Small businesses have a significant impact on local economies and the quality of life, and removing them would mean losing everything that makes the area unique and charming.
They act as a driving force behind the joy and satisfaction of the locals, and it would not be wrong to say that small businesses are the backbone of their local communities.
As of the end of 2021, the number of small businesses has reached 32.5 million, making up 99.9% of the total business sector in the U.S.
Small businesses are more than just an economic activity; they shape and impact the community in every sphere.
Increase Community Economic Health
Small businesses tend to support other local businesses, creating a thriving local economy that keeps money in the community instead of sending it to corporate shareholders.
They keep taxes close to home
Local taxes paid by small businesses end up paying for community improvements such as schools, green space, public transit, and health care, which benefit the community.
They create jobs locally
Small businesses also create jobs locally and spur innovation and growth. New business owners often try harder to innovate new ideas that will benefit themselves and their employees.
Small businesses spur innovation and growth
Small businesses can also promote and contribute to environmental awareness in many ways. Multiple small businesses located within walking distance of each other or near residential areas can reduce car pollution and encourage walking, making streets safer for both pedestrians and drivers.
New business owners tend to try harder than others at innovating new ideas that will benefit themselves and their employees.
Promote Environmental Awareness
Small businesses tend to adopt environmentally friendly practices, such as using more recycled materials, as well as reusing and updating old buildings to include more sustainable features.
Increase City Revenue to Increase Community Improvements
Local businesses pay local taxes, which means more revenue goes back into the community for improvements to city roads, schools, and other needs. Shopping online may be convenient, but it doesn’t keep tax revenue local, which is a problem for many small communities.
Diversity Within the Community
Small businesses provide opportunities for many people, including women and minorities, to achieve financial success.
Women-owned businesses have been the fastest-growing segment in the U.S. economy for the past two decades, according to the U.S. Senate Committee on Small Businesses & Entrepreneurship. They’re growing at twice the rate of other businesses, with 10.1 million female-owned businesses employing 13 million Americans and generating $1.9 trillion in annual revenues in 2008 alone—that was during the height of the recession!
We have always emphasized the importance of having a good website for your company because it can act as your best tool for marketing and sales. A poorly designed website can repulse people from your business and can cause you to lose customers before you even have them. Get in touch with HyperEffects to work on creating, enhancing, and making the website of your company more user-friendly.