it's important to support small business.
Are you a small business owner?
What are your successes and challenges?
Small Business Saturday is November 27. Share with us your favorite local spots!
Out of the Box Public Relations is proud to be a NJ Crtified Small Business Enterprise and Woman Business Enterprise.