The label “small business” only describes the relative size of your venture. When it comes to economic impact, these businesses are anything but small. You can generate positive change within your community depending on how you operate your business. Detailed in this article are the different ways your business can affect that positive change.
Small Businesses Create Plenty of Jobs
A small business typically has fewer than 1,000 people on the payroll and some even say that a business should only get that label if it employs fewer than 100 people. Regardless, your small business is likely not going to be the top employer in your city, let alone your state. Even so, the jobs created by your business venture still matter.
According to Forbes, small businesses created 12.7 million new jobs between 1995 and 2020. That accounts for 62% of the new jobs created within that timeframe. Now, imagine how meaningful that impact is when you just focus it on a particular area. Your business may be responsible for employing a sizable chunk of the population in your city and that’s something to be proud of.
Small Businesses Can Showcase High-Quality Local Goods
Your city may have some gorgeous seafood. However, the quality of those goods may go unappreciated by the local population because chain restaurants dominate the landscape there. As a business owner, you can work on changing that dynamic.
Open a restaurant or start a company that utilizes those different types of seafood so residents can develop a better appreciation for them. Show your customers that the readily available ingredients in your area deserve to be on lunch and dinner menus everywhere. Generate interest in your local cuisine and also garner support for local providers in the process.
Small Businesses Can Invest More in the Community
Making money is probably still your main motivation for starting your business. Even so, your venture takes on a different feel if you’re starting it in your hometown or whichever city has served as your home for the last few years. You have a genuine connection to the area and you will likely be more inclined to reinvest in your community.
We see that all the time with small businesses hosting events. Local sports teams also often benefit from the sponsorships provided by local businesses. Small businesses are firmly entrenched in their communities so they have a real incentive to drive positive change both economically and socially.
Your small business can make an enormous impact on your community. Keep doing what you’re doing because your efforts are changing lives for the better. Reach out to us today if you want to learn more about small business operations as we are more than happy to help!