By: Jackeline D Mejias-Fuertes
As of 2017, there were 30.2 million small businesses, which accounted for 99.7% of US businesses employing 58.9 million people or 47.5% of the private workforce. In 2015 small businesses created 1.9 million net jobs of which companies with fewer than 20 employees created 1.1 million jobs. In the state of New Jersey similar to the United States, approximately 75% of all businesses are small businesses contributing to the growth of the economy. It has been said time and time again “small businesses are the backbone of our economy.” However, only 50% of small businesses will survive five years or more, and it is estimated one-third will surpass ten years. These small businesses are made up of your local retail stores, coffee shops, restaurants and preferred service providers such as your chiropractor or local pet store, and contribute to our communities.
Considered how many small businesses make-up your community… think of the time and efforts it has taken these hard-working individuals to start and keep their small businesses alive and yet the second most significant challenge to small business growth is the decline in consumer spending. Small companies are overlooked for a variety of wrong reasons stemming from misconceptions of pricing through inventory availability. The reality is that shopping at small businesses contributes to the economy of your community and much more.
On Saturday, November 24, 2018, the annual shopping tradition “Shop Small on Small Business Saturday” takes place. As shopping small catches on in communities everywhere, Small Business Saturday goes from a cause to a day of community engagement and celebration. Small business Saturday is just one part of the bigger Shop Small Business Movement in support of small businesses everywhere.
Why shop small, you ask? Here is a list of a few reasons why it is a wonderful idea to shop on Small Business Saturday or any other day in between.
Small Businesses do:
- Help create jobs in the community
- Support keep tax dollars local
- Give back to the community having a positive impact
- Provide product diversity by offering more unique goods and services
- Contribute to the development of a diverse community
Are you a small business and would like some Shop Small merchandise to hand out on Small Business Saturday, November 24, 2018? Contact the NJSBDC at Brookdale Community College at 732-842-8685 to obtain some merchandise while supplies last.
For more information on the Shop Small Business Movement visit: https://www.americanexpress.com/us/small-business/shop-small/about?linknav=us-loy-shopsmall-footer-about .
ABOUT MOSBDC AND NJSBDC
For more information about NJSBDC at Brookdale Community College, please visit https://www.mosbdc.com/ America’s Small Business Development Center New Jersey network leverages funding from the Small Business Administration (SBA), New Jersey State Government, the educational institutions that host the 12 centers as well as other private sponsorships and grants. The ASBDC New Jersey Headquarters is located at the Rutgers Business School in Newark, NJ. The ASBDC, New Jersey network, is an accredited member of the National Association of Small Business Development Centers (ASBDC). More than 1,000 centers and satellite offices serve small businesses across the country. Visit https://www.njsbdc.com/