What Do Small Businesses Provide for Their Community?

Small businesses are among the most important entrepreneurial enterprises and can produce very positive change for local communities. According to the Small Business Administration, 99% of the nation’s registered business entities are small businesses, which employ about 46% of workers in the private sector. Let’s examine several of the significant benefits that small businesses provide for local communities.

Circulate Profits Locally

The profits generated and tax dollars paid by small businesses tend to stay within their respective communities. According to LinkedIn, small businesses keep money circulating within their respective local economies. They do their banking locally, buy or lease property locally, and utilize services that others provide locally. Business owners are more likely to own a home in the same community and contribute to the local tax base as individuals as well as through their respective business interests.

Provide Jobs Locally

A very positive change that small businesses provide is employing members of the local community. The Small Business Administration already affirmed the national employment impact of small businesses. The impact could be even greater within your local community. The jobs also could be very well-paying ones that include significant benefits for employees and their families. The smaller the community, the more it likely depends on small businesses to employ people and help them to live independently while saving up for retirement.

Involved Local Community

A small business is an active part of its local community. Many small business owners are members of local chambers of commerce, Rotary Clubs, and other community-based entities. Many also serve as elected members of local units of government, school boards, and ad hoc committees. Small businesses generally support local schools, charities, and other programs that give back to local communities and help to make them better places in which to live and raise families.

Innovate Local Markets

A small business exists to provide goods or services that otherwise would not be as readily available at the local level. They help to innovate and improve local communities by fulfilling the needs and demands for different types of goods and services. Without them, it likely would be harder and costlier to obtain various products that are needed and essential services, like medical or dental care, automotive services, and locally grown foods.

Give us a call to learn more about the positive change that small businesses create in local communities. We want to help entrepreneurs like you create and see a positive change in our community in Detroit. Reach out to our team to get started with our services.