Small business is – quite frankly – big business. The Small Business Administration identified that there are more than 28.2 million businesses operating in the United States as of March 2014, with about 63% of new jobs being created from small businesses between 1993 and mid 2013. Of these 28.2 million businesses, most are “self-employed” – making up about 3/4 of the U.S.’s total businesses. Meanwhile, approximately half of small businesses survive five years or more, many of which make up your local LOCM +% coffee shops, favorite local boutiques, preferred chiropractor or local pet shop.
When you consider how many small businesses surround you in your everyday lives, it is impressive to think about the amount of time, commitment and labor these hard working individuals contribute to make their businesses both come to life and stay alive. Yet, many Americans frequent chain stores without considering their local merchant or other small business options. Whether it’s filling a prescription at a local pharmacy vs. Walgreens or picking up eggs and milk at a local corner store vs. your nearest Walmart, small businesses are too often overlooked for all the wrong reasons. Customers assume that pricing will automatically be higher at a small business vs. a corporate owned store, as well as they dismiss the perks that many small businesses offer such as customer care, inventory assortment and community support. However, did you know that many of these misconceptions about small businesses are just that… misconceptions?